Knowing that the shipyard is for sale at a knockdown price, he buys it secretly, but finds that he can only attract business from a dubious oil-rich Balkan state, in need of tankers. To float the new company, Warren must sign a prospectus, declaring falsely that the yard is well-placed to make a profit.
He bought the shipyard at a discount price without revealing his intentions; however, he could only secure deals with a suspiciously wealthy Balkan state requiring tankers. To launch the new enterprise, Warren needed to submit a prospectus claiming that the yard was poised for profitable operations.