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Announcements Commercial

Canadian innovator JL Energy Transportation Inc. obtains funding from leading litigation funder Bentham IMF Capital Limited for infringement action against major Canada/US pipeline and gas processing companies

CALGARY, March 6, 2019 /CNW/ - JL Energy Transportation Inc. ("JETI", more: www.jlenergy.com) announces that it has obtained third-party funding from Bentham IMF Capital Limited ("Bentham"), the Canadian arm of leading global litigation funder IMF Bentham (ASX:IMF), for license and patent infringement claims against an alliance of major Canadian and US pipeline and gas processing companies.
The defendant companies currently include: Alliance Pipeline Limited Partnership, Alliance Pipeline Ltd., Alliance Pipeline L.P., Alliance Pipeline Inc., (collectively, "Alliance"), Aux Sable Liquid Products LP (formerly known as Alliance Pipeline NGL, LP) and Aux Sable Liquid Products Inc. (formerly known as Alliance Pipeline NGL Inc.)(together, "Aux Sable"). JETI is claiming significant damages as a result of Alliance and Aux Sable's alleged infringements of JETI's licenses and intellectual property rights.
Background In the early 1990s a team led by John Lagadin, the founder of JETI, invented a novel and innovative method for more efficiently and cost-effectively transporting enriched natural gas via a single pipeline carrying both natural gas and natural gas liquids ("NGLs") from the Western Canadian Sedimentary Basin to the lucrative US mid-western natural gas and NGL market (more). It was a ground-breaking invention that caught the eye of 22 producers, including some of North America'slargest energy companies. These companies subsequently formed the "Alliance Pipeline" which went into service December 1, 2000. JETI licensed the technology (subsequently patented in a number of jurisdictions around the world) to the Alliance and Aux Sable companies, who between 1996 and 2000 planned and constructed a 3,848 km pipeline from BC and Alberta to Chicago as part of an integrated energy system to export Western Canadian enriched natural gas to be processed at the US market hub in a world class processing facility. The Alliance Pipeline was one of the most significant infrastructure projects in North America at the time. It has since delivered an average of 1.6 billion cubic feet of enriched gas every day to the Chicago market (more than 1/5th of Canada's natural gas exports). This major success story of Canadian innovation, built on the entrepreneurialism of the JETI team, has provided Canada access to a valuable export market and contributed billions of dollars to Canada's GDP and Alberta's royalty revenues. What has happened JETI alleges that Alliance and Aux Sable have in recent years used its proprietary and patented technology to transport and process rich natural gas on additional pipelines in British Columbia, Alberta and North Dakota without license or authorization. What is being done Bentham has agreed to fund JETI's action against Alliance and Aux Sable filed under Alberta Court of Queen's Bench Court File No. 1601-06322, as well as JETI's defence of Aux Sable's subsequent challenge of one of JETI's patents (Federal Court File No. T-1612-16). Aux Sable's Federal Court challenge is scheduled to commence on March 11, 2019 in Calgary, Alberta. JETI is represented by MLT Aikins LLP. Bentham's funding of JETI helps level the financial playing field for a private company taking on significantly larger entities with greater resources. John Lagadin, President of JETI, said: "We are very pleased to have Bentham on board to fund our court actions as their significant due diligence, capital at risk, and proven track record, clearly validates our confidence in our long standing claims against Alliance et al. This funding allows us to continue our already lengthy quest for justice, and we look forward to a successful outcome once the courts have been presented with the facts in the case." About the Defendants The Alliance Pipeline system consists of an approximately 3,848-kilometer (2,391-mile) integrated Canadian and US natural gas transmission pipeline system, delivering rich natural gas from the Western Canadian Sedimentary Basin and the Williston Basin to the Chicago market hub. The Alliance system delivers, on average, about 45.3 million standard cubic metres (or 1.6 billion standard cubic feet) of natural gas per day. More: www.alliancepipeline.com. Alliance Pipeline Limited Partnership (Alliance Canada) owns the Canadian portion of the Alliance Pipeline system. Alliance Pipeline L.P. (Alliance U.S.A.) owns the U.S. portion of the Alliance Pipeline system. Alliance is represented by Rose LLP. Aux Sable commenced operation as part of the Alliance Pipeline and Aux Sable dense phase gas system. At that time, two companies were established, one in the United States, and one in Canada, to manage the natural gas liquids business associated with the Alliance Pipeline. In 2010, a second U.S. company, Aux Sable Midstream (ASM) was established to focus on other midstream developments in the United States. Aux Sable owns and operates a world-scale natural gas liquids extraction and fractionation facility in Illinois near the terminus of the Alliance Pipeline. The facility is currently capable of processing 2.1 billion cubic feet per day of natural gas and can produce approximately 107,000 barrels per day of specification natural gas liquid products. Aux Sable's rich gas premiums provide market access to rich gas producers in Canada and the U.S. that cannot be realized through conventional field extraction and local NGL sales. Aux Sable is represented by McCarthy Tetrault LLP. About Bentham IMF Bentham IMF Capital Limited is the Canadian arm of IMF Bentham Limited (ASX: IMF), one of the leading global litigation & dispute financiers, headquartered in Australia and with offices in Canada, the US, Singapore, Hong Kong and London. IMF has built its reputation as a trusted provider of innovative litigation funding solutions and has established an increasingly diverse portfolio of litigation & dispute financing assets. IMF has been a leading pioneer of litigation financing in Australia since 2001, playing a significant role in the initial steps towards a globalized industry via its international expansion in Canada, the US, Asia and Europe. IMF has a highly experienced litigation funding team overseeing its investments delivering a 90% success rate across 179 completed cases (at 30 September 2018). More: www.benthamimf.ca. SOURCE JL Energy Transportation Inc. View original content: http://www.newswire.ca/en/releases/archive/March2019/06/c4638.html
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Announcements Commercial

