Settlement After Years of Legal Maneuvers
Undeterred, White Marlin filed a third-party suit against Formentera in February 2024, pressing that it would be inequitable to shoulder the entire burden alone.
But in May 2024, U.S. Specialty informed the court that a settlement was in the works. After procedural pauses and reinstatements, the deal was finalized, leading to the permanent dismissal of the case last week.
Legal Teams Behind the Battle
U.S. Specialty: Represented by Gregory M. Weinstein and Chris Valentine of Weinstein Radcliff Pipkin LLP.
White Marlin: Represented by Amir Halevy and Michael Cancienne of Jordan Lynch & Cancienne PLLC.
Formentera: Represented by Tres Cleveland of Thompson Coburn LLP.
The confidential resolution closes a dispute that had threatened to leave a $24 million cloud hanging over the companies, while underscoring the financial and legal minefields tied to oil-and-gas reclamation bonds.
