London-based Peninsular and Oriental Steam Navigation Co., was bought last week by DP World, a state-owned business. Peninsular and Oriental runs major commercial operations in New York, New Jersey, Baltimore, New Orleans, Miami and Philadelphia.
A Miami company, Continental Stevedoring & Terminals Inc., has filed suit in a Florida court challenging the deal. A subsidiary of Eller & Company Inc., the Miami company maintains it the suit disclosed Saturday evening that it will become an "involuntary partner" with Dubai's government under the sale.
There are a number of suits pending against this deal; Governor Jon Corzine just announced the state of New Jersey has two lawsuits against it. Tony will talk about it a little later.