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Cal Dive is currently holding a lien on another company's vessel for a payment of $1,623,459.92
https://m.hklaw.com/publications/district-court-in-ical-divei-rules-against-vessel-owners-challenge-to-maritime-lien-05-05-2017/
Nice to know Cal Dive is still trying to collect the many millions of dollars owed to them even though they are in chapter 7 liquidation now.
Really hope there is some money left over for us shareholders when this is all over.
My company recently had to put a lien on Vessel for a payment of about $500,000.00 and the company of course paid out.
A work Vessel with a lien on it can not work and can cause the company which owns the vessel to lose millions of dollars in work. If they don't pay the money, Cal Dive can sell their Vessel for payment.
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District Court in Cal Dive Rules Against Vessel Owner's Challenge to Maritime Lien
May 5, 2017
Author(s)
Richard Furey
HIGHLIGHTS:
* The U.S. District Court for the Southern District of New York has denied a motion for summary judgment filed by a vessel owner that sought to dismiss the maritime lien claim of a provider of deck personnel.
* The court's ruling in Cal Dive Offshore Contractors, Inc., et.al. v. M/V SAMPSON, et.al., announced on March 27, 2017, serves to remind vessel owners of the need to provide actual and specific notice of "no lien" provisions to potential lienholders supplying necessaries to the vessel.
* As this decision is limited to denial of a summary judgment, a genuine dispute remains for resolution at trial whether Cal Dive had actual knowledge of the no-lien clause in the charter agreement, and moreover, whether or not a valid maritime lien arose.
Cal Dive was contracted to provide a crew to supervise and assist in the Sampson's pipe-laying activities; the parties disagree whether this crew was ordered by the charterer, Oceanografia, or by (or on behalf of) the vessel owner. Cal Dive alleged a balance due of $1,623,459.92 for unpaid wages, and commenced an action to enforce a maritime lien in remagainst the Sampson, as well as separate related claims in personam against the vessel owner. The owner objected, alleging that a valid maritime lien had not arisen.
Cal Dive Bankruptcy trustee Name and address:
David W. Carickhoff Archer & Greiner, P.C. 300 Delaware Av Suite 1100 Wilmington, DE 19801
Contact phone 302-777-4350 Email: dklauder@bk-legal.com dcarickhoff@archerlaw.com
It's over for the Cal Dive the company; Cal Dive is gone.
But, it may not be over for us Cal Dive share holders.
If creditors are paid in full, which is rare, stockholders will be given the opportunity to file claims. ->
What is Chapter 7 Bankruptcy?
Companies that decide they cannot continue to do business usually file under Chapter 7 bankruptcy protection. In Chapter 7, all assets are liquidated and the proceeds are used to pay administrative and legal expenses, followed by creditors. Collateral is returned to secured creditors, who are grouped with unsecured creditors for the remainder of their claim if the collateral fails to cover the debts. Unsecured creditors, including bondholders, may receive some money if there is any left.
But the company is not required to notify stockholders of the Chapter 7 filing, since they generally are not entitled to a payback if the shares have lost their value. If creditors are paid in full, which is rare, stockholders will be given the opportunity to file claims.
It's definitely over for Cal Dive and I agree that it does seem to be over for our shares of Cal Dive Stock as well. But it is strange that there is all this movement and a 250% increase in share value. I think it might have to do with yesterday's court documents. There was mention of transferring Cal Dive's Indonesian shares.
Cal Dive was a vast international company with many facets. I am happy to see a little sliver of hope and am still holding on to my 1.1 million shares. Here is the link to the court document mentioning the Indonesian shares:
https://www.kccllc.net/caldive/document/1510458170509000000000001
If creditors are paid in full, which is rare, stockholders will be given the opportunity to file claims. ->
What is Chapter 7 Bankruptcy?
Companies that decide they cannot continue to do business usually file under Chapter 7 bankruptcy protection. In Chapter 7, all assets are liquidated and the proceeds are used to pay administrative and legal expenses, followed by creditors. Collateral is returned to secured creditors, who are grouped with unsecured creditors for the remainder of their claim if the collateral fails to cover the debts. Unsecured creditors, including bondholders, may receive some money if there is any left.
But the company is not required to notify stockholders of the Chapter 7 filing, since they generally are not entitled to a payback if the shares have lost their value. If creditors are paid in full, which is rare, stockholders will be given the opportunity to file claims.
Not sure yet; this is my first time as well being in this situation. About a couple of years ago when I first started buying Cal Dive stock, I did a bunch of research about what could happen when investing in a company going through bankruptcy. I remember the SEC and many other resources claimed that in the end if the stock becomes worthless you can at at least write off your loss on your taxes. I guess next year I'll just have to figure out how to do it. One way or another I'm going figure out a way to write it off when the time comes. Best of luck to you, everyone, and myself as well, Lol.
