Seahawk Drilling, Inc. (fka HAWKQ)

[monda2frida]

Seahawk Drilling, Inc. Common Stock 10/6/2011 Plan of Bankrupty Effective. All shares have been cancelled. Deletion time: 11:53:14

[56Chevy]

52% Sell off today must mean excess assets (reported by Bloomberg on the 29th) that will be distributed to shareholders won't meet expectations.

=============================================

Madoff, Lehman, Dodgers, Seahawk, Palm Harbor: Bankruptcy
September 29, 2011, 9:28 AM EDT

Seahawk Drilling Confirms Full-Payment Chapter 11 Plan

Seahawk Drilling Inc. sold its 20 shallow-water jackup rigs for $155 million, resolved objections to the Chapter 11 plan, and received a commitment from the U.S. Bankruptcy Judge in Corpus Christi, Texas, to sign a confirmation order this week approving the plan, court records say.

Hercules Offshore Inc. bought the business in April for $25 million cash plus 22.3 million of its shares. Based on the closing price for the stock at the time, the total came to $155 million.

Unsecured creditors with claims up to $18 million will be paid in full with pre- and post-bankruptcy interest. Litigation claimants, with claims up to $4.5 million, will likewise be paid in full, the disclosure statement said.

The excess after creditors are paid will go to shareholders. Because they will receive a distribution, shareholders voted on the plan. The stock closed yesterday at $2.77, down 7 cents a share in over-the-counter trading.

Seahawk listed assets of $504.9 million and debt of $124.5 million, including $41.4 million cash and $397 million in property, plant and equipment. Houston-based Seahawk was spun off from Pride International Inc. in August 2009.

The case is In re Seahawk Drilling Inc., 11-20089, U.S. Bankruptcy Court, Southern District Texas (Corpus Christi).

http://www.businessweek.com/news/2011-09-29/madoff-lehman-dodgers-seahawk-palm-harbor-bankruptcy.html

[Enterprising Investor]

Debtors' Expedited Motion for Order Extending Exclusivity Period (7/29/11)

The Debtors’ 180-day exclusivity period for soliciting acceptances of the Debtors’ Plan expires on 8/11/11. The Debtors are optimistic that the Debtors will complete the solicitation process and obtain this Court’s approval of confirmation of the Debtors’ proposed Plan at the conclusion of the 8/30/11 confirmation hearing. Indeed, both the OCC and OEC support the Plan. To avoid unnecessary disruptions to the solicitation process that is underway and the consensus on the proposed Plan that currently exists, the Debtors request the Court to extend the Debtors’ Exclusivity Period up to and through the conclusion of the August 30 Confirmation Hearing.

Hearing requested for 8/09/11 at 10:00.

Source: KCC [Docket 1112]

[Enterprising Investor]

Disclosure Statement Filed (5/20/11)

Class 8
Interests
Unimpaired
Entitled to Vote

Treatment of Claims or Interests: After Allowed Claims in Classes 1 through 7 and all expenses of the expenses of the Liquidating Trust have been paid in full, Holders of Allowed Interests and Allowed Subordinated 510(b) Common Stock Claims will receive a pro rata share of Hercules Common Stock and the net Cash proceeds from the liquidation of the Liquidating Trust Assets

Estimated Range of Allowed Claims or Interests Estimated Percentage of Recovery under the Plan: Unknown

[Madclown]

Case Updates: HearUSA and Seahawk Drilling 07.04.11

http://thediligentinvestor.blogspot.com/2011/07/case-updates-hearusa-and-seahawk.html

[bacc]

Not sure if it is old, but here it is, about the DISCLOSURE STATEMENT HEARING for next week http://www.kccllc.net/seahawk

[Enterprising Investor]

HERO and HAWKQ Complete Asset Purchase and Sale (4/27/11)

HOUSTON, April 27, 2011 /PRNewswire/ -- Hercules Offshore, Inc. (Nasdaq: HERO) and Seahawk Drilling, Inc. (Nasdaq OTC: HAWKQ) announced today the completion of the asset purchase and sale previously disclosed on February 11, 2011. In accordance with the terms of the Asset Purchase Agreement, Hercules Offshore will acquire 20 jackup rigs located in the U.S. Gulf of Mexico and related assets, accounts receivable, cash, accounts payables, and certain contractual rights from Seahawk Drilling. The total consideration paid to Seahawk Drilling consists of approximately 22.3 million shares of Hercules Offshore common stock and $25.0 million in cash. Following this transaction, there will be a total of approximately 137.2 million outstanding shares of Hercules Offshore, Inc.

