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District Court in Poznań Grants Third Injunction against Mariusz Świtalski to Secure Forteam Investments’ Claims

WARSAW, Poland, August 5, 2020 — Forteam Investments Ltd., an investment company controlled by U.S. private equity firm Delta Capital Partners Management LLC (“Delta”), which is seeking over PLN 300 million from Mariusz Świtalski and companies he controls, has secured a third court injunction.

The District Court in Poznań granted the injunction against Druga-Sowiniec Capital sp. z o.o. S.K.A., a company controlled by Mariusz Świtalski, and Krzysztof Belcarz.

The injunction secured by Forteam concerns a claim that seeks to declare as invalid agreements to sell stakes in Czerwona Torebka S.A. (24,758,600 and 9,707,588 shares, respectively), executed in March 2020 between Świtalski FIZ and the entities facing this injunction.

Under the injunction, Forteam has secured another Czerwona Torebka shares. In total, by force of the first (granted in February 2020) and third injunction, 48.44% of the Czerwona Torebka shares have been secured. Currently, 35.5% of the Czerwona Torebka’s shares have been already seized by a bailiff, while the procedure is on-going for the remaining 12,94% of shares.

Christopher DeLise, CEO of Delta, said, “We will make full use of the latest injunction issued by the court that enables us to participate in the oversight of Czerwona Torebka. We have already begun such involvement by exercising our rights to safeguard the interests of the shareholders and to protect the company’s commercial interests and assets.This includes an extensive review of the price, trading volume, and history of Czerwona Torebka’s securities. We also intend to exercise our rights to meet with and hold fully accountable the Management Board and to obtain all essential information and detailed plans concerning the company’s future. We also intend to express our concerns regarding the way the company appears to be mismanaged for the benefit of certain parties rather than as required by law and consistent with the fiduciary duties of the Board

The transactions between Świtalski FIZ, Druga-Sowiniec Capital and Krzysztof Belcarz took place in March 2020 after the District Court in Poznań’s February 21, 2020 decision that granted Forteam an injunction against Mariusz Świtalski and companies from Sowiniec Group under his controls (with the exception of Druga-Sowiniec).

As a result of that ruling, Mariusz Świtalski’s assets are frozen until the case is concluded. These share sale transactions illustrate Mariusz Świtalski’s attempts to sell and conceal his assets to make it more difficult for Forteam to satisfy its claims.

This newest injunction is yet another positive court ruling for Forteam, following the court’s June 25, 2020 dismissal of an appeal lodged by Mariusz Świtalski on February 21, 2020. Moreover, Mariusz Świtalski previously failed in his attempt to exclude all judges working at Poznań-based courts from all cases between him and Forteam.

At the end of April 2020, the court, in connection with potential detriment being suffered by Forteam as a creditor, decided to secure Forteam’s claims on parts of the assets of Mariusz Światalski’s children: Mikołaj, Marcin, Mateusz (President of the Management Board at Czerwona Torebka S.A.) and Natasza (Proxy at Czerwona Torebka S.A.). The court’s decision concerns investment certificates in fund Świtalski FIZ, which Mariusz Świtalski had transferred to his children.

All three injunctions were obtained in anticipation of a conclusion in a civil proceeding against Mariusz Świtalski that relates to his breach of a guarantee agreement executed with Forteam Investments in 2015.

Reminder: On May 8, 2015, Forteam purchased a 100% stake in Małpka S.A. from Czerwona Torebka. Małpka was the owner of the Małpka Express chain. In settling the transaction, Forteam sold its stake (16.18%) in Czerwona Torebka. Upon signing the sale agreement, the parties were aware of Małpka’s difficult situation. The agreement, itself, noted that the parties realize that further considerable financing would be needed for the company to reach the break-even point.

Because of this, Mariusz Świtalski and Sowiniec Group also executed a Guarantee Agreement with Forteam, which provided Forteam with a guaranteed return on the Małpka investment if the Małpka Express store chain was later sold to a third party. Mariusz Świtalski submitted a written declaration that his personal assets were sufficient to perform the Guarantee Agreement.

When Forteam attempted to sell Małpka Express in 2018, it was unable to obtain consideration at or above the minimum sale price, despite engaging a respected independent investment bank to run a robust sales process. Mariusz Świtalski has not exercised his preemptive rights and did not buy Małpka for the guaranteed amount.

Accordingly, Forteam notified Świtalski on December 28, 2018, of his obligations to remit the monies owed to Forteam pursuant to the Guarantee Agreement. Notwithstanding, Świtalski and the companies have failed to pay any amounts due and owed to Forteam, which, in turn, necessitated the filing of the injunction and civil lawsuits. As a result of Mariusz Świtalski’s actions, Forteam was forced to take additional steps to secure part of his children’s property and other entities to which Świtalski transferred owned assets.

Krzysztof Belcarz has been affiliated with Mariusz Świtalski’s various businesses for years. In the course of his career, he has served as Development Director at Świtalski FIZ, Management Board Representative for Commercial Affairs in Czerwona Torebka and Expansion Partner at Świtalski & Synowie S.A.

