Senate Strikes Lloyds Of London Provision From<@SM>Bankruptcy Bill

- WASHINGTON(03/20/01) - The Bush Administration helped kill acontroversial amendment to the bankruptcy reform bill that wouldhave shielded about 250 wealthy U.S. investors in Lloyd's of Londoninsurance syndicate from a British court ruling. Secretary of StateColin Powel testified before the Senate last week that theprovision would set a dangerous precedent for internationalcommercial relations by overturning the British court, which foundthe investors liable for millions of dollars in reinsurance claimsrelated to the liability crisis of the 1970's and 1980's. Since theprovision is in the House's version of the bankruptcy it is stillpossible the measure will survive a House-Senate conference thatwill hammer out differences between the separate bankruptcybills.