If the gratitude of the Torm shareholders towards the company or the Chairman of the board N.E. Nielsen was to be measured on the applause from the audience during the General Meeting on 23 April in the Falkoner Center in Copenhagen, it did not exist. Neither gratitude, thanks nor applause; only extreme silence as N.E. Nielsen moved towards either the rostrum or his seat in order to present new negative figures in the Torm 2011 annual report, present the board’s report or answer critical questions. Especially, the number of critical questions among the shareholder was high on the General Meeting which gave the board authority to turn the conditional agreement in principle with banks and owners of chartered ships unconditional within four weeks.