KOL Settles Major Breach of Duty Case on Behalf of Bankrupt Superior Offshore International, Inc.

This spring and on the eve of trial in front of the Hon. Nancy F. Atlas, United States District Court for the Southern District of Texas, KOL successfully resolved a major litigation claim held by the Plan Agent in the bankruptcy proceeding of Superior Offshore Int’l., Inc. (“SOI”).

Among other things, KOL developed and prosecuted claims alleging that certain former directors and officers of the company breached their fiduciary duties to the company by looting more than $70 million from the Company in its April 20, 2007 initial public offering and thereby proximately caused its bankruptcy one year later.  Defendants were represented by Bracewell & Giuliani and King & Spalding.   The settlement is confidential.  However, Michael Parker, Chairman of the Post Confirmation Committee of Superior Offshore Int’l., Inc. said this about the result:  “You truly did an incredible job and obviously got a phenomenal result for SOI equityholders.  You clearly are not someone to ever bet against!  It was a pleasure to work with you for the past couple of years, and thanks again for making such a huge contribution for the shareholders.”