Todd Hornbeck filed a plan to sell 1.17 million shares of his own company. Two months later, he cancelled it — without selling a single share — and the next morning put $1.5 million into buying more.
You read this morning that Hornbeck Offshore’s CEO terminated his sell plan on November 9 and purchased 280,865 shares over the following two days. Tonight, let’s lay out the full sequence.
Three questions I’ll answer
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What happened between September 1, when the sell plan was filed, and November 9, when it was cancelled? |
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How did a founder take his company through bankruptcy, a merger, and then reverse course on selling? |
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Where does nearly six million shares of personal stake stand now — and what does that concentration tell you? |
Setting up a sell plan is common. Cancelling one without executing a single sale is not. The timeline tells the whole story. ↓
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12 Power Plant Exits. Now Developing In Texas.
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Building a power plant takes more than money.
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It takes land, fuel contracts, permits, grid approvals, and years of patience.
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Most first-time teams never make it through.
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The leaders of American PowerGen have made it through twelve times.
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CEO Peter Perri III and CFO Vince Palmieri bring 12 successful power plant exits.
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Perri has spent 20+ years in power infrastructure and led the growth of PowerPHASE, including a $25 million raise.
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Palmieri has spent 25+ years in infrastructure investing, with more than $300 million in deals.
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Now they are developing again.
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An estimated 22 GW pipeline of natural gas power generation in Texas, where ERCOT projects roughly 70% demand growth by 2031.
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Their approach is deliberate.
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They put capital to work early, on siting, permits, gas supply, and grid connection, instead of waiting for conventional project finance to arrive late.
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In Palmieri's words: "Our goal is to give investors the opportunity to participate in the early stages of building a company focused on disciplined growth and long-term value creation."
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For its two most advanced projects, that early work is well along: interconnection agreements negotiated, more than 1,000 acres under option, air permits secured.
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More than 1,250 investors have already joined, investing $4.6 million.
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Shares are $2.50. Minimum investment: $1,000.
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The round closes at 11:59 PM ET on Wednesday, November 18, 2026.
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Invest Alongside A Team With 12 Power Plant Exits
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The Reversal
Hornbeck Offshore Services (ticker: HOS) provides marine transportation and subsea services to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico. Todd Hornbeck founded the company, took it through a bankruptcy restructuring in 2020 when offshore oil demand collapsed, then merged it with Helix Energy Solutions on September 1, 2026, creating one of the largest integrated offshore services platforms in the Americas. A 10b5-1 plan is a pre-arranged schedule that lets an executive sell stock on autopilot — it removes the appearance of trading on inside information because the timing and amounts are locked in advance. Hornbeck filed one on September 1 to sell 1,170,405 shares he received through the 2020 restructuring. What happened next is the story.
THE SEQUENCE — FROM EDGAR, IN ORDER
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SEP 4, 2020
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Hornbeck Offshore files for Chapter 11 bankruptcy during the offshore oil collapse
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SEP 1, 2026
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Merger with Helix Energy Solutions closes — Hornbeck becomes CEO of the combined company
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SEP 1, 2026
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Files a 10b5-1 plan to sell 1,170,405 shares from the restructuring grant
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NOV 4, 2026
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Reports Q3 results — announces five-year Shell contract and North Sea decommissioning deal
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NOV 9, 2026
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Cancels the sell plan — zero shares sold (8-K filed same day)
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NOV 10, 2026
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Buys 189,570 shares at $5.28 avg — $1.0M
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NOV 11, 2026
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Buys 91,296 shares at $5.48 avg — $500K
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WHERE HE STANDS NOW
After the November 11 purchase, Todd Hornbeck holds 5,950,514 shares directly — roughly $32.6 million at the last purchase price. He also holds 675,000 stock options and 1,000,000 performance-based restricted stock units. This is a founder whose personal wealth is concentrated in a single offshore services company trading at $5.48 per share, and who just cancelled the only plan he had to reduce that concentration.
NATE’S TAKE
In 25 years I have tracked tens of thousands of 10b5-1 plans. Most execute as filed. Cancelling one without selling a single share is rare. Cancelling it and then buying on the open market the next morning is a statement. Todd Hornbeck took this company through bankruptcy in 2020, rebuilt it, merged it with Helix, landed a five-year Shell contract, and then looked at a sell plan covering 1.17 million shares and decided the shares were worth more to him than the cash. His position now stands at nearly six million shares — roughly $33 million of personal capital in a company trading at $5.48. That is not diversification. That is a founder telling you exactly what he thinks his company is worth.
— Nate Fowler
After the Bell · Evening Special Edition
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Disclaimer: This is a paid advertisement for American PowerGen's Regulation Crowdfunding offering. Please read the offering materials and Form C at https://invest.americanpowergen.com/
Reservation of a ticker symbol does not indicate that the Company's securities are currently listed or traded on Nasdaq, does not constitute approval by Nasdaq, and is not a guarantee that the Company will be listed on Nasdaq. Any future listing remains subject to Nasdaq's applicable listing standards, regulatory requirements, and approvals.
Equity crowdfunding investments in private placements, and start-up investments in particular, are speculative and involve a high degree of risk, and those investors who cannot afford to lose their entire investment should not invest in start-ups.
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