Citadel told the New York court that the decision to stop pursuing the case had nothing to do with the merits of its claims. Instead, it said it had already prevailed in a separate arbitration in London against Portofino’s founders over employment-related claims, including breach of contract, conspiracy and deception by unlawful means, winning damages and legal costs that the High Court later recognized and made enforceable.
Despite that victory, Citadel said it had been unable to collect compensation, leading to the bankruptcy petition against Lancia.
In the filing, Citadel says Lancia owes £5.98 million from the 2025 award by the London Court of International Arbitration, as well as interest and costs.
The petition says the awards were recognized by England’s High Court in February, a legal claim filed in April was not satisfied and Lancia’s attempt to quash that claim was dismissed in May.
Citadel estimates it holds securities worth only about £21,886 against the debt, mostly small bank accounts and minority interests in French companies.
In the letter accompanying the U.S. dismissal, Citadel also noted that Lancia is subject to a global freezing order and faces bankruptcy proceedings, adding that evidence presented at a June 26 High Court hearing failed to persuade the court that its stake in Portofino had significant value.
