One of the potential complications surrounding securitizations via special purpose vehicles has been highlighted by the dispute between Switzerland-based Glacier Re and the administrators of Cayman Islands-based SPV Nelson Re. Artemis reports that Glacier Re has filed a request for arbitration at the court of the International Chamber of Commerce (ICC), claiming not less than $20m plus 5% interest a year. Glacier Re said the claims related to losses as a result of hurricane Ike in 2008, and that those losses could eventually exceed $50m. While Glacier Re maintains that it has submitted a full proof of loss, the investors appear to dispute this. Nelson Re's $67.5m 2008-1 Class G notes are at the heart of the dispute. In March 2009 Glacier Re warned that it faced about $100m of losses from the hurricane (IIN 24, March 10 2009), but rating agency Moody's observed at the time that "hurricane Ike's complex footprint will likely complicate the loss settlement process for all reinsurers". Damage was attributed to the hurricane far further inland – Ike was claimed to have contined north for 48 hours as far as the Canadian border – than is typical for a weather event that usually loses much of its power once it moves in off the ocean. Some interpreted much of the "Ike" damage to other storms that arose simultaneously in the Ohio Valley, Louisville and Missouri.