Citadel told the New York court that the decision to end the case had nothing to do with the merits of its claims. Instead, it said it had already won in a separate arbitration in London against the founders of Portofino on employment-related claims including breach of contract, unlawful means, conspiracy and deception, award of damages and legal costs which the High Court subsequently recognized and made enforceable.
Despite this victory, Citadel said it had been unable to recoup the prize, leading to a bankruptcy filing against Lancia.
In the filing, Citadel says Lancia owes £5.98 million from the 2025 award from the London Court of International Arbitration, as well as interest and costs.
The application states that the awards were recognized by the High Court of England in February, that a legal request served in April was not satisfied and that Lancia’s attempt to overturn that request was rejected in May.
Citadel estimates it holds collateral worth only around £21,886 against the debt, mainly small bank accounts and minority stakes in French companies.
In the letter accompanying the US dismissal, Citadel also noted that Lancia was subject to a global freezing order and was facing bankruptcy proceedings, adding that evidence presented at a High Court hearing on June 26 had failed to convince the court that its stake in Portofino had significant value.