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Sentry Expands Free Funding Market Search for Litigators

By John Freund |

Sentry Funding’s free tool enabling litigators to instantly search the funding market on behalf of clients has been expanded.

Sentry’s free ‘decision in principle’ feature enables lawyers to evidence to clients that they have conducted a broad market search, even if funding is not ultimately taken out.

Having deployed £125m in funding across a range of case types, Sentry now has access to an even broader funding marketplace, covering 34 global jurisdictions. Finance is provided by 13 funders, five of which are members of the Association of Litigation Funders.

With the recent addition of Sentry’s first US-based funder, the US offering will now be expanding over the next few months. 

A faster process

Sentry has deployed the latest technology to make the search for funding even easier. 

  • The intuitive application process now only asks questions relevant to previous answers, saving lawyers time.
  • The commercial marketplace has been redeveloped with 63 new data points added to the funder criteria matrix - improving the accuracy of case / funder matching
  • Sentry has also begun building out its AI capabilities, starting with an automated auditing tool for live case progression audits. 

Tom Webster, chief executive officer at Sentry Funding, said:

‘By broadening our reach and speeding up the process, we’re making it even easier for lawyers to raise funding. We’re also giving litigators an easy way to show clients they have fully researched the market, rather than just approaching one or two funders. 

‘The service is free to use, so even if clients decide they do not ultimately want funding or if none is available for that case, for the lawyer, it makes sense to use our “decision in principle” feature, so they can put evidence on file that they did check the market.’

Sentry Funding is an SaaS (software as a service) technology provider that gives solicitors access to a diverse marketplace of litigation funders. It works with solicitors, funders and third-party providers to ensure claimants are getting the most efficient service for their funding needs. 

The Sentry Portal also acts as a case management system that runs a transparent digital case file for solicitors, funders, after-the-event insurance providers, barristers, cost lawyers and other relevant third parties.

NorthWall Capital Hits €2.9 B AUM on Private Credit Momentum

By John Freund |

NorthWall Capital has rocketed past €2.9 billion in assets under management after pulling in an additional €1.6 billion of institutional capital in 2025 alone. The London-based alternative credit manager says the surge reflects allocators’ intensifying hunt for scaled, multi-strategy platforms as Europe’s banks retrench and borrowers seek bespoke sources of credit.

A press release from NorthWall Capital details first-close totals across four distinct strategies. The flagship Credit Opportunities fund secured €731 million—already eclipsing its prior vintage—while the newly launched Senior Lending vehicle raised $503 million, translating to roughly $750 million of deployable firepower once leverage is applied. Asset-Backed Opportunities collected €252 million for collateral-rich loans in sectors underserved by traditional lenders, and the specialist Legal Assets platform locked down $169 million to extend the firm’s law-firm lending programme.

Founder and CIO Fabian Chrobog said the fundraising validates “the consistency of our approach” and NorthWall’s ability to craft solutions that resonate with investors and counterparties alike. With headcount slated to hit 40 by year-end, the firm plans to lean further into complex, situational credit born of bank deleveraging, regulatory shifts and sponsors’ need for certainty of execution.

Victory Park Expands Legal Credit Leadership with Maleson Promotion

By John Freund |

Victory Park Capital (VPC), a global alternative asset manager specializing in private credit, has announced that Justin Maleson will expand his role to Managing Director, co-heading the firm’s legal credit investment strategy. The promotion underscores VPC’s ongoing investment in its legal finance capabilities and follows Maleson’s initial appointment in 2024 as Assistant General Counsel.

An announcement from Victory Park Capital details Maleson’s new responsibilities, which include sourcing, analyzing, and managing investments across legal assets, while maintaining oversight of the firm’s legal operations. He joins Chad Clamage in co-leading the strategy, working alongside team members Hugo Lestiboudois and Andrew Pascal, under the continued oversight of VPC CEO and founder Richard Levy.

Maleson brings a strong background in litigation finance and commercial law to the position. Before joining VPC, he served as a director at Longford Capital, where he specialized in originating and managing litigation funding transactions. His earlier tenure as a litigation partner at Jenner & Block further deepened his exposure to complex legal matters, equipping him with the expertise needed to navigate the nuanced legal credit space.

VPC’s legal credit team emphasizes an asset-backed lending model, prioritizing downside protection and predictable income streams. The firm aims to capitalize on inefficiencies within the legal funding market by leveraging its internal expertise and broad network of relationships. With Maleson’s appointment, VPC signals its intent to further scale its legal credit strategy, positioning itself as a key player in the evolving legal finance sector.

Maleson’s elevation comes at a time of increasing sophistication in litigation finance, where experienced legal minds are playing a pivotal role in portfolio construction and risk management. As VPC bolsters its leadership, the move may foreshadow further institutionalization of legal asset investing and heightened competition in a maturing market segment.