Angeion Group, a premier provider of end-to-end group litigation services, today announced the acquisition of Donlin Recano & Co. LLC, a distinguished leader in bankruptcy administration. This strategic acquisition enhances Angeion Group’s comprehensive suite of tech-enabled legal services, reinforcing its position as the market leader in group litigation support.

With a legacy of serving over 200 national clients across diverse industries, Donlin Recano brings decades of expertise in claims management, noticing, and bankruptcy case administration. By integrating its operations, Angeion Group is poised to set a new industry standard—leveraging technology, precision, and innovation to redefine the way complex bankruptcy matters are managed.

“Bringing Donlin Recano into the Angeion Group family allows us to apply our hallmark commitment to accuracy, innovation, and efficiency to an already well-respected leader in the restructuring space,” said Steven Weisbrot, CEO of Angeion Group. “Our vision is clear: we will continue to listen to our clients, anticipate their evolving needs, and deliver transformative solutions that exceed expectations.”

This acquisition marks a significant expansion of Angeion Group’s service offerings, seamlessly integrating Donlin Recano’s proven expertise with Angeion’s award-winning technology and client-first approach. Together, the combined division, Angeion Group Bankruptcy Services, will provide an elevated standard of service to law firms, financial institutions, and corporate clients navigating the complexities of bankruptcy and restructuring.

“We’re excited to see the momentum that Angeion Group is building both through organic and inorganic growth,” said Greg Gladstone, Vice President at Renovus. “Donlin Recano seamlessly complements Angeion Group’s extensive legal services capabilities by adding bankruptcy expertise, unlocking significant opportunities for growth and delivering enhanced value to our clients.”

With this acquisition, Angeion Group continues its trajectory of strategic growth and industry leadership, reaffirming its commitment to delivering best-in-class tech-enabled legal services across the litigation and bankruptcy sectors.

About Angeion Group

Angeion Group is a leading provider of legal notice and settlement administration services, leveraging technology, expertise, and data-driven strategies to deliver best-in-class solutions for complex litigation matters. With a reputation for excellence, innovation, and unwavering client commitment, Angeion Group continues to redefine industry standards.

Burford Capital Limited ("Burford" or the "Company"), the leading global finance and asset management firm focused on law, today announces it will host an Investor Day on Thursday, April 3, 2025, in New York City, which will also be webcast live and available for replay. The presentation is scheduled to begin at 9.00am EDT.

Led by Burford's executive management team and other key leaders, the event will provide a comprehensive strategic update on Burford's business and will also serve as an immersive introduction for investors and analysts who are new to the Company.

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai and Hong Kong.For more information, please visit www.burfordcapital.com.

Counsel Financial, the nation's leading provider of financing solutions exclusively for plaintiff law firms, is proud to announce the launch of its newly redesigned website and updated branding. The refreshed branding underscores the company's commitment to providing accessible capital solutions to the plaintiffs' bar while highlighting its expanded scope of services offered to capital providers who invest in law firms focused on contingent-fee litigation.

The updated website, CounselFinancial.com, features a streamlined design, enhanced functionality, and includes new sections detailing the company's tech-enabled, end-to-end solutions for banks and investment funds. Visitors can now explore the site with ease, accessing detailed information on Counsel Financial's array of financing solutions, resources and success stories from law firms nationwide.

"Counsel Financial has always been a pioneer in the legal funding space and this rebrand reflects our evolution while staying true to our mission of empowering plaintiff firms to achieve financial stability and success," said Paul Cody, CEO. "The new website represents our commitment to growth, accessibility and continuing to be the trusted partner for law firms and capital providers."

Unmatched Servicing Expertise

A standout feature of Counsel Financial's offerings is its comprehensive servicing capabilities, designed to meet the complex needs of capital providers investing in law firm financing. With expertise in collateral monitoring and case valuation, Counsel Financial provides unparalleled servicing for portfolios secured by contingent fee interests. The company's proprietary systems and dedicated team ensure accurate case tracking, timely reporting, and proactive management of legal fee receivables. Partnering with Counsel Financial allows capital providers to tap into the company's 25 years of legal funding expertise, enabling them to maximize portfolio performance and mitigate risk effectively.

A Legacy of Innovation

Founded by attorneys for attorneys, Counsel Financial has provided over $1.5 billion in loans to plaintiff law firms since its inception. The company's industry expertise, combined with its commitment to client success, has positioned it as a trusted partner for firms looking to grow their practices and manage financial hurdles effectively.