Lol, I'm surprised it took this long for the dumping to begin. I'm still holding on to my shares. I have over 1.1 million shares and it just seems pointless to get rid of them for what would be just a few hundred dollars after commissions and fees. I should be able to save more on my taxes than that by writing off the loss if there is nothing left for us in the end.
The thought crossed my mind to sell too till I read the report. The report makes it sound like they are trying to get rid of their subsidiaries. As long as Cal Dive the parent company survives that's all that matters and nothing was mentioned in the report about about any actual chapter 7 for Cal Dive. I'm still holding on to hope. I've held on this long for almost two years now; I think I am going to ride this out to the end.
Cal Dive v. Pertamina: PKPU Lawsuit
Feb 1, 2017 | Law
In May 2016 PT Cal Dive Offshore Indonesia (CDI), a subsidiary of Cal Dive International Inc, filed an application at the South Jakarta District Court for the implementation of the decision of the Indonesian National Arbitration Board (BANI) on the Company’s dispute with PT Bumi Hasta Mukti (BHM) and PT Pertamina (Persero). The effort seemed fruitless because now, 7 months later, Cal Dive Indonesia decides to file a lawsuit on Suspension of Debts Payment (PKPU) against BHM’s subsidiary PT Pertalahan Arnebatara Natuna (PAN) at the Commercial Court in the Central Jakarta District Court.
http://yosefardi.com/2017/02/01/cal-dive-v-pertamina-pkpu-lawsuit/
The Midnight Star is in Great Shape! Cal Dive had recently just prior to their bankruptcy put a New and Very Big Sat System on the Midnight Star and did maintenance that made her look like a brand new vessel.
I work for a company called C-Dive and Cal Dive hired us to work the last job that the Midnight Star did in July of 2015 before they sold her because they did not have enough personnel available at the time to do the job. It was a high priority job because there was a gas leak on surface and the only way to stop it so that topside could make the repair was to turn a valve 400 and something feet underwater and Cal Dive had installed that very valve.
I was very impressed with the sat system, the vessel, and how safely the work was performed. My company has since bought a lot of the Cal Dive equipment at auction and "most" of the equipment has been in great shape. The Cal Dive hot water heaters have been by far better than any other hot water heaters I have worked with.
Just saying, I think Cal Dive could be great again if all the right circumstances fell into place which I hope they do and also somehow the common shares survive.
John R. Abadie is still working for Cal Dive and claiming his title to be COO on court documents.
His signature and title are on the last page of this document of the settlement that Cal Dive just made with Deepcore.
https://www.kccllc.net/caldive/document/1510458170103000000000002
$17.8 Million Net Cash Flow for October 2016
http://m.4-traders.com/CAL-DIVE-INTERNATIONAL-I-18411001/news/Cal-Dive-International-Bankruptcy-Filings-Financial-Reports-23493130/
Please for the love of God, just stop making commits. You don't have stock in Cal Dive anymore. I am very happy with the current price right now. I have over a million shares, I have been buying since July of last year when it was at about .0065, a couple of months ago I bought some when it was at .0006, and now I am only at a $55.30 loss when I was at almost a $2000.00 loss. I work in the commercial diving industry and everyone in my industry knows Cal Dive. They were the biggest offshore commercial diving company. If they do come through the chapter 11 with common shares intact, these shares will be far from worthless. In the 1980's when oil prices went into a slump, Cal Dive had to go through a chapter 11 just like they are now and they came back from that chapter 11 in the 1980's stronger than ever. If History really does repeat itself, anyone holding onto these shares is going to get paid.
I do know that Cal Dive is getting revenue from Deepcore. Deepcore is a new diving company that was able to be born by purchasing Cal Dive's surface supplied diving vessels. Part of the sales agreement is that Deepcore has to pay Cal Dive 20% of what they bring in.
Deepcore has been really busy this season and they even got the contract from OSFI.
My company held that contract with OSFI for over 5 years before Deepcore took it. It's a big money making gig that helped my company grow about 10 times bigger.
I would like to know the link to the information you talking about that says Cal-Dive is switching to a chapter 7
Seems to be a lot of trading going on the past couple of days
Anyone have any ideas why or know anything at all about what's going on?
I did see in the court documents that Cal Dive had a court date yesterday I believe.
It is so nice to finally see a positive day!!!! Bid 0.0013 Ask 0.0016 Market 0.0014 ? 0.00049 (53.85%) Volume: 879,875
It is so nice to finally see a positive day!!!! Bid 0.0013 Ask 0.0016 Market 0.0014 ? 0.00049 (53.85%) Volume: 879,875
It is so nice to finally see a positive day!!!! Bid 0.0013 Ask 0.0016 Market 0.0014 ? 0.00049 (53.85%) Volume: 879,875