In a bizarre midnight scenario, law enforcement officers inthree countries seized the 17-year-old line's five ships anddisrupted the vacation plans of 2,400 passengers already sailing onthe high seas.
The vessels were commandeered in the Bahamas, Canada and theUnited States after Donaldson, Lufkin & Jenrette filed courtpapers alleging Premier had defaulted on its August payment due onmortgages held by the New York investment banking firm. The amountsinvolved were not immediately disclosed.
The ships were confiscated in Nassau; Halifax, Nova Scotia,Canada; and at Port Canaveral, Brevard County, about 50 miles southof Downtown Orlando. Premier flew the stranded passengers back toOrlando. Most of Premier's 250 employees were immediatelydismissed.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
