Seahawk Drilling, Inc. (fka HAWKQ)

[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).