Judge Sinks K-Sea Investor Suit Over $604M Sale To Kirby

Law360, New York (April 4, 2012, 10:19 PM EDT) -- A Delaware state court on Wednesday tossed a proposed class action by investors of K-Sea Transportation Partners LP claiming that the company’s board had not sufficiently assessed the fairness of Kirby Corp.’s $604 million purchase of the oil tank barge operator.

Vice Chancellor Donald F. Parsons of the Delaware Court of Chancery tossed the suit with prejudice, finding the plaintiffs had not shown that the defendants had acted bad faith in approving the deal, which comprised a $335 million payment for K-Sea’s equity and $265 million...
To view the full article, register now.