Visit CounselFinancial.com to explore the new website, learn more about the expanded product offerings, and discover how Counsel Financial can help your firm achieve its goals.

About Counsel Financial

Counsel Financial is the premier litigation financing company in the U.S., founded by attorneys in 2000. We operate with the belief that opportunities should never be limited by resources. Counsel Financial is dedicated to helping law firms and capital providers succeed and grow together in the evolving world of contingency-fee litigation.

Leading litigation finance firm Nera Capital is bolstering its already flourishing team, with several senior hires. A new In-House General Counsel, Managing Director of Commercial Claims Division and Financial Controller are currently being recruited to bolster the management team with new experienced talent.

In addition, the firm has already acquired a new financial analyst and the firm’s audit team is also branching out, with new hires expected to join its Manchester and Dublin offices.  Nera’s success comes after a period of sustained growth in the litigation finance market.

Director of Nera Capital Aisling Byrne shared her thoughts on the expanding team: 

“At Nera Capital, we believe that strong leadership and diverse talent are the cornerstones of our success. We don’t just work together - we grow together. Nera Capital is a place where passion, strategy, and collaboration meet, creating an environment where every team member can thrive and make a meaningful impact. I’m very proud of what we’ve achieved so far. Our expansion isn’t just about numbers - it's about nurturing a vibrant culture of collaboration and innovation that empowers us to take major steps forward in the litigation finance space.”

The firm ended the year on an undoubtable high with the introduction of its Access to Justice Fund to assist those in need of legal assistance or financial support. 

In yet another successful funding deal, Nera also managed to procure a further $25 million to boost UK consumer protection claims and ensure increased access to justice for individuals seeking redress. The firm also recently announced the opening of its Dutch office in Amsterdam as it takes on more work in the Netherlands, adding to its locations in Dublin and Manchester. 

Aisling added: "With every fresh perspective we welcome, we are igniting a powerful movement in litigation finance - one driven by passion, purpose, and an unwavering dedication to ensuring that justice is within reach for all.

“Together, we will continue to push boundaries and redefine what's possible in litigation finance. But most importantly, we will continue to make a difference and increase access to justice for all.

She added: “I’d like to thank our amazing team and partners in the UK, US and across Europe for greatly contributing to our success. We look forward to what the future holds.” 

The following piece was contributed by Ana Carolina Salomao, Founder of Montgomery, Micaela Ossio, Solicitor in England & Wales and Peruvian Attorney, Jessica Pineda, Legal Director at Pogust Goodhead, and Diego Saco Hatchwell, Partner at GCS Abogados.

International commercial arbitration is today one of the most demanded mechanisms for resolving disputes in Latin America. The practice has been bolstered by sustained regional growth, ongoing market liberalization efforts, and the pursuit of a less time consuming and specialized route to address increasingly complex cross-border transactions. As of 2023, the region ranks second in terms of party origin and third in terms of the jurisdictions where ICC arbitrations were seated[1], evidencing the region's growing prominence in the global arbitration landscape. This push is building on the region’s growing appetite to attract new business opportunities by fostering safer and easier legal frameworks to do business.  

A key legal innovation in this regard has been the promotion of third party funding mechanisms.[2]  Two types of funding arrangements have particularly gained favor among investors: enforcement funding arrangements whereby investors provide non-recourse funding for the legal costs of the enforcement proceedings and realize returns only when the debt is collected, and award monetization arrangements where the funder advances capital to a claimant in exchange for a portion of the entitlement of the award[3].

In general, most major jurisdictions within the region contain express provisions that allow the assignment of economic rights arising from contracts or other legal sources and provisions that allow transferring rights that are subject to ongoing disputes, but not necessarily in the forms required by third party funding. As claimants (or their lawyers) seek to secure funding, they must thoroughly consider the jurisdictions where such arrangements are legally binding agreements[4]. As such, this article explores the financial case behind third party funding for litigation, particularly arbitral awards, as well as the market dynamics currently shaping the sector in Latin America. It also highlights the importance of designing adequate policy to promote the responsible growth of these practices in the region as well as gives insight to potential funders looking for attractive investment opportunities in a fast-evolving market.

The rise of litigation finance – why is it gaining momentum?

