Port Agency to Break Lease in Bid to Block Dubai Sale - New York Times

Port Agency to Break Lease in Bid to Block Dubai Sale - New York Times: "February 24, 2006

The Port Authority of New York and New Jersey will break the lease of a big container terminal at Port Newark to stop a company based in Dubai from taking over part of the operation there, the agency's chairman said yesterday.

Anthony R. Coscia, the chairman, said the company that holds a lease on the terminal through 2030 violated the contract by selling a half-interest in it to Dubai Ports World without seeking the landlord's approval. He said the Port Authority would ask a judge in New Jersey Superior Court in Newark today to affirm its right to end the lease.

'Fundamentally, this is a landlord-tenant dispute,' said Mr. Coscia, who is a lawyer. 'We're terminating their lease because they sublet illegally.'"