Seahawk Drilling, Inc. (fka HAWKQ)

[56Chevy]

52% Sell off today must mean excess assets (reported by Bloomberg on the 29th) that will be distributed to shareholders won't meet expectations.

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Madoff, Lehman, Dodgers, Seahawk, Palm Harbor: Bankruptcy
September 29, 2011, 9:28 AM EDT

Seahawk Drilling Confirms Full-Payment Chapter 11 Plan

Seahawk Drilling Inc. sold its 20 shallow-water jackup rigs for $155 million, resolved objections to the Chapter 11 plan, and received a commitment from the U.S. Bankruptcy Judge in Corpus Christi, Texas, to sign a confirmation order this week approving the plan, court records say.

Hercules Offshore Inc. bought the business in April for $25 million cash plus 22.3 million of its shares. Based on the closing price for the stock at the time, the total came to $155 million.

Unsecured creditors with claims up to $18 million will be paid in full with pre- and post-bankruptcy interest. Litigation claimants, with claims up to $4.5 million, will likewise be paid in full, the disclosure statement said.

The excess after creditors are paid will go to shareholders. Because they will receive a distribution, shareholders voted on the plan. The stock closed yesterday at $2.77, down 7 cents a share in over-the-counter trading.

Seahawk listed assets of $504.9 million and debt of $124.5 million, including $41.4 million cash and $397 million in property, plant and equipment. Houston-based Seahawk was spun off from Pride International Inc. in August 2009.

The case is In re Seahawk Drilling Inc., 11-20089, U.S. Bankruptcy Court, Southern District Texas (Corpus Christi).

http://www.businessweek.com/news/2011-09-29/madoff-lehman-dodgers-seahawk-palm-harbor-bankruptcy.html