Among other things, KL developed and prosecuted claims alleging that certain former directors and officers of the company breached their fiduciary duties to the company by looting more than $70 million from the Company in its April 20, 2007 initial public offering and thereby proximately caused its bankruptcy one year later. Defendants were represented by Bracewell & Giuliani and King & Spalding. The settlement is confidential. However, Michael Parker , Chairman of the Post Confirmation Committee of Superior Offshore Int’l., Inc. said this about the result: “You truly did an incredible job and obviously got a phenomenal result for SOI equityholders. You clearly are not someone to ever bet against! It was a pleasure to work with you for the past couple of years, and thanks again for making such a huge contribution for the shareholders.”
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