Even though the practice of litigation finance is not necessarily new – external funding of legal cases goes back at least a few decades – the understanding of legal claims as a financial asset class is still, in many ways, nascent. Currently, only around 50 dedicated funds exist globally, and in a 2019 survey, more than three quarters of respondent firms indicated they had significantly expanded their litigation finance practice and foresaw important growth moving forward.[5] Considering that the ICC docketed 890 cases in 2023, and far more civil claims of different nature flooded the worlds’ most mature litigation ecosystems (with close to 400,000 claims filed in the US alone), the industry has big room for growth and newcomer absorption.[6]

Despite a total industry value of USD13.5 billion as of 2023, investment in legal claims and legal futures is still largely concentrated in traditional litigation finance firms, particularly in the US, the UK and Australia.[7] Nonetheless, asset managers like BlackRock, PIMCO, KKAR and other alternative investment funds, notably credit funds, have recently entered the space, as a result of the asset class yielding an average return on investment of 20% over the last five years.[8] In fact, most litigation finance firms now target a hurdle rate of 15% to 35% and a holding period of two to three years (especially for commercial arbitration awards), placing returns at par or even above private equity companies.[9]

Despite this attractive return profile, a positive outcome on each individual investment largely depends on the merits of the funded claim, which creates uncertainty and concern for traditional institutional investors. Among other factors, insufficient precedents on certain matters hinders reliable predictions of returns and the asymmetry of information between the parties seeking funding and the capital providers still thwarts more skeptical investors to emphatically support this asset class. To close this gap, law firms and specialized litigation funders are working on investor-friendly frameworks to provide greater transparency relating to risks, expected returns and time to recover.

Investor concerns have also been heightened by recent regulation, particularly in Europe, a global hub for litigation finance. As shown by the recent frenzy caused by the Supreme Court decision in PACCAR[10] in the United Kingdom, or the Voss Report[11] in the European Union, regulation coming to the sector in up-and-coming regions such as Latin America seems to be inevitable. But despite these challenges, the outlook for market growth remains positive with large commercial arbitration cases currently dominating the market due to their significant value, international enforceability, and relatively swift proceedings.

The investment case for arbitral awards

In recent years, arbitral awards have emerged as a new and dynamic asset sub-class for investors in the litigation finance space. The main reason is that pursuant to the New York Convention[12], arbitration awards can be enforced within the jurisdictions of all signatory states and the process of enforcement tends to be easier and less politicized[13] than that of other asset classes, such as private or sovereign debt. In other words, arbitral awards can be fast-tracked on a global scale, ensuring the award’s commercial value. For example, the holders of defaulted Venezuelan/PDVSA notes have had little success in collecting their debt when compared to investor-state award holders, such as Crystallex,[14] Rusoro,[15] and ConocoPhillips,[16] who have been more successful in attaching Venezuelan assets abroad.  

Investors can also expect attractive interest rates. According to a 2020 study of ICC awards where PwC and Queen Mary University of London analyzed damages awards in international commercial arbitration,[17] the absolute rate of interest for 180 cases that were reviewed, ranged from 1% to 18% annually.  The study also noted that the rate of interest was frequently expressed as a mark-up over a benchmark such as LIBOR or by reference to a national legal interest rate. These interest rates can help to mitigate the economic downside in cases where the time to enforce the award takes longer than expected.  

Finally, since arbitration proceedings are generally private and confidential, arbitral awards tend to be of confidential nature unless the parties agree otherwise. This means that in cases of assignment of awards, the awards can remain in the name of the initial claimant allowing investors to operate away from the media spotlight. Similarly, it is often the case that investments in arbitral awards do not have to be reported and disclosure requirements tend to be limited.

All these characteristics have led to a burgeoning secondary market in which awards are sold by award-creditors at a discount, to buyers who take on the role of enforcing the full award. Considering the increasing number of awards coming on the market and with only a few funds tapping into it, it can currently be described as a buyers’ market. 

The market opportunity for Latin America

To become a regional hub in litigation finance, Latin America must stop addressing litigation merely as a “cost center” (i.e., a necessary but burdensome expense for those seeking justice). Contingent receivables arising from dispute resolution mechanisms shall be considered an asset class, one that can be monetized at various stages through mechanisms like litigation funding[18]. This mind shift needs to be rooted in the understanding that legal claims possess intrinsic value and can attract third-party investors who fund litigation in exchange for a share of the financial outcome if the case succeeds[19].

