Memories and a Miscalculation

We wonder whether in preparing his keynote address for our Hamburg conference entitled Memories, a view of what happened to and where the industry is heading, Mr. Arntzen had a memory of his own and thought, “Wasn’t there a time when OSG accessed the capital markets?” Seizing on the thought and the opportunity, Mr. Arntzen jumped on the Lexington Avenue Express and headed down to Wall Street to arrange a follow-on offering of OSG’s shares. Given the high repute and credit standing of his company, Mr. Arntzen knew the investment banks were hungry and would compete heavily for his deal. There was no need for an overnight or marketed transaction so he simply arranged an auction among the banks (more than 5 but less than 10) for 3.5 million of OSG shares.

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