Tuesday, March 07, 2006

Britist Court shoots down Miami port lawsuit

Appeal against takeover of P&O fails
AP, appearing in Int'l Herald Tribune



The Brits are keeping a clear head on this ports deal. Not only are they not hysterically running around in a panic as the British maritime giant, P&O, sells to DP World, the courts shot down the chances for the Miami firm, Eller, to thwart the sale.

Instead the decision confirms the sale will go thru, the takeover to be effective Wednesday, as well as the removal of the P&O shares from the London, Sydney and Tokyo stock markets.

Eller is not planning an appeal, but will continue to pursue their US lawsuits here in the States.

In the meantime,
Congress is playing dirty pool by tagging on legislation to a military spending bill for the WOT, forcing Bush to choose between funding troops or vetoing the House bill. Lawyers for DP World state that a delay beyond Friday create financial problems, delaying needed payments to shareholders that enable funding for the sale.

1 comment:

TrekMedic251 said...

Hey,..if DPW is going to have "financial problems" they can always ask their Iranian friends, like Rafsanjani, to chip in a few more dinars to hold them over! ;)