Another small-cap vigilante whom Calhoun admires was instrumental in uncovering some of the inconsistencies on this one. "I started trying to verify every single thing that management had said in its press releases," he recalls. "The most amazing thing with this company was management kept talking about its newly refurbished tramp steamer, the Pilar del Caribe, in a port in Jamaica. So I called the authorities only to find out that the ship existed, but that it had been seized by the Jamaican government, sold for scrap, and then beached on a cay as it was being taken out of the harbor. It was currently halfway underwater."
Guest
05-Nov-2007 04:31
I regret to inform all that the Pilar del Caribe will soon be lost. It is currently being dismantled bit by bit and sold for scrap. Those that got to photograph her rejoice that you were able to savor the moment. As of Oct 29 her starboard side was almost completely removed and I would imagine in a few weeks she will be gone.
