Stena Line (U.K.) Ltd. v. Sea Containers Ltd.
This action involves a dispute between Stena Line (U.K.) Limited (Stena) and Sea Containers Ltd. along with its subsidiary Ferry and Port Holdings Limited (Holdings) concerning a post-closing adjustment to the purchase price of a ferry business. Stena seeks to compel arbitration over a balance sheet dated March 31, 1990, which is crucial for calculating the adjustment. Holdings does not oppose arbitration but seeks to limit its scope, arguing that Stena waived its right to challenge an earlier balance sheet from December 31, 1989. The court grants Stena's petition to compel arbitration regarding the March 31 balance sheet, allowing the arbitrator to examine the procedures of the December balance sheet but restricting any alteration of its findings without the parties' consent. The arbitrator is tasked with determining whether the March balance sheet aligns with the agreement, considering UK GAAP standards, consistency, and a true and fair view of the business.