Litigation Capital Management (AIM:LIT): Appointment of Jonathan Moulds as Chairman

Litigation Capital Management Limited (AIM:LIT) (LCM), a leading international provider of litigation financing solutions, today announces that it has appointed Jonathan Moulds as Non-Executive Chairman effective 29 March 2019.

This follows Jonathan’s appointment to the Board as Non-Executive Director of LCM in December 2018, when the Company listed on AIM. Jonathan takes over the role of Chairman from David King, who will remain on the Board as a Non-Executive Director.

Jonathan brings extensive experience in the financial services industry. He was previously the Chief Operating Officer of Barclays PLC. Prior to his role at Barclays, he was head of Bank of America’s European business until 2013 and became the Chief Executive Officer of Merrill Lynch International following the merger of the two institutions in 2008.

Patrick Moloney, Chief Executive Officer of LCM, said:

“As we expand LCM’s international focus, we’re thrilled to have further strengthened our team with the appointment Jonathan as Chairman. This announcement follows a series of exciting and significant operational developments at LCM including several new board and management team hires, and our expansion into London and Singapore as key growth markets. Together with the rest of the Board, I am looking forward to working with Jonathan and the wider team to realise the clear growth opportunity that LCM offers.

“I would also like to thank David for his support as Chairman over recent years. We will continue to benefit from his expertise on the Board.”

Jonathan Moulds, Chairman of LCM, said:

“I’m delighted to take on the role of Chairman at LCM. It’s a privilege to be involved with one of the litigation finance industry’s most established and exciting players at this pivotal time in its development.

“This is an interesting time for the litigation funding sector globally as it enters a period of rapid expansion and LCM is well-positioned to take advantage of this given its significant international presence, its team’s outstanding track record and the quality and depth of its pipeline of future litigation projects.”

Litigation Capital Management

Patrick Moloney, Chief Executive Officer

Nick Rowles-Davies, Executive Director

Hawthorn Advisors                                             lcm@hawthornadvisors.com

Lorna Cobbett / Zinka MacHale                          Tel: 020 3745 4960

About Jonathan Moulds

Jonathan has held a number of senior leadership roles at major financial institutions, most recently at Barclays plc, where he was the Group Chief Operating Officer until 2016. He was previously the head of Bank of America's International business and became the Chief Executive Officer of Merrill Lynch International following the merger of the two institutions in 2008. Jonathan has a strong financial markets background and was responsible for Bank of America International’s Global Markets business prior to the merger. He has worked in most major financial centres, including the U.S., the U.K. and Asia during his career.