http://www.prnewswire.com/news-releases/hercules-offshore-and-seahawk-drilling-complete-asset-purchase-and-sale-120793859.html

[Enterprising Investor]

Bloomberg Bankruptcy Review Podcast (4/07/11)

http://media.bloomberg.com/bb/avfile/Politics/Law/vrvO2GDGdduY.mp3

[Enterprising Investor]

Asset Purchase Agreement Approved (4/05/11)

On April 5, 2011, the U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division approved an Asset Purchase Agreement (the “Agreement”) between Hercules Offshore, Inc. (“Hercules Offshore”) and its wholly owned subsidiary, SD Drilling LLC (collectively with Hercules Offshore, “Purchasers”), and Seahawk Drilling, Inc. (“Seahawk”) and certain of its subsidiaries (collectively with Seahawk, “Sellers”), pursuant to which Sellers agreed to sell to Purchasers, and Purchasers agreed to acquire from Sellers, all 20 of Sellers’ jackup rigs and related assets, accounts receivable and cash and certain liabilities of Sellers in a transaction pursuant to Section 363 of the U.S. Bankruptcy Code (the “Acquisition”).
The purchase price for the Acquisition will be funded by the issuance of approximately 22.3 million shares of Hercules Offshore common stock and cash consideration of $25 million, which will be used primarily to pay off Seahawk’s Debtor-in-Possession (“DIP”) loan. The number of shares of Hercules Offshore common stock to be issued will be proportionally reduced at closing, based on a fixed price of $3.36 per share, if the outstanding amount of the DIP loan exceeds $25 million, with the total cash consideration not to exceed $45 million. The assets to be acquired will consist of 20 jackup rigs located in the U.S. Gulf of Mexico and related equipment, accounts receivable, cash and contractual rights. Assumed liabilities will be limited to specific items, such as accounts payable, with all other liabilities retained by Seahawk.
As previously reported, Hercules entered into the Agreement on February 11, 2011. Closing is subject to other conditions as provided in the Agreement. Assuming such conditions are achieved, we anticipate closing of this transaction to occur on or about April 20, 2011.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K/A filed with the SEC on February 15, 2011.

http://sec.gov/Archives/edgar/data/1330849/000095012311033009/h81207e8vk.htm

[56Chevy]

4/5/2011 0489 Order (I) Authorizing the Sale of Substantially All of Their Assets to Hercules Offshore, Inc.; (II) Approving the Assumption and Assignment of Certain Executory Contracts; and (III) Granting Related Relief

[Enterprising Investor]

Exercise of option contracts.

• On February 15, 2011, HCMF acquired 750,000 shares of Common Stock in multiple open market transactions at a weighted-average price per share of $4.35 (excluding commissions).

• On February 15, 2011, HCMF wrote call options (the “Call Options”) in respect of 750,000 underlying shares of Common Stock in a series of open market transactions in exchange for a weighted-average option premium of $0.28 per underlying share of Common Stock (excluding commissions). The Call Options have a strike price of $5.00 per share and expire within the 60 days after the date of Amendment No. 1 to the Schedule 13D.

• On February 16, 2011, HCMF acquired 250,000 shares of Common Stock in multiple open market transactions at a weighted-average price per share of $4.25 (excluding commissions).

• On March 2, 2011, one or more holders of Call Options exercised Call Options in respect of 25,500 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 25,500 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 8, 2011, one or more holders of Call Options exercised Call Options in respect of 95,000 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 95,000 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 9, 2011, one or more holders of Call Options exercised Call Options in respect of 50,000 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 50,000 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 10, 2011, one or more holders of Call Options exercised Call Options in respect of 25,000 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 25,000 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 14, 2011, one or more holders of Call Options exercised Call Options in respect of 25,000 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 25,000 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

• On March 17, 2011, one or more holders of Call Options exercised Call Options in respect of 529,500 underlying shares of Common Stock. As required by the terms of the Call Options, HCMF disposed of 529,500 shares of Common Stock to the exercising Call Option holders at a price per share of $5.00.

All of the Call Options have been exercised in full.

http://sec.gov/Archives/edgar/data/1420192/000095012311022740/d80398sc13d.htm

http://sec.gov/Archives/edgar/data/1420192/000095012311024880/d80579sc13dza.htm

http://sec.gov/Archives/edgar/data/1420192/000095012311028021/d80872sc13dza.htm

[56Chevy]

So where did all the shares go?

