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To: dmccoach who wrote (41893)	4/8/1999 6:03:00 PM
From: Mike from La.	Read Replies (2) \| Respond to of 95453

Hmar is real down because there is fear that they might go bankrupt. How likely this is to actually occur is the bet. Personally I think they will work out some kind of financing, like FLC did, but if they can't they will have to sell assets. The recovery is going to come late for the boats, the GOM rig count has to make a strong comeback before the boats are put to work. Three months, six months, don't know. But if they do make it, huge upside. Easily 10x from this level when utilization rates are back up into the 90% range. Mike