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Sponsored Post London Value Investor Conference, 22nd May – features Mason Hawkins and Don Yacktman The London Value Investor Conference, which is Moderated by Richard Oldfield and David Shapiro, will take place on Thursday 22nd May at the Queen Elizabeth II Conference Centre in Westminster, London. The Conference will feature well known investors such as Mason Hawkins, Don Yacktman, […]

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Longterm Investing has a series of posts examining several scenarios in Seahawk (HAWK) following the recent conference call (see my post archive for the background). In particular, Neil has examined the effect of CEO Randy Stilley’s proposal to take on debt to buy rigs, rather than buyback stock. Here’s the analysis: It’s important to understand […]

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Seahawk Drilling Inc (NASDAQ:HAWK) President and CEO Randy Stilley presented to the Barclays Capital CEO Energy-Power Conference on Thursday. I’ve been following HAWK closely (see the post archive here). It’s a deeply undervalued asset turnaround play with a bad case of seconditis. Once Stilley finds the person sticking the pins in the HAWK voodoo doll, HAWK should do […]

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Carl Icahn’s former lieutenant Mark Rachesky has opened a position in Seahawk Drilling Inc (NASDAQ:HAWK), a stock I’ve covered in some detail (see the post archive here). Rachesky holds the position in his investment vehicle, MHR Fund Management LLC. Rachesky’s most recent 13F filing indicates he picked up around 1.2M shares for around $11.4M, which implies an average […]

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I’ve recently run a few posts on Seahawk Drilling Inc (NASDAQ:HAWK) (see the post archive here). One of the major issues for HAWK is its Mexican tax dispute. It is a thorny, technical issue for which very few are adequately qualified to comment. Fortunately for holders of HAWK, I have found a practicing tax lawyer […]

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Further to my Seahawk Drilling, Inc. (NASDAQ:HAWK) liquidation value post, I set out below the slightly more optimistic valuation of HAWK’s rigs if they can be sold as operating rigs. Here is a guide to the second-hand market for rigs (click to enlarge): I’ve combined it with the list of HAWK’s rigs and their operating status from the July […]

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Seahawk Drilling, Inc. (NASDAQ:HAWK), which I’ve posted about before, has taken a pounding over the last few days, down over 11% just yesterday to close at $9.61. It seems crazy to me. HAWK is cheap as a going concern, but with its market capitalization at $113M, it’s now at a hefty discount to its liquidation value. Here’s […]

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In his 2003 Annual Meeting, Mohnish Pabrai discussed his thesis for his investment in Frontline Ltd (USA) (NYSE:FRO). I see a number of parallels between HAWK now and FRO then. Here is an extract from the transcript: Frontline (FRO) is company I’d like to talk about because it is an interesting datapoint on how I […]

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Update: Links to Ben’s post have been fixed. In September last year Ben Bortner provided a guest post on Seahawk Drilling (NASDAQ: HAWK). I said at the time that HAWK was not a typical Greenbackd stock, but it warranted consideration at a discount to Ben’s estimate of liquidation value. HAWK has been cut in half since Ben’s […]

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We continue our guest posts today with Seahawk Drilling (NASDAQ: HAWK), an idea from Ben Bortner. HAWK’s not a typical Greenbackd stock, but it warrants consideration at a discount to Ben’s estimate of liquidation value. It’s a recent spin-off (here is HAWK’s information statement from the spin-off). Ben sent this through before HAWK’s 8.14% run […]

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