Benbay, FS Holdings buy 360,000 shares of FreeSeas

By Lisa Kerner

Charlotte, N.C., Sept. 29 - FreeSeas Inc. investors led by Benbay Ltd. and FS Holdings Ltd. reported the purchase of 360,000 shares on Aug. 18 for $7.04 per share, or a total of approximately $2.53 million, in a schedule 13D filed with the Securities and Exchange Commission.

While Benbay and FS Holdings acquired the common stock as an investment, they reserve the right to be in contact with FreeSeas' management, board of directors, other significant shareholders and others regarding alternatives that the company could employ to increase shareholder value.

The investors beneficially own 2,808,782 shares, or 13.2%, of the Piraeus, Greece, operator of dry bulk ships.

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