[Enterprising Investor]

Hayman Investments LLC owns 250,000 shares (3/17/11)

Represents 2.0 percent.

http://sec.gov/Archives/edgar/data/1452384/000095012311028021/0000950123-11-028021-index.htm

[56Chevy]

Meeting of Creditors: The meeting of creditors pursuant to section 341 of the Bankruptcy Code (the "Meeting of Creditors") is scheduled for March 24, 2011 at 12:45 p.m. (CST).

Room 1107
606 North Carancahua
Corpus Christi, TX 78476

Rule 9001(5) of the Federal Rules of Bankruptcy Procedure requires that a representative of the Debtors appear at the Meeting of Creditors for the purpose of being examined under oath by a representative of the Office of the United States Trustee and by any interested parties that attend the meeting. Creditors are welcome, but not required, to attend the meeting. The Meeting of Creditors may be continued or adjourned by notice at the meeting, without further written notice to creditors.

[devilduck]

i have just put my short on. volume is dead and after the court rules this stock is a giant ZERO. holders will not get shares in hero, the debt is greater then they are reporting and in the companies own words " current shares of HAWK will be extinguished"
cant wait for the drop IMO

[56Chevy]

Order Approving The Payment of Contingent Termination Fee Payable To Hercules Offshore, Inc. As An Administrative Expense Of The Debtors' Estate In Accordance With The Terms Of The Asset Purchase Agreement

Source: KCC Doc # 223

[Enterprising Investor]

Adjournment of Final Hearing to Approve Asset Sale to HERO (3/03/11)

Pre-trial Conference adjourned to 3/18/11 at 10:00.

Sale Hearing Date adjourned to 3/22/11 at 10:00.

The Cure Objection Deadline and Sale Objection Deadline is 3/17/11 at 3:00.

Source: Epiq Systems [Docket 148]

[56Chevy]

Re: Sale of assets to Hercules (HERO)

The Debtors or the Purchasers also may terminate the Asset Purchase Agreement if, among other things, the closing of the transactions contemplated by the Asset Purchase Agreement shall not have occurred by August 15, 2011.

If the Debtors terminate the Asset Purchase Agreement in accordance with, among other things, the non-solicitation provision, the Debtors will be required to pay the $3 million termination fee and reimbursable expenses to the Purchasers. The Debtors have agreed to limited recovery of damages for breach by the Purchasers of the Asset Purchase Agreement.

http://sec.gov/Archives/edgar/data/1452384/000119312511033967/d8k.htm

[56Chevy]

SAN FRANCISCO, Feb 11 (Reuters) - Gulf of Mexico driller Seahawk Drilling Inc (HAWK.O) said it would file for bankruptcy protection and sell its 20 shallow-water rigs to bigger rival Hercules Offshore (HERO.O) for about $100 million.

HAWK filed vol CH 11 BK on Feb. 11, 2011 AND agreed to sell off assets to Hercules (HERO) on the same day. Can this sale be stymied by the OEC? Will the OEC try to put the breaks on this highly discounted "fire sale"? How will the OCC react to this sale? Are these assets worth more than the agreement price in a red hot O&G sector? Lot's of questions arise.

This could be the first topic of dicussion in the courts now that the committee's have been put in place (we still need to see the OEC chose a law team for the case).

[Enterprising Investor]

BlackRock Inc owns 836,496 shares (2/08/11)

Represents 6.99 percent.

http://sec.gov/Archives/edgar/data/1364742/000108636411003724/seahawkdrillinginc123110.txt

Increased stake from 720,035 shares or 6.18 percent.

http://sec.gov/Archives/edgar/data/1364742/000108636410008553/seahawkdr123109.txt

[Enterprising Investor]

Manulife Asset Management (US) LLC owns 676,106 shares (2/11/11)

Represents 5.65 percent.

http://sec.gov/Archives/edgar/data/1086888/000114544311000188/d27860.htm

[Enterprising Investor]

Pennant Capital Management LLC owns 483,769 shares (2/14/11)

Controls 4.04 percent.

http://sec.gov/Archives/edgar/data/1168664/000091957411001080/d1167294_13g-a.htm

[Enterprising Investor]

MHR Fund Management LLC owns 1,173,513 shares (2/14/11)

Represents 9.8 percent.

http://sec.gov/Archives/edgar/data/1277742/000139843211000122/i11158.htm

[Enterprising Investor]

Chilton Investment Company LLC owns 1,110,786 shares (2/14/11)

Represents 9.3 percent.

http://sec.gov/Archives/edgar/data/1332632/000095010311000612/dp21202_sc13ga-seahawk.htm

[Enterprising Investor]

Hayman Investments LLC owns 1,000,000 shares (2/22/11)

Represents 8.4 percent.

http://sec.gov/Archives/edgar/data/1420192/000095012311016610/d79922sc13g.htm

[johnnyk2394]

Kyle Bass' Hayman Capital Management, L.P. disclosed an 8.4% ownership per 13G.

