Del. High Court Won't Let K-Sea Investors Sink $604M Sale

Law360, Wilmington (May 28, 2013, 11:11 PM EDT) -- The Delaware Supreme Court on Tuesday tossed a class action by investors of oil barge operator K-Sea Transportation Partners LP who claimed its board hadn't adequately assessed the fairness of a $604 million acquisition by Kirby Corp., finding the board only had to consider whether the sale was in the partnership's best interests.

The investors had alleged that K-Sea's general partner in the transaction, K-Sea General Partner LP, got excessive consideration for incentive distribution rights, despite owning only a 0.3 percent equity stake in the company. But...
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