Cal Dive International Inc (CDVIQ)

[lintoid]

I attended the meeting in Wilmington yesterday.

The entire thing was basically an hour-long deposition of the CEO by the trustee, in front of a group of attorneys. Hardly anyone else spoke.

Cashman and Huber Capital were not present. There was no discussion of an Equity Committee, though I did raise it after the meeting with the trustee, and will follow up in email with an explicit request that one be formed.

Much of the Q/A was regarding Cal Dive's many subsidiaries, and how assets and accounting have been distributed among them.

To the trustee's credit, he did question the CEO about the BP claim. The CEO characterized his estimate of the potential value of that claim as "tens of millions" but not hundreds of millions. He indicated that there were other similar cases in the queue, to be litigated by 2016, which they regard as "test cases" of the theory that Cal Dive could obtain relief for this type of claim.

The CEO was also questioned sharply, by multiple people, regarding the massive impairment charges that the company has taken, erasing a large 9-figure value from their stated assets.