[BurrTim]

Hey everybody, thought I would come buy for a lurk see! Hope everyone is well. I heard the door slam shut in HB but could this be a window opening? lol Burr

[56Chevy]

The accumulation is impressive today. We now have all the participants set for the proceedings ahead.

Some early "vote" buying? could be.

[Enterprising Investor]

Notice of Appointment of OCC (2/24/11)

1. Brian C. Voegele - Temporary Chairman
Pride International, Inc.
5847 San Felipe Street, Ste. 3300
Houston, TX 77057
Telephone: [phone]
Email: [e-mail]

2. Celena Rousse, Sr. V.P.
Offshore Towing, Inc.
11812 Hwy. 308
Larose, LA 70373
Telephone: [phone]
E-mail: [e-mail]

3. Mr. Chris Dooley
Dooley Tackaberry, Inc.
1515 W. 13th Street
Deer Park, TX 77536
Telephone: [phone]
E-mail: [e-mail]

http://www.kccllc.net/documents/1120089/1120089110224000000000004.pdf

[Enterprising Investor]

Notice of Appointment of OEC (2/24/11)

1. Hal Goldstein - Temporary Chairman
MHR Fund Management, L.L.C.
40 West 57th Street, 24th Floor
New York, New York 10019
Telephone: [phone]
Email: [e-mail]

2. John Symington
General Counsel
Seadrill Americas Inc.
11210 Equity Drive, Suite 150
Houston, TX 77041-8242
Telephone: [phone]
E-mail: [e-mail]

3. Jeff Cate
Hayman Capital Management, L.P.
2101 Cedar Springs Road, Suite 1400
Dallas, TX 75201
Telephone: [phone]
E-mail: [e-mail]

4. Peter J. Sakon
HSBC Distressed Opportunities Fund
452 Fifth Avenue, 18th Floor
New York, New York 10018
Telephone: [phone]
Email: [e-mail]

5. Naveen Bhatia
The Keffi Group
500 Fifth Avenue
44th Floor
New York, New York 10110
Telephone: [phone]
Email: [e-mail]

http://www.kccllc.net/documents/1120089/1120089110224000000000003.pdf

[Enterprising Investor]

KCC Case Site for HAWK:

http://www.kccllc.net/seahawk

[56Chevy]

HAWK OEC Member notations

MHR Fund Management LLC

Company Overview

MHR Fund Management LLC is a privately owned investment manager. The firm primarily provides its services to pooled investment vehicles, typically hedge funds. It invests in the public equity and fixed income markets of the United States. The firm primarily invests in distressed securities of mid-cap companies. It employs a fundamental analysis to make its investments. MHR Fund Management was founded in 1996 and is based in New York, New York.

40 West 57th Street
24th Floor
New York, NY 10019
United States
Founded in 1996

Key Executives

Dr. Mark H. Rachesky *worked for Icahn in the 90's
Co-Founder and President
Age: 51 Mr. Hal Goldstein
Co-Founder
Age: 44 Ms. Kallie Nicole Steffes
Principal
Mr. Mark H. Rosenberg
Research Analyst

MHR Fund Management LLC Presents at SuperInvestor 2010, Nov-16-2010 through Nov-19-2010

http://investing.businessweek.com/businessweek/research/stocks/private/snapshot.asp?privcapId=20759234

=============================================

Andalusian Capital Partners, LP

Michael Reeber
Principal at Andalusian Capital Partners, LP

Location
Greater New York City Area

Industry
Financial Services

Michael Reeber's Overview
Current •Principal at Andalusian Capital Partners, LP
Past •Principal at Agamas Capital Management, LP
•MD at Deutsche Bank
•VP at Salomon Brothers
Education •New York University
•Cornell University

Michael Reeber's Experience
Principal Andalusian Capital Partners, LP
Financial Services industry