Brazil is spearheading this mindset shift and has been the first country to have arbitration chambers develop soft law regarding third-party funder involvement in arbitration procedures[20]. For example, Brazil’s precatórios offer private parties access to a well-established, constitutionally-recognized and liquid secondary market where they can assign their rights linked to a judicial or arbitral decision (a credit against a government entity) to investment funds. Colombia has also laid the groundwork for developing a secondary market for the transfer of judgments issued by courts in the context of the Armed Conflict. The Colombian state has established legal precedents that allow holders of these judgments to sell their rights in a secondary market, providing a liquidity solution for those seeking immediate capital.[21]

With the increasing recognition of arbitration as an effective dispute resolution mechanism across key economies such as Brazil, Mexico, Colombia and Peru, the region is poised for significant growth in third-party funding. As liquidity becomes an essential factor for enterprises, enforcement funding and monetizing of arbitral awards offers a way to unlock tied-up capital, allowing businesses to focus on growth while investors capitalize on the financial potential of their legal claims. It also enables smaller market players, such as SMEs and individual claimants, to finance complex claims against larger corporations or entities, expanding access to justice and promoting more equitable outcomes.

To this end, judicial systems in the Latin American region shall adopt pro-enforcement policies, like those seen in offshore jurisdictions like the Cayman Islands and Bermuda, as highlighted in recent case law involving arbitral enforcement[22]. While the New York Convention has been widely adopted across the region, the inconsistent application of arbitral award enforcement by local courts can still pose a challenge for claimants. Clear and consistent legal frameworks, aligned with international best practice, will help attract more investors into the sector. Examples of such practices include the use of freezing injunctions and receiverships, both of which are essential in securing assets and managing them until enforcement is completed, and the availability of Norwich Pharmacal orders or similar disclosure orders, already recognized in jurisdictions like the Cayman Islands and the British Virgin Islands, which allow claimants to obtain critical information about the debtor’s hidden assets or banking arrangements.

Building on the momentum

The momentum behind this market development in Latin America is growing, driven by a combination of factors including the asset class’s attractive return profile and an increased reliance on arbitration as a dispute resolution mechanism, particularly following the economic pressures created by the COVID pandemic. Furthermore, the increasing focus on environmental, social, and governance (ESG) factors in investment decisions is accelerating third-party funding in ESG-related arbitration cases, such as those involving environmental disputes or human rights violations. As judicial systems in emerging markets strive to expand access and provide a more equitable and fair administration of justice, transparency and simplicity in the arbitral award enforcement and monetization space might provide a very cost-effective and efficient way to achieve desired social and developmental results, all while promoting Latin America as a global investment hub.

This article was authored by Ana Carolina Salomao, Founder of Montgomery, Micaela Ossio, Solicitor in England & Wales and Peruvian Attorney, Jessica Pineda, Legal Director at Pogust Goodhead, and Diego Saco Hatchwell, Partner at GCS Abogados.

[1]           ICC Dispute Resolution 2023 Statistics

^[2]           According to some experts in the field the two main factors that have brought this new market to the attention of institutional investors, have been the transfer of distressed debts from banks to private investment funds following the 2008 recession, and the search for higher yields in traditional financial markets. As banks recovered from the financial crisis and opportunities for distressed debt diminished, these private funds began to explore arbitration awards as alternative investments, recognizing their similarities to bank loans. While arbitration awards are often sold at a discount, sellers are not necessarily distressed; they simply find it commercially sensible to transfer the collection process. To know more about this topic, watch the 6ta. Edición de Open Arbitraje 2020 denominada “Mesa Allen & Overy: Acquisition of awards: Market trends and challenges.”

[3]           Although buying the entire award may be appealing to claimants in need of immediate cash, experts suggest that funders often prefer maintaining a relationship with the award holders or ensuring that the claimant remains involved in the process. Award holders typically possess valuable knowledge about the respondent, which can be beneficial for recovery efforts.

[4]           In some civil law jurisdictions, the concept of retrait litigieux can be an impediment to a monetization agreement.

