Satterfield reports 9.92% stake in Stone Energy
The Reporting Person does not intend to support the proposed restructuring plan if the Issuer files for bankruptcy and the plan is submitted without changes. To that end, the Reporting Person has engaged Quinn Emanuel Urquhart & Sullivan, LLP to represent the Stone Energy Shareholders Ad Hoc Committee to request that an Equity Committee be appointed to represent the interests of the Issuer's common shareholders in the proposed bankruptcy. The Reporting Person further intends to engage counsel to initiate a shareholder's class action to recover losses incurred by the Issuer's common shareholders. In addition, the Reporting Person intends to retain financial advisors and to speak with other common shareholders of the Issuer in furtherance of the foregoing purposes, and plans to request that other common shareholders participate in funding certain expenses to be incurred in seeking the appointment of an Equity Committee.