Persistent Devil – Liberty Maritime Keeps the Heat On

We have previously marveled at Liberty Maritime’s aggressive move to acquire International Shipholdings Corporation (“ISH”) particularly in light of ISH’s lack of disclosure, management’s entrenched ownership position (~23% as of the March Proxy Statement) and finally their laissez faire approach to the entire matter. Together the situation must be incredibly frustrating to a man of action. But, if anything, Mr. Shapiro is persistent as evidenced by his continued share purchases. Even with his most recent purchases in the $15 to $19 range, his offer, which remains unchanged at $25.75, is at a 31% premium to Wednesday’s closing price of $19.69 per share. Since his disclosure on September 17th that he had acquired 5.2% of the outstanding shares, Mr. Shapiro’s subsequent purchases have increased his holdings to 9.1% of the outstanding

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