Jonathan has served widely on key industry associations including as chairman of the International Swaps and Derivatives Association (ISDA) from 2004 until 2008 and as a director of the Association for Financial Markets in Europe (AFME). He remains a member of AFME's Advisory Board. Jonathan was a member of the Capital Markets Senior Practitioners of the UK Financial Services Authority and the Global Financial Markets Association.

Jonathan is currently a Non-Executive Board member for IG Group Holdings PLC and is a member of the Board Risk Committee and Remuneration Committee.

About LCM

Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolios across class actions, commercial claims, claims arising out of insolvency and international arbitration. LCM has an unparalleled track record, driven by effective project selection, active project management and robust risk management. Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM has been listed on AIM since December 2018, trading under the ticker LIT. www.lcmfinance.com

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The LFJ Podcast
Hosted By David Kerstein |
In this episode, we sit down with David Kerstein of Validity Finance to discuss his transition from industry stalwart IMF Bentham to relative upstart Validity. We also discussed the role of Chief Risk Officer, the use of AI and Big Data to mitigate risk, and whether the issue of mandatory disclosure poses a risk to the industry at large. [podcast_episode episode="3579" content="title,player,details"]
Announcements Commercial

Native American Venture Fund (NAVF) to Speak at the 4th Litigation Funding Conference in Florida on March 8, 2019

Ticonderoga Ventures, Inc. announces that Native American Venture Fund (NAVF) will speak at the Litigation Funding Conference ( https://litigationfundingconference.com ) on March 8, 2019, in Delray Beach, FL. John Cataldi directs the investment and fund strategies of the Native American Venture Fund Family (NAVF) as its co-managing partner. He will speak on best practices of venture finance, investment, syndication and strategies to unlock new capital pools of investment. Moreover, Cataldi will discuss his personal experiences in managing portfolio returns and investor expectations.  Lastly, he will announce NAVF’s Opioid Litigation Fund, which will focus on pharmaceutical company oversupply while seeking economic and injunctive relief to prevent future abuses to North American Indigenous Communities. Video:  https://www.youtube.com/watch?v=eFDr_9-abVY ABOUT NATIVE AMERICAN VENTURE FUND NAVF is series of impact investment funds that promote Environmental, Social and Governance (ESG) development activities for indigenous tribes throughout North America. Under Cataldi’s leadership, the fund leverages contracting preferences, tax incentives and other distinct competitive advantages legislatively granted to federally recognized tribes. NAVF’s portfolio focuses across multiple industries to include Carbon Sequestration, Pharmaceutical importation/distribution, FinTech, E-Commerce, and Government Contracting. For more information visit:  http://www.NAVF.net . ABOUT THE LITIGATION FUNDING CONFERENCE The Litigation Funding Conference is the leading networking and business event for the industry.  Corporate counsel and attorneys from significantly sized law firms seeking finances for high-value claims meet directly with third-party litigation funding firms, venture capitalists and hedge funds.  Financial professionals and investors representing significant resources attend to fund suits they are expressly interested in. Time, the most valuable commodity at the event, is designed for maximum efficiency in introducing attorneys with those that provide funding to identify the best opportunities and begin the deal-making process quickly. Registration for the event can be made at https://litigationfundingconference.com/register-miami-2019.php For more information, please visit the website https://www.litigationfundingconference.com or contact: Ticonderoga Ventures, Inc. Marketing and Logistics Representative Tel/ Fax: USA +1 (212) 722-1744 E-mail:  info-21@litigationfundingconference.com Twitter:  @LITIGATIONFUND1 This press release may contain forward-looking statements, particularly as related to the business plans of the company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by these sections. Actual results may differ materially from the company’s expectations and estimates.
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Announcements Commercial