[5] https://clp.law.harvard.edu/knowledge-hub/magazine/issues/litigation-finance/investing-in-legal-futures/

[6] https://www.supremecourt.gov/publicinfo/year-end/2023year-endreport.pdf

[7] https://www.google.com/search?q=black+rock+investment+in+litigation+finance&sca_esv=969c9be58d3ff7ea&rlz=1C5CHFA_enUS837US837&sxsrf=ADLYWILynJMXdzxuFUmHYgDQCWx3Veqb0g%3A1729807553471&ei=wcQaZ663HJ2dptQP48yI-Ac&ved=0ahUKEwjum4Smg6iJAxWdjokEHWMmAn8Q4dUDCBA&uact=5&oq=black+rock+investment+in+litigation+finance&gs_lp=Egxnd3Mtd2l6LXNlcnAiK2JsYWNrIHJvY2sgaW52ZXN0bWVudCBpbiBsaXRpZ2F0aW9uIGZpbmFuY2UyBxAhGKABGApIkBdQmARYtBZwAngAkAEBmAH7AqAB5haqAQc5LjguMy4xuAEDyAEA-AEBmAIUoALQE8ICCxAAGIAEGLADGKIEwgIEECEYFcICBRAhGJ8FwgIIEAAYgAQYogTCAgoQABiABBgKGMsBwgIIEAAYFhgKGB7CAgoQABgWGAoYHhgPwgIOEC4Y0QMYFhjHARgKGB7CAgYQABgWGB7CAgUQIRigAZgDAOIDBRIBMSBAiAYBkAYEkgcIMTEuNi4yLjGgB79e&sclient=gws-wiz-serp

[8] https://www.pm-research.com/highwire_display/entity_view/node/167885/content_tabs#:~:text=Litigation%20finance%20is%20a%20rapidly,correlation%20to%20other%20investment%20areas.

[9] https://www.deminor.com/en/litigation-funding/what-is-litigation-funding/

[10] The Supreme Court in PACCAR Ltd v. (1) W.A. Bailey (Properties) Ltd & (2) C. Robert Wright & Sons Ltd clarified that litigation funding agreements should be treated similarly to damages-based agreements, influencing the regulatory framework for litigation funding in the UK; however, this ruling is expected to be revisited with the introduction of the forthcoming Litigation Funding Bill, which aims to reverse this classification.

[11] Voss, H. (2020). Report on the financing of litigation and the role of litigation funding in the EU. European Parliament

[12] See https://www.newyorkconvention.org/text

[13] Born, G. B. (2014). International Commercial Arbitration. 2nd ed. Kluwer Law International. Pages 473-510

[14] See https://investmentpolicy.unctad.org/investment-dispute-settlement/cases/403/crystallex-v-venezuela

[15] See https://investmentpolicy.unctad.org/investment-dispute-settlement/cases/483/rusoro-mining-v-venezuela

[16] See https://investmentpolicy.unctad.org/investment-dispute-settlement/cases/245/conocophillips-v-venezuela

[17] See https://www.pwc.co.uk/forensic-services/assets/documents/trends-in-international-arbitration-damages-awards.pdf

[18] “How Litigation Finance Works” by Bloomberg Law. https://pro.bloomberglaw.com/insights/litigation/how-litigation-finance-works/

[19] The Justice Case for Litigation Funding by M. Todd Henderson

[20]         This is the case of the “Camera de Comercio Brasil – Canada” (CAMCCBC)

[21] According to the Colombian Commercial Code (Article 884), interest rates exceeding the legal limit are considered usurious and illegal. The usury rate is set quarterly by the Superintendencia Financiera de Colombia (Financial Superintendency of Colombia), which establishes the rate at 1.5 times the current banking interest rate, based on average rates charged by financial institutions.

[22]         Pro-enforcement policies in such countries have been pivotal in shaping favorable legal environments for arbitration awards enforcement. For instance, the Cayman Islands has demonstrated strong pro-enforcement tendencies through case law like Gol Linhas Aereas S.A. v MatlinPatterson Global Opportunities Partners (Cayman) II LP, where the court affirmed its commitment to enforcing arbitration awards in line with the New York Convention in 2022. Similarly, Bermuda has shown a similar approach, particularly in cases such as La Générale des Carrières et des Mines v F.G. Hemisphere Associates LLC (2012), which underscored Bermuda’s adherence to the New York Convention and support for arbitration proceedings.

The following post was contributed by Pete Hanlon, Chief Technology Officer of Moneypenny.

As CTO of Moneypenny, the leading outsourced communications company, Pete Hanlon brings a unique perspective to the transformative technology trends set to shape 2025 for lawyers. From advancements in AI to the realities of integration and regulation, he foresees pivotal changes that could redefine the legal profession and beyond.

