All Headline News: Two Suits Filed To Block Port Sale

[PhilipShore]

All Headline News
Two Suits Filed To Block Port Sale
February 25, 2006

http://www.allheadlinenews.com/articles/7002555300

Washington, DC (AHN) - Even as the firestorm cools thanks to an offer by a United Arab Emirates company to postpone its takeover of significant operations at six major U.S. seaports, two new lawsuits have been filed in efforts to derail the $6.8 billion deal.

The owner of Port Newark filed a lawsuit in New Jersey to block the sale, citing security concerns. The Port Authority of New York and New Jersey said the deal violates a 30-year lease signed with the authority in 2000.

In England, a United States company at the Port of Miami, Eller & Company Inc., filed a court petition, also seeking to block the sale. Eller asked the High Court in London, which must approve its purchase of London-based Peninsular & Oriental Steam Navigation Co., to stop the takeover.

Miami-based Eller filed a similar lawsuit last week in a Florida court, alleging it will become an "involuntary partner'' with Dubai's government and may seek more than $10 million in damages. The White House says it still supports the agreement and confirms that Bush will continue to oppose any effort by lawmakers to block it. The company's offer is on the table pending further discussions with the Bush administration and Congress. It is not clear how long it will wait for discussions to be finished.

[Moderator]

1. Duplicate

and not Latest breaking News. There are several threads about each of these suits