Sale Proposal for The Dolphin Company to Grupo Xcaret Threatens 90% Monopoly and Violates Court Rulings

• The $20 million transaction would grant Delphinus, a subsidiary of Grupo Xcaret, control over more than 90% of dolphin habitats in Mexico, creating an unprecedented monopoly in the tourism industry. 
• The proposal violates a final ruling by the Mexican Supreme Court prohibiting the sale of corporate assets and seeks to bypass an upcoming decision by a U.S. court regarding the legitimacy of the current management.

MEXICO CITY, July 29, 2026 (GLOBE NEWSWIRE) -- Eduardo Albor, founder of The Dolphin Company and representative of the company's original management, is notifying all interested parties that the current management of The Dolphin Company has submitted an acquisition proposal that would grant Delphinus Blue Planet, a subsidiary of Grupo Xcaret—led by Miguel Quintana Pali—control of its main assets and parks in Mexico for $20 million: an amount substantially lower than the price at which these assets were valued by the financial creditors themselves. If completed, the transaction would violate court rulings in Mexico and the United States, in addition to granting a single operator more than 90% of the marine mammal habitat market, creating an unprecedented monopoly risk in national tourism.

The sale proposal was filed before the U.S. Bankruptcy Court for the District of Delaware just three days after the conclusion of the evidentiary hearing held on July 20 and 21. The document was signed by Rodrigo Constandse on behalf of Delphinus Blue Planet, along with Steven Strom, who acted as the representative appointed by CiBanco on behalf of financial creditors Prudential Financial, Inc., The Cigna Group, and Sculptor Equity Management.

CiBanco's involvement as collateral agent and trustee for these creditors is highly questionable, given that the financial institution is currently undergoing liquidation following severe charges of money laundering linked to Mexican drug cartels. Furthermore, it was precisely this entity that imposed the company's current management, whose legitimacy and corporate authority to initiate the U.S. bankruptcy process were formally challenged by the original management, led by Eduardo Albor, during the recent hearing.

"This case goes far beyond a proposed asset sale, it’s part of an illegal effort to seize control of the company and deprive it of its core assets. It concerns the rule of law, corporate governance, and respect for final rulings issued by Mexican courts", stated Eduardo Albor, founder of The Dolphin Company and representative of the company’s original management.

A Decision Contrary to Both Mexican and U.S. Law

In Mexico, the transaction directly violates an unappealable ruling issued by the Supreme Court of Justice of the Nation on June 30. The Supreme Court affirmed the absolute nullity of Eduardo Albor’s removal and confirmed the full validity of the company’s active insolvency proceedings (Concurso Mercantil). This decision maintains an active judicial stay, which strictly prohibits the sale, encumbrance, or transfer of the company's assets without explicit authorization from the presiding Mexican commercial judge.

Meanwhile, in the United States, Eduardo Albor’s defense filed a motion to dismiss the bankruptcy case on June 17 before Judge Laurie Selber Silverstein in Delaware. During the evidentiary hearing held on July 20–21 (Case No. 25-10606-LSS), the legal team presented evidence of procedural fraud committed by Prudential, Cigna, and Sculptor: using expired power-of-attorney documents from Wilmington Trust after having resigned their fiduciary roles, disregarding the active Concurso Mercantil in Mexico initiated on December 30, 2024 (the company's true Center of Main Interests — COMI), and violating Mexican preliminary injunctions. Consequently, the current management lacks judicial recognition and legal authority to represent the company or dispose of its assets.

"Our priority remains a legal restructuring process that protects the company, its employees, its creditors, the marine mammals under its care, and a competitive market in Mexico," added Albor.

To date, Judge Laurie Selber Silverstein has not issued a ruling on the motion to dismiss, leaving the proposed sale to Grupo Xcaret’s subsidiary without legal certainty or the necessary authority to be executed.

Contacts:

Aldo López - aldo.lopez@llyc.global
Isabella Farromeque - isabella.farromeque@llyc.global

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