Wohl & Fruchter Initiates Investigation into Merger Between K-Sea Transportation Partners L.P. and Kirby Corporation

The law firm of Wohl & Fruchter LLP has commenced an investigation into whether the directors of K-Sea General Partner GP LLC (the GP) breached their fiduciary duties to the common unitholders of K-Sea Transportation Partners L.P. (NYSE: KSP) (K-Sea) by approving the merger of K-Sea with Kirby Corporation (NYSE: KEX) (Kirby).

Under the terms of the proposed merger, K-Sea’s common unitholders would have the choice of receiving either $8.15 in cash or a combination of cash and Kirby stock. Holders of K-Sea preferred and general partner units would receive $8.15 in cash and a combination of cash and Kirby stock, respectively. In addition, insiders would be paid $18 million in cash for incentive distribution rights owned by K-Sea IDR Holdings LLC. The merger is not subject to a majority-of-the-minority voting condition.

Wohl & Fruchter’s investigation concerns whether the allocation of the merger consideration between public investors and insiders is fair. A conflict of interest may exist between insiders and public investors because the common units are predominantly held by the public, while the preferred units, general partner units, and incentive distribution rights are predominantly held by insiders.

Additional information is available at www.wohlfruchter.com/cases/ksp.

Persons with relevant information, and K-Sea unitholders with questions about this investigation, are invited to contact our Firm.

About Wohl & Fruchter

Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.

This release may be deemed to constitute attorney advertising.

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