2009 – Present (2 years)

Principal Agamas Capital Management, LP
Financial Services industry

2004 – 2009 (5 years)

MD Deutsche Bank
Public Company; DB; Investment Banking industry

1997 – 2004 (7 years)

VP Salomon Brothers
Public Company; 10,001+ employees; Investment Banking industry

1988 – 1997 (9 years)

GM connection- “We were hoping for an IPO towards the back half of this year, so it is encouraging,” said Harrison Wreschner, a principal in investment fund Andalusian Capital Partners in Greenwich, Connecticut, which owns the former GM’s debt that may be converted to stock after an offering. <experienced BK workouts>

http://www.businessweek.com/news/2010-03-17/gm-cfo-liddell-says-company-may-be-profitable-in-2010-update1-.html

==============================================

HSBC Global Asset Management (USA) Inc.

Company Overview

HSBC Investments (USA) Inc. is an asset management arm of HSBC Bank USA N.A. The firm primarily provides its services to individuals, including high net worth individuals. It also caters to investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organizations, and corporations. The firm manages mutual funds for its clients. It invests in the public equity and fixed income markets across the globe. For its equity investments, the firm typically invests in growth and value stocks of small-cap, mid-cap, and large-cap companies. For its fixed income investments, it typically invests in investment grade portfolio of U.S. government obligations, corporate bon...

Key Executives

Mr. Stephen John Baker
President and Director

Mr. Jeremiah Thomas Murnane
Chief Operating Officer

Mr. Edward Jay Merkle
Managing Director of Fixed Income

Mr. Christian Deseglise
Regional Head of Wholesale for Global Asset Management

Ms. Sylvia Brasil Coutinho
Global Head of Emerging Market

http://investing.businessweek.com/businessweek/research/stocks/private/snapshot.asp?privcapId=4807579

===================================

Mercer Park LP
<unknown>

[56Chevy]

Judge Schmidt orders UST to appoint OEC (2/18/11)

This is encouraging to see an OEC appointed so quickly in this case!

[56Chevy]

ditto Judge!

[Enterprising Investor]

Thank you, Judge Schmidt!

[Enterprising Investor]

Expedited Motion for Order Appointing OEC (2/16/11)

The Debtors appear to have filed for Chapter 11 in part to fast-track a proposed sale transaction (the “Proposed Sale”) with Hercules Offshore Inc. (“Hercules”). As set forth in the Debtors’ emergency motion for order scheduling expedited hearing to approve sale (Doc. No. 19) (the “Sale Motion”), the Proposed Sale would result in the Debtors receiving $25 million in cash and 22.3 million shares of Hercules common stock in exchange for the sale of substantially all of its assets. As the Debtors have stated, the Proposed Sale is likely to result in payment of secured and unsecured claims in full, and will provide a recovery for equity holders. The equity markets have recognized this fact, and at the close of the market on February 16, 2011 (four business days after the Petition Date), the common stock of Seahawk Drilling, Inc. was trading at $4.22 per share. Thus, Hercules, in its capacity as acquirer, the Debtors’ management, and the capital markets have determined that the Debtors are clearly solvent.

Source: PACER [Docket 58]

[Enterprising Investor]

Judge Schmidt orders UST to appoint OEC (2/18/11)

Moving Shareholders are MHR Fund Management LLC, Andalusian Capital Partners LP, HSBC Global Asset Management (USA) Inc., and Mercer Park LP.

Source: PACER [Docket 90]

[56Chevy]

On February 21, 2011, HAWK will announce quarterly earnings for 2010Q4. The consensus earnings estimate is –$1.70 per share.

http://topics.nytimes.com/topics/news/business/companies/seahawk-drilling-inc/index.html

[56Chevy]

Seahawk Drilling Inc. (HAWK) Sr VP and COO William Conrad Hoffman sells 101,712 Shares

Feb. 17, 2011 | Filed Under: HAWK

http://www.gurufocus.com/news.php?id=122857

[stingray113]

Check out the yahoo msg board. They seem to have some more insight...

[momentum74]

Yeah but the article is saying ch.11 and dip financing as well that cant be good can it? Man I would love to buy if I knew what shareholders were getting if anything.

