Litigation funder Drumcliffe acquires additional equity stake in Odyssey Marine Exploration
Asset recovery funder Drumcliffe LLC has increased its stake in a potential $3 billion NAFTA arbitration claim against Mexico by purchasing shares in Odyssey Marine Exploration (NASDAQ:OMEX). The claim relates to Mexico’s denial of an off-shore dredging license previously granted to an Odyssey subsidiary for one of the largest untapped phosphate deposits in the world. Drumcliffe has been providing financing to Odyssey to support its arbitration efforts since 2019. “In our view, Odyssey’s recently published Reply to Mexico’s Counter-Memorial in the NAFTA arbitration only reinforces the merits of Odyssey’s claim and the restitution they deserve,” said James C. Little, Drumcliffe’s CEO. Read more.