Gowling WLG Partner James Foster to Join Augusta Ventures

Augusta, the largest litigation and dispute funding institution in the UK – with £150m of capital and a team of 70 in London – today announces the appointment of James Foster as Head of Commercial and Bilateral Investment Treaties Arbitration. He will be based in Augusta’s London office from April 2019. James joins from international law firm Gowling WLG (formerly Wragge Lawrence Graham) where he heads the Middle East Arbitration and Construction Disputes practice, having started the Lawrence Graham office in Dubai in 2007. James has consistently been ranked by the Chambers Global Directory as one of the UAE’s leading construction disputes lawyers and is Vice-Chairman of the Society of Construction Law (Gulf). He has taken a keen interest in the development of funding solutions for international arbitration both in the Middle East and more widely and he is the lead author of the UAE chapter in the Guide to Litigation Funding, a global survey of the law and practice of third-party funding. Before moving to Dubai James also spent over 10 years focusing on dispute resolution in the South East Asia region. Commenting on the appointment, Louis Young, Managing Director at Augusta said: “We’re delighted to welcome James to Augusta. With his wide experience of high value international arbitration claims, James will play a key role in developing our involvement in this important and growing sector”. James Foster commented: “I am very pleased to be part of the continued expansion of Augusta’s operations given the exciting opportunities for further development of the arbitration funding market both in the UK and internationally. I am very much looking forward to working with Augusta’s capable team in this area and to helping develop a market leading practice”. About Augusta Ventures
  • Established in 2013, Augusta is the largest litigation and dispute funding institution in the UK – with £150m of capital and a team of 70 in London and 85 worldwide. Augusta’s scale enables us to make decisions in market-leading timeframes and fund cases of any size.
  • Augusta is organised into a series of specialist practice groups: Arbitration, Class Action, Competition, Consumer, Intellectual Property and Litigation, and sectors including Financial Services and Construction & Energy.
  • By the end of 2018, Augusta had funded 197 claims with a market leading win ratio of 80%.
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Announcements Commercial

Vannin Capital Expands With Three Additions in New York and Washington

Vannin Capital, the global expert in legal finance, announces today its continued U.S. expansion with two new Managing Directors and an Associate Director in New York and Washington, D.C.

Matthew Atlas joins as a Managing Director and Melissa Feig as Associate Director in New York City. Arthur “Ted” Farrell joins as a Managing Director in Washington, where his litigation expertise will expand Vannin’s local offering, which had previously focused on arbitration.

Scott Mozarsky, Regional Managing Director with overall responsibility for Vannin’s North American business, comments: “The addition of Matthew, Ted and Melissa marks a significant step in Vannin’s growth in North America. Their diverse backgrounds, depth of knowledge and their subject matter expertise add to our already strong foundation of litigation funding capabilities and position us to capitalize on strong market opportunities associated with geographic and product expansion.”

Matthew joins from the Colgate-Palmolive Company, where he was Chief Litigation Counsel for the past five years, managing the company’s litigation matters both globally and in the U.S. Prior to this, he was Vice President and Assistant General Counsel for JPMorgan Chase Bank, NA, supporting the defense of class actions and other litigations involving significant potential liability for the company’s retail financial services units. Matthew began his legal career at Akin, Gump, Strauss, Hauer, & Feld LLP.

Matthew Atlas notes: “Corporations are becoming increasingly aware of the benefits that funding presents, not only as a risk management tool but also as a key part of their strategy to deliver value and growth. I am excited to join Vannin, one of the leaders in litigation finance, at a time when the industry is rapidly expanding in the U.S.”

Prior to joining Vannin, Ted was a Partner at Ruyak Cherian LLP where he represented plaintiffs and defendants in antitrust, intellectual property and other complex commercial disputes in the technology sector. He also advised on merger clearance matters before United States and Foreign Competition Authorities. First joining Ruyak in 2015, Ted has had a successful career as a litigator also practicing at Winston & Strawn LLP and Baker Botts LLP in Washington, D.C.

The addition of Ted to its Washington D.C. team enables Vannin to better service firms and companies in the Mid-Atlantic states including the rapidly growing Research Triangle in North Carolina. Ted Farrell said: “I was drawn to Vannin’s reputation as a market leader in the litigation funding industry and its commitment to strategic growth in the U.S. and internationally. I look forward to helping build out the company’s presence and offering in Washington.”

Melissa joins Vannin’s New York office as an Associate Director, supporting the litigation funder’s team in the U.S. Prior to joining Vannin, Melissa practiced at Morgan, Lewis & Bockius LLP where she focused on complex commercial and distressed asset litigations, consumer class actions, internal and white-collar investigations, regulatory defense and arbitration.

Melissa Feig added: “Vannin is an ambitious and innovative business that is well positioned to capitalize on the continued growth of the litigation funding industry. I am excited to join the team and look forward to contributing to its continued success.”