UPDATE 3-Seahawk to seek bankruptcy protection, sell assets

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Stocks
Seahawk Drilling Inc
HAWK.O
$7.90
+0.43+5.76%1:00pm PST
Hercules Offshore Inc
HERO.O
$3.62
+0.00+0.00%1:00pm PST
Bp PLC
BP.L
475.75p
-0.95-0.20%02/11/2011
Fri Feb 11, 2011 7:30pm EST

* Buyer Hercules to have world No. 4 fleet by rig numbers

* Slow permitting blamed for lack of work in U.S. Gulf

* Seahawk shares tumble 32 pct in after-hours trading (Adds Hercules fleet ranking, permit approvals, share moves)

SAN FRANCISCO, Feb 11 (Reuters) - Gulf of Mexico driller Seahawk Drilling Inc (HAWK.O) said it would file for bankruptcy protection and sell its 20 shallow-water rigs to bigger rival Hercules Offshore (HERO.O) for about $100 million.

Seahawk's shares fell 32 percent to $5.40 in after-hours trading on Nasdaq on Friday, while Hercules was up 4 cents at $3.66.

Seahawk, which had the Gulf of Mexico's second-largest fleet after Hercules, has been struggling with heavy losses due to the slow issuance of U.S. drilling permits following the massive BP Plc (BP.L) oil spill last April. [ID:nN07221472]

Seahawk's move on Friday comes hot on the heels of Ensco Plc's (ESV.N) $7.3 billion deal to buy former Seahawk parent Pride International Inc (PDE.N) to create the world's second-largest offshore oil and gas driller. [ID:nN07200008]

Hercules will issue 22.3 million shares and pay $25 million in cash for the 20 jackups and related assets. The sale will be implemented through a Chapter 11 bankruptcy filing in which Seahawk will seek expedited hearings to get court approval.

Seahawk said it would primarily use proceeds from the sale to pay off its debtor-in-possession loan, which it secured in connection with its bankruptcy filing to support the business.

"The filing permits us to effectuate the sale in an efficient manner, allowing us to address legacy liabilities inherited from Pride International Inc as part of the August 2009 spin-off, and ensure we continue to operate our business as usual as we proceed with the sale process," Seahawk Chief Executive Randy Stilley said.

Hercules, with 33 rigs of its own, will have the world's fourth-largest fleet by rig numbers, even if that will not be reflected in its market value because jackups command far lower rates than the deepwater rigs in which many rig operators are investing heavily.

Since June 8, 2010, 10 initial exploration plans have been submitted to the regulator, while one has been approved and seven are pending, according to U.S. Bureau of Ocean Energy Management, Regulation and Enforcement (BOEM) website.

Deepwater drillers also complain of slow permitting, though the head of the BOEM said on Friday there was not a big backlog of permits. [ID:nN11137839] (Reporting by Thyagaraju Adinarayan in Bangalore, with additional reporting by Braden Reddall; Editing by Don Sebastian and Richard

[stingray113]

Not sure... doesn't make much sense to me. Seems like Seahawk shareholders should be issued 2 Hercules for every 1 Seahawk share, based on the 22 million shares issued... maybe just panic selling?

[momentum74]

Im not sure either reuters saying ch.11 link. Is it a buy here or not. Message boards saying different things.

http://www.reuters.com/article/2011/02/12/seahawk-hercules-idUSL3E7DB22W20110212

[stingray113]

Little confused by the news... bought out by Hercules for a total of $105 million correct? With 12 million outstanding shares, should be pps of around $8.75, right? Why is this ranking at less than $7?

[Logik]

sweet gap up today

[Logik]

HAWK bottom looks to be in

[TKnight28]

Form 8-K for SEAHAWK DRILLING, INC.

On January 18, 2011, Seahawk Drilling, Inc. (the "Company") is posting on its website at www.seahawkdrilling.com a report entitled "Drilling Fleet Status Report as of January 18, 2011" (the "Fleet Status Report"). A copy of the Fleet Status Report is attached hereto as Exhibit 99.1. The Company hereby incorporates by reference into this Item 7.01 the Fleet Status Report, which is furnished in accordance with Rule 101(e)(1) under Regulation FD and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended ("Securities Act"), unless specifically identified therein as being incorporated by reference. The Fleet Status Report provides summary information about the drilling rig status and contract information covering the Company's fleet of offshore drilling rigs.

[stingray113]

Anyone think we could maybe hit $10 PPS at least long enough for some of us to sell off?

[streetguru]

A joke indeed! Maybe at 5p?

[LuckyMe77]

WOW! What a POS! Down to 7.76 from 19.55 in 4 months. What a joke this is...