Heckmann (NYSE:HEK)

The legal actions between the sellers and former managers of China Water and Drinks and the Company have been settled and dismissed. The significant legal expenses associated with those actions are expected to conclude during the current quarter ending June 30, 2011. Two and a half years ago, Heckmann Corporation issued or agreed to issue approximately 29 million shares to the China Water management group at the completion of the transaction in November of 2008. When the case was dismissed, the aggregate settlement included the purchase by the Company of approximately 14.0 million shares at $1.31 per share, the cancellation of approximately 3.4 million shares, and the elimination of approximately 3.5 million contingently returnable shares as disclosed in the Company’s previous filings. The balance of the shares (totaling approximately 7.7 million), which had been frozen by the Delaware Court, was released to the sellers and has been sold into the market. At the current share price, the recovery value to the Company totaled over $110.0 million.