Here’s a deep dive into what lies ahead—not just the obvious shifts, but the deeper changes that could impact how lawyers work,.

Open Source Is Coming for the Crown

The most exciting battle in AI isn’t unfolding in corporate labs, it’s happening in the open source community. They’re catching up fast, and were starting to see open source models going head to head with industry leaders such as OpenAI o1 and Claud-Sonnet-3.5. This isn’t just about matching performance metrics. It’s about making AI accessible to both large and small law firms that have been held back by data privacy concerns, opening doors for firms that have struggled to leverage this technology. The result? A new era where AI is democratized, accessible to all, and no longer controlled by closed source businesses.

Forget AI Replacing Lawyers – Think AI as Your Digital Colleague

Remember when everyone thought AI would replace many law firm jobs overnight? That’s not how it’s playing out. Instead, we’re witnessing the emergence of hybrid teams where AI takes on the repetitive tasks, leaving people free to handle more complex challenges. It’s less about replacing jobs and more about using AI to super power people and using data to enable smarter decision making. Moneypenny, for example, delivers outsourced communication solutions that blend the efficiency of AI with the personal touch of real people. This balanced approach boosts productivity and enhances customer satisfaction. 

Integration: The Real Challenge Nobody's Talking About

Here's where things get interesting and complicated. The next phase isn’t about building brand new AI systems, for lawyers it’s about weaving them seamlessly into existing business processes, work flows and infrastructure. Picture CRM systems that can predict what customers need, knowledge bases that update themselves, conversations that flow naturally between voice and text, and customer support that breaks language barriers. We understand the importance of seamless integration, and at Moneypenny, we’re fully embracing it helping legal teams embed AI powered systems into their infrastructure seamlessly . 

Industry Specific Models: Tailored AI for Specialized Needs

We’re entering an era of industry specific LLMs tailored for the legal field. These models will come pre loaded with domain-specific knowledge, enabling firms to deploy AI that understands their unique requirements, language, and regulatory needs. In finance, LLMs could support compliance and offer investment insights. In law, they could streamline contract review and case law analysis. These specialized models will allow companies to quickly implement AI that’s relevant, compliant, and impactful in their field.

The Reality Check Is Coming

Some firms may soon realize they've taken on more than they can handle with AI adoption, facing a range of unexpected challenges. Many will struggle with complex integration issues as they attempt to launch AI initiatives within existing systems. Additionally, there may be difficulties in managing the high expectations around AI’s capabilities, as reality often falls short of the hype surrounding its potential. 

Regulation: The Elephant in the Room

Law firms should prepare for the growing impact of AI regulations, particularly in customer facing applications. Forward thinking organizations are already taking steps to build transparency into their AI systems, overhauling data governance practices to ensure accountability. They are creating detailed audit trails to track AI decision making and making sure that their systems are both fair and accessible. These proactive measures not only help them stay compliant but also foster trust with their customers.

What This Means for lawyers

The next year won't just be about AI getting better – it'll be about AI getting smarter about how it fits into our existing world. Success won't come from blindly adopting every new AI tool. It'll come from carefully choosing where AI can genuinely improve how lawyers work.

The winners won't be the companies with the most advanced AI. They'll be the ones who figure out how to blend AI and human capabilities in ways that make sense for their business and their customers. Yes, we'll see AI continuing to be more accessible and capable. But the real story will be about how lawyers learn to use it wisely. After all, technology is just a tool – it's how the legal profession use it that matters.

Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Company”) announces that it has finalised the distribution of the US$27,000,000 settlement with its litigation funders, Omni Bridgeway (Canada). The settlement amount was agreed with the United Republic of Tanzania (“Tanzania”) in the dispute over the expropriation of Montero’s Wigu Hill rare earth element project (“Wigu Hill”).

The settlement amount of US$27,000,000 is payable over three instalments, and is to be distributed as follows:

• First payment: US$12,000,000 received on November 20, 2024, and distributed between Montero and Omni Bridgeway (Canada), the Company’s litigation funder.
• Second payment: US$8,000,000 due by January 31, 2025, to be distributed to Montero and to pay all legal fees.
• Third payment: US$7,000,000 due by February 28, 2025, to be distributed entirely to Montero.

After paying funders and legal costs, the net amount due to Montero will be approximately C$20,577,545 (US$14,458,138).

