Replies to post #21 on Seahawk Drilling, Inc. (fka HAWKQ)

[Enterprising Investor]

Expedited Motion for Order Appointing OEC (2/16/11)

The Debtors appear to have filed for Chapter 11 in part to fast-track a proposed sale transaction (the “Proposed Sale”) with Hercules Offshore Inc. (“Hercules”). As set forth in the Debtors’ emergency motion for order scheduling expedited hearing to approve sale (Doc. No. 19) (the “Sale Motion”), the Proposed Sale would result in the Debtors receiving $25 million in cash and 22.3 million shares of Hercules common stock in exchange for the sale of substantially all of its assets. As the Debtors have stated, the Proposed Sale is likely to result in payment of secured and unsecured claims in full, and will provide a recovery for equity holders. The equity markets have recognized this fact, and at the close of the market on February 16, 2011 (four business days after the Petition Date), the common stock of Seahawk Drilling, Inc. was trading at $4.22 per share. Thus, Hercules, in its capacity as acquirer, the Debtors’ management, and the capital markets have determined that the Debtors are clearly solvent.

Source: PACER [Docket 58]

[Enterprising Investor]

Thank you, Judge Schmidt!

[56Chevy]

Judge Schmidt orders UST to appoint OEC (2/18/11)

This is encouraging to see an OEC appointed so quickly in this case!

[Enterprising Investor]

Notice of Appointment of OEC (2/24/11)

1. Hal Goldstein - Temporary Chairman
MHR Fund Management, L.L.C.
40 West 57th Street, 24th Floor
New York, New York 10019
Telephone: [phone]
Email: [e-mail]

2. John Symington
General Counsel
Seadrill Americas Inc.
11210 Equity Drive, Suite 150
Houston, TX 77041-8242
Telephone: [phone]
E-mail: [e-mail]

3. Jeff Cate
Hayman Capital Management, L.P.
2101 Cedar Springs Road, Suite 1400
Dallas, TX 75201
Telephone: [phone]
E-mail: [e-mail]

4. Peter J. Sakon
HSBC Distressed Opportunities Fund
452 Fifth Avenue, 18th Floor
New York, New York 10018
Telephone: [phone]
Email: [e-mail]

5. Naveen Bhatia
The Keffi Group
500 Fifth Avenue
44th Floor
New York, New York 10110
Telephone: [phone]
Email: [e-mail]

http://www.kccllc.net/documents/1120089/1120089110224000000000003.pdf