Rigrodsky & Long, P.A. Investigates Buyout of K-Sea Transportation Partners L.P. - KSP

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of K-Sea Transportation Partners L.P. (“K-Sea” or the “Company”) (NYSE: KSP) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Kirby Corporation (“Kirby”) (NYSE: KEX) in a transaction with a  total value of approximately $600 million, consisting of $335 million for K-Sea’s equity and the refinancing of $265 million of K-Sea debt.

Under the proposed agreement, K-Sea’s common and preferred unitholders will receive $8.15 per unit in consideration in the form of cash and Kirby common stock.  K-Sea’s common unitholders will have the election to receive for each common unit either $8.15 in cash or $4.075 in cash and 0.0734 of a share of Kirby common stock.  K-Sea’s preferred unitholders will receive for each preferred unit $4.075 in cash and 0.0734 of a share of Kirby common stock.  K-Sea’s general partner will receive $8.15 in cash for each general partner unit and $18 million in cash for its incentive distribution rights.

The investigation concerns whether K-Sea’s board of directors failed to adequately shop the Company and obtain the best price possible for K-Sea’s shareholders before entering into the agreement with Kirby.  Indeed, the holders of a majority of the outstanding K-Sea units, which is a sufficient number of units to approve the merger, have entered into support agreements with Kirby pursuant to which they have agreed to vote their units in favor of the merger.

If you own the common units of K-Sea and purchased your units before March 14, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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