Dr Tony Harwood, President and CEO of Montero commented: “I am pleased Montero successfully achieved an amicable distribution of proceeds of over C$20,000,000. We wish Tanzania success in attracting new mining investments and look forward to receiving the final two payments due within the next 5 weeks. Further notice of payments received will be forthcoming.”

ICSID Arbitration

Montero and Tanzania jointly requested the arbitral tribunal to suspend the ICSID arbitration proceedings after receiving the first payment. Upon receipt of the final payment as scheduled, the parties will formally request the tribunal to discontinue the ICSID arbitration in its entirety.

Distribution of Funds

Montero is considering a return of capital distribution to shareholders. The exact amount is yet to be determined and will be subject to accounting review and board approval. In addition, Montero will retain funds to cover legal, taxation, and administrative expenses, including potential costs for arbitral proceedings, or enforcement actions in the event of delays or non-payment of the second or third instalments. The latter will now be the sole responsibility of Montero. The net amount of the award after deducting payments to the funder and covering legal expenses, cannot be determined with certainty, and no guarantees can be provided. Further announcements will be made in due course.

Disclaimer

The conclusion of the ICSID arbitration and payment of the remaining instalments is conditional on Tanzania’s compliance with the settlement agreement. The agreement does not provide for any security for the benefit of Montero in case Tanzania would not pay any instalment, in which case Montero can either resume the ICSID arbitration or seek enforcement of the settlement agreement.

About Montero

Montero has agreed to a US$27,000,000 settlement amount to end its dispute with the United Republic of Tanzania for the expropriation of the Wigu Hill rare earth element project. The Company is also advancing the Avispa copper-molybdenum project in Chile and is seeking a joint venture partner. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 50,122,975 shares outstanding.

Turnmill Limited, a leading global operator of large-scale events for the financial services sector, is pleased to announce the acquisition of a majority stake in Dealmakers Forums LLC, a premier organizer of high-level events in the legal, finance, and technology industries, based in Brooklyn, New York. This strategic acquisition marks the third company to join Turnmill's expanding portfolio, which also includes GBM: Global Banking & Markets and Completely Events, reinforcing Turnmill's commitment to facilitating deal flow and connectivity across complex markets.

Dealmakers Forums is renowned for curating high-impact events that bring together senior executives and thought leaders to foster connections, share insights, and drive deal flow. Their flagship events — LF Dealmakers, the premier conference for litigation finance, and IP Dealmakers, the leading forum for intellectual property transactions — are indispensable to industry insiders and recognized for exceptional content, top-tier speakers, and highly effective one-to-one meetings.

Alex Johnson, Group CEO of Turnmill Limited, commented: "We are thrilled to welcome Dealmakers Forums into the Turnmill family. Their deep sector knowledge and expertise in creating impactful events complements our mission to support deal flow progression by bringing entire market ecosystems together. This acquisition enables us to broaden our reach within financial services to the legal and technology sectors, enhancing the value we provide to our clients and stakeholders."

“Partnering with Turnmill is a transformative opportunity to amplify our impact and expand our global reach,” said Wendy Chou, founder and CEO of Dealmakers Forums LLC. “By uniting our expertise and shared dedication to excellence, we can elevate our event offerings, enhance the value we deliver to our participants, and create even stronger, more meaningful connections across industries globally.”

Adam Lewis, Partner at Horizon Capital, stated: "We are excited to continue to support Turnmill with this strategic acquisition. We believe this partnership will accelerate Turnmill's growth trajectory and further establish its position as a leading operator of large-scale marketplace events."

This acquisition underscores Turnmill's dedication to expanding its global footprint and diversifying its portfolio to serve a broader range of sectors and geographies within the financial services industry. By integrating Dealmakers Forums' expertise and established events, Turnmill aims to enhance its ability to facilitate high-level meetings and support deal flow progression across greater sub-sectors within global finance.

About Turnmill Limited: Turnmill Limited is a leading operator of large-scale events and services that support deal flow progression by curating entire market ecosystems and facilitating high-level meetings tailored to the financial services sector. Backed by Horizon Capital, Turnmill is established as a leading player, experiencing strong growth across its events portfolio in London, Dubai, Cape Town, Miami, Istanbul, and Riyadh. Turnmill's portfolio includes GBM: Global Banking & Markets, which produces finance and investment conferences bringing together corporates, finance professionals, and investors, and Completely Events, known for organizing the UK's leading retail property events.

