Hercules Offshore Inc (fka HEROQ)

[Beezerr34]

That's assuming the HEROQ ticker was trading at a fair price between 6 and 7 cents. I, for one, do not believe it was. If 6-7 cents was a fair price for the HEROQ ticker and the new shares adjust out to $18-20 a share, then the bondholders will be at an immediate 75% loss. We have to keep in mind that these bondholders converted $1.2 billion in notes! To assume that the company will have an, approximately, $300 million market cap. after a $1.2 billion debt conversion doesn't add up. Think about it purely from a book value perspective.