About Vannin Capital

Established in 2010, Vannin Capital is a global expert in the provision of funding to support individuals, corporate clients and law firms in the successful resolution of high-value litigation and arbitration claims. From single case funding to portfolio finance, we offer creative capital solutions that are tailored to our clients’ needs.

Our global team of legal and financial experts cover the key commercial litigation and arbitration centres from our offices in London, Jersey, Paris, Bonn, New York, Washington, Sydney and Melbourne.

More than just capital, we combine global experience with local knowledge to deliver a high standard of service and expertise to our clients around the world. A major player in the legal finance market, we are a member of the Association of Litigation Funders of England and Wales (ALF), conducting our business to a high standard in line with its code of conduct.

Vannin Capital Holdings Limited Registered in Jersey No. 121561 Registered Office Address: 13-14 Esplanade, St Helier Jersey, JE1 1B vannin.com

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Commercial Special Features

How Litigation Funders Are Leveraging Legal Tech

Both plaintiff and defense have a clear vested interest in the outcome of their litigation. For litigation funders, however, the interest is in prospective claims - thousands of them - which are reviewed using a due diligence that combines legal expertise with financial analysis. Given the ROI component that litigation funders are faced with, there is a growing tendency to rely on legal technology to properly aggregate and analyze all of that raw data. But to what extent are litigation funders - and the broader legal community - relying on AI and Legal Tech to inform their decision making? As reported in the latest edition of Vannin Capital's bi-annual Funding in Focus series, Legal Tech is evolving into a core component of the broader Legal Services industry. According to a recent Law Firm Leaders survey, 95% of UK-based managing and senior partners expect to increase their investment in Legal Tech over the next decade, the majority of whom said the investment would be 'substantial.' Of course not all Legal Tech is created equal. In such a nascent field, there are plenty of competitors out there, and the winners and losers of the space have yet to be clearly defined. That said, there are some clear trend lines that are noticeably emerging. One such trend is the utilization of eDiscovery platforms. eDiscovery has been at the foundational level of the Legal industry for many decades - it's simply much easier to catalog cases, motions and rulings on a computer than in a giant file cabinet. That said, advancements in the space are making production, collation, storage and review all the more efficient. Cloud-based storage and processing, visual analytics which group related documents, and AI/machine learning tools that assist in data analysis have catapulted eDiscovery from a decades-old timesaver into a powerful instrument for any legal expert. eDiscovery platforms can now identify and map key phrases within related (or seemingly unrelated) documents, visualize data so researchers can better understand key trends and highlights, automatically redact sensitive information, and even track user accuracy so companies can monitor their reviewers' progress. As a result, the global eDiscovery market is worth an estimated $20B. Advancements in cloud computing have not only made eDiscovery a more streamlined and efficient process, but a cheaper one as well. Average storage costs have decreased from $40/GB/month to around $20/GB/month; sometimes much less if volumes are large enough. And with big names like Amazon Web Services and Google Cloud offering improved text-searching and data extraction services, the quality and efficiency of eDiscovery is bound to continue to improve. Perhaps even more germane to the funding industry is the ability of Legal Tech to help predict case outcomes. Big Data analysis can help funders predict judicial rulings, the size of jury awards based on case type and jurisdiction, time-to-settlement, and whether arbitrators tend to favor plaintiffs or the defense. Some Legal Tech platforms even leverage 'unstructured data,' which is a term used to encapsulate all data that cannot be easily quantifiable. For example, a platform may scrape all of a judge's or arbitrator's public comments, rulings, and social media posts to infer via language and syntax what proclivities and/or biases he or she possesses. Such is the granular new reality we all find ourselves in when every aspect of life is reduced to an algorithm. That said, granularity is a wonderful thing when you're tasked with analyzing the potential return on a multi-million dollar investment. Of course, these Legal Tech tools can only provide the data - they can't tell you how to interpret or act on it. That decision is up to the humans who control the purse strings. Additionally, as we all know, past performance is not always an indicator of future performance, so there remains some question as to just how 'predictive' this technology truly is. Prominent legal technologist, Professor Richard Susskind recently affirmed: “I have no doubt that the work of courts around the world will increasingly be conducted online. Here indeed will lie the key to providing greater access to justice."  Indeed, from case initiations to online courts and tribunals, to virtual mediation rooms to the eventual (albeit somewhat far off) advancement of end-to-end AI dispute resolution, the entire legal landscape is bound to be disrupted by the transformative power of technology. While it remains to be seen exactly which Legal Tech firms rise to prominence as 'the cream of the crop,' their collective impact is already being experienced in all facets of the industry.
Announcements Commercial

Litigation Capital Management (AIM:LIT): Interim Results

Litigation Capital Management (LCM) Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces its reviewed interim results for the six months ended 31 December 2018.