About Dealmakers Forums LLC: Dealmakers Forums curates impactful event experiences for senior executives in the legal, finance, and technology industries. Renowned for its unwavering commitment to quality, Dealmakers Forums stand out with a results-driven approach that prioritizes one-to-one meetings and meaningful networking. By combining expertly crafted content, top-tier speakers, and a focus on building valuable connections, Dealmakers Forums delivers actionable insights and drives real business outcomes. Its flagship events include LF Dealmakers and IP Dealmakers.

About Horizon Capital: Horizon Capital is a private equity investor specialising in technology and business services. The firm was established by senior investment professionals who identified a significant market opportunity to invest in businesses in these sectors valued up to £100m. The partnership prides itself on its approach to helping business owners and managers realise their ambitions. Buy and build is at the heart of every Horizon Capital investment and the firm is a market leader in supporting companies pursuing this strategy. Horizon Capital has a proven track record in generating premium returns on investments. The unprecedented growth it delivers in its portfolio companies has been underpinned by deep and long-term investor relationships that span across two decades.

Arena Investors, LP ("Arena") and Fort Morgan Capital, a subsidiary of SimpleCITI Companies ("SimpleCITI"), are proud to announce the launch of a $50 million joint venture ("JV") focused on providing law firm finance solutions for US law firms. Targeting growth financing between $1 million to $15 million, the JV will offer capital secured by the value of a law firm's aggregate legal assets (cases).  Patrick Shannon will lead JV operations with a focus on diligence, underwriting, servicing, and originations.

About the Joint Venture

The JV has already started deploying capital, with the goal of delivering $50 million in tailored financing solutions.  Capital will be utilized to navigate growth by scaling operational infrastructure and investments in marketing.  This comprehensive approach ensures that law firms can focus on achieving successful outcomes without the financial strain of upfront costs.

Arena has a long history in legal asset investments, including its principals having helped build some of the earlier litigation finance platforms dating back to the late 1990s.  SimpleCITI builds on a proven track record of leadership and innovation across diverse industries, establishing itself as a trusted partner in solving complex financial challenges. Together, Arena and SimpleCITI leverage their unparalleled expertise to redefine client-focused solutions in litigation finance."

Strategic Collaboration

Arena Managing Director, Victor Dupont, noted that "Arena is very excited to expand and build upon our nearly decade-long relationship and successful track record with Patrick in this new joint venture.  Fort Morgan Capital will serve a critical role in working with select legal practices and market participants in navigating liquidity challenges amid this fluctuating market, while also promoting sustainable operational and marketing growth."

"This JV represents a strategic milestone for Fort Morgan Capital," said a SimpleCITI spokesperson. "By partnering with Arena, we're unlocking new opportunities for law firms to grow sustainably while maintaining financial stability.  This venture underscores our commitment to innovation and value creation in the litigation finance space."

Pat Shannon added, "Our focus on episodic opportunities within litigation finance aligns perfectly with this venture. Together, we are delivering a scalable platform that empowers law firms to thrive in a competitive landscape."

About Arena Investors, LP:

Arena Investors, a subsidiary of Arena Investor Group holdings, is an institutional asset manager founded in partnership with The Westaim Corporation (TSXV: WED). With approximately $3.5 billion of invested and committed assets under management as of December 31, 2024, and a team of over 180 employees in offices globally, Arena provides creative solutions for those seeking capital across all corporate, real estate, and structured finance investment areas, at all levels of the capital structure, and in all developed markets, alongside operational capabilities to manage and improve businesses.  The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions and business operations that cannot be addressed by banks and other conventional financial institutions. See www.arenaco.com for more information.

About SimpleCITI Companies:

SimpleCITI Companies is an operational-first platform specializing in real estate (SimpleEQUITIES), litigation finance (Fort Morgan), and fiduciary advisory services (SimpleADVISORY). The firm provides institutional-grade solutions across sophisticated markets. Fort Morgan, the litigation finance division, offers innovative funding solutions for law firms, blending conservative valuation with operational expertise. SimpleADVISORY ensures disciplined underwriting and compliance to support Fort Morgan's strategic initiatives.

About Pat Shannon:

Pat Shannon brings extensive industry expertise, previously serving as Chief Operating Officer at Mustang Litigation Funding, a platform renowned for its proficiency across diverse litigation finance disciplines. With a focus on episodic and idiosyncratic opportunities in niche sub-sectors, Pat leads the JV's diligence, underwriting, and origination efforts.