Competing statements from current and original management now extend to a proposed $20 million sale of Mexican assets, with Eduardo Albor alleging the deal would breach court rulings and concentrate dolphin habitat control in one operator.
The dispute over control of The Dolphin Company has broadened to include a proposed $20 million sale of the group’s main assets and parks in Mexico to Delphinus Blue Planet, a subsidiary of Grupo Xcaret. Eduardo Albor, described in the new statement as founder of The Dolphin Company and representative of its original management, said the transaction would give Delphinus control of more than 90% of Mexico’s dolphin habitats, amount to an unprecedented monopoly risk in tourism, and violate rulings in Mexico and the United States. He also said the proposal was filed in the U.S. Bankruptcy Court for the District of Delaware three days after an evidentiary hearing on July 20 and 21, and that the legitimacy of the company’s current management and its authority to start the U.S. bankruptcy process were challenged at that hearing. The statement said the proposal was signed by Rodrigo Constandse for Delphinus Blue Planet and by Steven Strom, acting as representative appointed by CiBanco on behalf of Prudential Financial, Inc., The Cigna Group, and Sculptor Equity Management. These claims conflict with the company’s earlier position that Mexican court records do not support Albor’s assertions, that no Mexican court reversed the March 2025 leadership change, and that Steven Strom and Robert Wagstaff remain the company’s authorized representatives under Mexican law and in its Chapter 11 process in Delaware. In its earlier statement, the company also said there is no Mexican insolvency proceeding supervising the restructuring of its entities, that Albor’s efforts to initiate one became the subject of ongoing criminal proceedings in Mexico, and that precautionary measures issued by a Mexico City civil court on April 4, 2025 continue to bar him from presenting himself as a company representative. The latest statement from Albor, however, said Mexico’s Supreme Court issued an unappealable ruling on June 30 affirming the nullity of his removal and the validity of the company’s active Concurso Mercantil, which he said keeps in place a judicial stay barring any sale, encumbrance, or transfer of assets without authorization from the presiding Mexican commercial judge.