Cheat-Seeking Missles

Friday, March 03, 2006

Dubai Deal Delayed, But Not Dying

Eller & Co., the Miami-based company that thrust the Dubai Ports deal into the spotlight by filing lawsuits claiming the deal would harm them has been granted the right to take the case to Britain's Court of Appeal.

That brings the entire transaction to a grinding halt, potentially jeopardizing Dubai's financing, according to AP:
Lawyers for DP World have warned that a delay beyond Friday means the company will not be able to access the millions of dollars it needs to pay shareholders on time. The deal was previously scheduled to be completed Thursday.
The British High Court approved the deal yesterday, but Justice Nicholas Warren placed the ruling on hold to allow Eller to make its case.

Warren signalled slim chances for Eller. He rejected claims about port security and threats to Eller's business, along with various procedural findings that went against Eller.