Sea Containers Committee Disputes $268M Deal

Law360 (May 29, 2008, 12:00 AM EDT) -- Sea Containers Ltd.'s unsecured creditors committee has objected to a proposed $268 million settlement between the company and two of its pension funds, saying the settlement is based on implausible contingencies and improper application of British law.

“The lion's share of this amount is based upon a claimed U.K. statutory obligation that has not been triggered; contingencies that have not occurred, and may never occur, and have been discounted for the likelihood that they will not occur; calculations based upon out-of-date and 'finger in the air'...
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