“Curioser and Curioser!”

Last week, we observed that TBS International had filed Form 4s (insider trading) with the SEC that related to the disposal and acquisition of shares, in late March, by beneficial trusts controlled by Mr. Joseph Royce, the President, and his wife. In this instance, Mr. Royce and Mrs. Royce chose to convert 1.25 million and 1.1 million Class A shares for the like amount of Class B shares. There is absolutely nothing untoward in the transaction but as the title suggests we were intrigued.

This is only an excerpt of “Curioser and Curioser!”

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