Port Deal, London: Exec warns of "consequences" in stock transfer delay

[Bush_Eats_Beef]

Monday, February 27, 2006 · Last updated 5:22 a.m. PT

British court hears Dubai port deal case

By JANE WARDELL
AP BUSINESS WRITER

http://seattlepi.nwsource.com/national/1103AP_Ports_Security_Britain.html

LONDON -- Lawyers for British shipping company Peninsular and Oriental Steam Navigation Co. told Britain's High Court on Monday that a U.S. company's legal challenge to P&O's takeover by Dubai Ports World was "woefully thin."

The High Court must approve the 3.9 billion pound ($6.8 billion) takeover - which has caused consternation among some lawmakers in the United States - for the deal to go ahead.

Monday's hearing had been expected to provide a routine rubber stamp, but Miami-based Eller & Co. filed a last-minute appeal Friday asking the court to deny approval. Eller cited a number of grounds for its objection, including a "real prospect" that U.S. authorities would revoke their approval of the deal.

Martin Moore, a lawyer for P&O, said Eller's case was "woefully thin" and the court should sanction the deal as quickly as possible. "Any kind of uncertainty is inherently unfortunate," he said. "The machinations for transferring 3.9 billion pounds to 174,000 stockholders is quite complex and there are necessary consequences, both financial and administrative, to any delay."

[formercia]

1. Poppy might lose his shirt

depends on how many shares he bought and how low they go if the sale fails.

[formercia]

2. but then, that might be the plan

drive the price down from panic selling and buy up shares cheaply when they bottom.

[Atman]

3. The Hudsucker Proxy

You know...for kids.

[Skink]

4. Memo to P&O. You guys lost the Revolution.

[The Backlash Cometh]

5. Fuck you all. We're not going to compromise on our national security

just so that you all can make a profit.

[sui generis]

6. Martin Moore - a load of bullshit. Complete load -

I work in high finance with a group of people who routinely move sums well in excess of 3.9 billion. There is nothing new involved in "the machinations", and any pre-transfer holdbacks are probably earning after hours market interest that you're not putting on the books, so quit whining and lying about this.

The reason America is upset is because the whole deal stinks and was dishonest from the very beginning.