Navios Maritime Holdings, Inc. ( NM ) is a financially troubled microcap, and it is extremely risky as an investment or trade from either the short or long side. It is the parent company of Navios Maritime Partners ( NMM ), Navios Maritime Acquisition ( NNA ), Navios Maritime Containers LP ( NMCI ) and Navios South American Logistics (NSAL), a privately-held company. Prior articles analyzing NM are available here and are a must-read primer to understand the following analysis. Navios has an outstanding Tender Offer for its Series G ( NM.PG ) and H ( NM.PH ) Preferred Stocks. The Tender Offer is analyzed in detail in two articles: