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
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U.S. Specialty: Represented by Gregory M. Weinstein and Chris Valentine of Weinstein Radcliff Pipkin LLP.
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White Marlin: Represented by Amir Halevy and Michael Cancienne of Jordan Lynch & Cancienne PLLC.
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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.
