Superior Offshore Founder Seeks Ch. 7 Conversion

Law360, New York (December 29, 2008, 12:00 AM EST) -- Claiming that bankrupt Superior Offshore International Inc. has no substantial likelihood of rehabilitating itself and that professional fees are eating away its remaining value, the man who founded the undersea oil services company filed a motion last week to convert the case to Chapter 7.

According to Louis E. Schaefer Jr.'s motion, filed Dec. 23 in the U.S. Bankruptcy Court for the Southern District of Texas, there is a continuing diminution of the estate because of a substantial amount of professional fees that are being incurred...
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