Lenders to 777 Partners accused it of fraud, claiming that the Miami-based investment firm borrowed against $US350 million of assets that it didn’t own, didn’t exist or were already promised to someone else.
“Through these attempted restructuring negotiations, 777 Partners has admitted time and again that it does not control its own operations and ability to perform” under the lending agreement, London-based Leadenhall said in the lawsuit. The Miami-based fund’s finances have been thrust into the spotlight after it moved to take over UK football club Everton FC last year. The acquisition was held up by a Premier League owners’ and directors’ inquiry into 777’s funding, though the league has since said it was “minded” to approve the deal subject to a number of conditions.
A-Cap and its chairman and chief executive officer, Kenneth King, are also named as defendants in the lawsuit. A-Cap, the lawsuit alleges, has funded much of 777’s investments through loans and a complex reinsurance arrangement. By 2023, Leadenhall said it had learned that 1600 assets worth about $US185 million that had been pledged to it by 777 Partners had also been pledged to a third-party lender named Credigy. When confronted, the lawsuit alleges, Wander admitted to the breach and attributed it to a “recording glitch.”To prevent a lawsuit, A-Cap offered Leadenhall a fourth-priority position on assets of a 777 holding company, which Leadenhall declined, according to the complaint.
Source: News Formal (newsformal.com)
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