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 London arbitration against Portofino’s founders on employment-related claims including breach of contract, unlawful means, conspiracy and fraud, winning damages and legal costs, which the High Court later recognized and upheld.
Despite this win, Citadel said it has been unable to collect the award, leading to the bankruptcy filing against Lancia.
In the filing, Citadel says Lancia owes £5.98 million of the 2025 award from the London Court of International Arbitration, plus interest and costs.
The petition says the prices were recognized by England’s High Court in February, a statutory demand made in April was not met and Lancia’s attempt to set aside that demand was rejected in May.
Citadel estimates it has only around £21,886 of collateral against the debt, mostly small bank accounts and minority stakes in French companies.
In the letter accompanying the US dismissal, Citadel also noted that Lancia is subject to a worldwide freezing order and faces bankruptcy proceedings, adding that evidence presented at a June 26 hearing did not convince the court that his stake in Portofino had significant value.
