Superior Offshore CEO Asks To Sue AIG Over Bad Loan

Law360, New York (July 6, 2009, 12:00 AM EDT) -- Superior Offshore International Inc. founder and ex-CEO Louis Schaefer has asked a bankruptcy judge for permission to sue American International Group Inc. on behalf of the undersea construction company for allegedly reneging on an $80 million loan agreement.

In a motion filed Thursday in the U.S. Bankruptcy Court for the Southern District of Texas, Schaefer, who owns nearly half of Superior Offshore's stock through his company Schaefer Holdings LP, says that Superior Offshore and its equity holders have several causes of action against AIG, including constructive...
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