NY Appeals Court Revives Suit Over $900M Superior Buyout

Law360, New York (October 25, 2012, 9:19 PM EDT) -- A New York appeals panel on Thursday reinstated a complaint from a group of Superior Well Services Inc. investors who say the oilfield services company is obligated to repurchase their preferred shares as part of Nabors Industries Ltd.'s $900 million takeover of Superior.

The New York Court of Appeals found that the investors, a band of preferred shareholders led by Whitebox Concentrated Convertible Arbitrage Partners LP, had argued sufficiently that there was some ambiguity in the fundamental change clause of their stockholder agreements, which could have...
To view the full article, register now.