Hercules Offshore Inc (fka HEROQ)

[mike_dotcom]

FURTHER ANALYSIS - As of Jan. 31 the cash balance was $237.477 million. Since then there have been two sales which have added $28.54 million for a total of $266 million. The lender claim total is 254.32 million. BUT THAT JAN.31 CASH BALANCE EXCLUDES THE MONEY SET ASIDE IN THE RESERVE ACCOUNTS. The way I understand it is that there was $15 million set aside in the reserve account that goes to shareholders and $85 million set aside in a reserve account that goes to the lenders - "Funding of the Wind Down Entity. The Wind Down Entity shall be funded, on
the Effective Date, with the Post-Effective Date Assets, including the Initial Wind Down
Funding Amount in Cash in the amount of $85 million." If this analysis is correct, the total left over after the lenders have been payed in full is $97 million SO FAR. There are still assets for sale and there are still expenses going forward. But if this does prove to be correct, the shareholders may still get close to $5 per share. I SURE HOPE I AM READING THIS CORRECTLY.