Note: All financial results based on cash accounting methods, as opposed to fair value methods. Any gains or losses are only recognised in LCM’s accounts when a successful judgement or settlement has been determined.

Highlights

  • Adjusted profit before tax of A$2.72 million – increase of 268% (H1 2018: adjusted loss $1.62 million)
  • Adjusted revenue of A$11.71 million – increase of 11,498% (H1 2018: A$0.10 million)
  • Continued strong litigation project performance, with three projects completing in the period, and consistent with existing track record:
    • Portfolio IRR of 78% (on a cumulative basis since FY 2012, including losses)
    • ROIC of 117% (on a cumulative basis since FY 2012, including losses)
  • Strong pipeline of potential future litigation projects, diversified by litigation type and geography - 64 pre-qualified projects with estimated investment of A$409 million
    • Diversification in pipeline across geography (Australia, EMEA and Asia Pacific) as well as across single case, portfolio and corporate transactions
    • Future litigation projects include class action, commercial claims, insolvency, international arbitration, and corporate transactions
  • Funded first corporate portfolio transaction in October 2018 in the building and construction sector. Corporate transactions represent a growth opportunity for LCM, as the Company is currently considering eight significant corporate portfolio transactions as part of its pipeline of investment opportunities
  • LCM is now a truly global litigation finance provider following the launch of offices in London (covering EMEA) and Singapore (covering Singapore and Hong Kong), with both regions representing a significant growth opportunity for LCM going forward
  • Completion of listing on AIM in December 2018 and delisting from ASX
  • Significant strengthening to management team and board through the appointments of Nick Rowles-Davies as Executive Vice Chairman, Stephen Conrad as Chief Financial Officer and Jonathan Moulds as Non-Executive Director

Patrick Moloney, CEO of LCM, said:

“We are delighted to present our first set of financial results as an AIM-listed company. The strength of our performance is reflective of the consistent approach and focus we have ensuring that we continue to deliver strong returns across our existing portfolio. We have significantly expanded our operations to create a truly global platform for LCM.

“Our listing on the London Stock Exchange was a key milestone for the company and raised necessary capital to help fund future litigation projects and investments. Since LCM has become a London listed company, we have already seen a notable increase in the litigation funding products that we offer across the mix – including single case, portfolio and corporate transactions.

“Our geographical expansion, with new offices in both London and Singapore, has naturally seen the team grow and industry leading experienced individuals have been added to the Board and senior management team. This has created a strong foundation for LCM to continue to pursue exciting growth opportunities and maintain its position as a leader in the growing litigation finance market.”

About LCM

  • LCM is a leading international provider of litigation financing solutions
  • This includes single-case and portfolio; across class actions, commercial claims, claims arising out of insolvency and international arbitration
  • LCM has an unparalleled track record, driven by effective project selection, active project management and robust risk management
  • Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT
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Commercial

Canadian Court Approves Third Party Funding in Class Action Claim Against Tim Hortons

A Canadian court has approved the usage of third party financing in a class action claim being brought by Tim Hortons franchisees against the parent company. As reported in Canadian Lawyer, the case of JB & M Walker Ltd v. TDL Group could become a watershed. In Canada, the court must approve third party funding in all class actions, and the court in this case found that the funder did not seek to exert control, was well-capitalized, and was not being overcompensated. Therefore funding was approved for the class action. Litigation funding is relatively new in Canada (compared to say, the UK and Australia), so laws and legal precedents aren't as easy to come by. The court in this case found that litigation funder Galactic TH Litigation Funders LC, met the aforementioned criteria. The funder has assets of $33MM and net equity of $29MM, and is collecting between 22-26% of any proceeds. So Galactic are well-capitalized and not to be overcompensated. They also agreed to pay any security for costs issued against the plaintiff. The Tim Hortons franchisees had been originally funded by the Great White North Franchisee Association, but last summer that financing dried up, and the franchisees could not afford to continue the case on their own.