Court battle over the fate of a dolphin deal
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Delaware court fights over M&A are ordinary. Unless the parties are fighting over dozens of dolphins.
Driving the news: Creditors for The Dolphin Company, once one of the world's largest aquatic park operators, have asked a bankruptcy court judge for permission to sell its Mexican assets for $20 million to the company's current management.
- Included would be 87 bottlenose dolphins, plus eight manatees, and six sea lions.
Yes, but: Company co-founder and former CEO Eduardo Albor is fighting the transaction.
- He argues that it would violate earlier court rulings in both the U.S. and Mexico, while also "granting a single operator more than 90% of the marine mammal habitat market [in Mexico], creating an unprecedented monopoly risk in national tourism."
Zoom in: This goes far beyond typical founder pique.
- Albor was arrested earlier this year in Cancun and then briefly jailed, after being accused of misleading a Mexican court about post-bankruptcy governance issues.
- There also have been allegations that he misappropriated monies and was negligent when it came to the care of a dolphin that later died.
- Oh, and Albor sent text messages to an opposing lawyer in which he referred to the attorney as a "castrated dog" and "third-rate gangster."
State of play: Albor is arguing in Delaware that the entire bankruptcy filing was improper, as was his forced removal in March 2025, and requesting a dismissal that could pave the way for his return.
- At the very least, he wants the $20 million sale stayed until his bankruptcy objections are adjudicated.
The bottom line: AUM sometimes stands for "animals under management."
