By Jarrett Banks
Leadenhall Capital has withdrawn its contempt motion against A-CAP in New York federal court, the latest setback in its sprawling litigation tied to Miami-based 777 Partners.
The move follows a series of reversals for Leadenhall, covered by CorpGov, which in May 2024 accused 777, its affiliates, and principals Josh Wander and Steven Pasko of orchestrating a sweeping fraud involving hundreds of millions of dollars in allegedly misrepresented collateral. Both A-CAP and Leadenhall have been creditors to 777, which once tried to buy the Premier League’s Everton Football Club.
An early win for Leadenhall – a broad injunction freezing assets across 777’s structure – was later pared back when a federal appellate court vacated key portions, lifting restrictions on holding-company assets that secured A-CAP’s senior loan.
A-CAP is now pursuing its own contempt motion, challenging Leadenhall’s foreclosure process in which it acquired collateral for $3 despite previously valuing the assets at more than $180 million, alleging the sale violated court orders and excluded competitive bidding.
The dispute has further widened with a December 2025 lawsuit by A-CAP subsidiary Haymarket Insurance, which accuses Leadenhall and Chairman John Wells of mismanaging investor capital and seeking to recover at least $75 million in damages.
The complaint further alleges that, when A-CAP refused to give Leadenhall rights to holding-company assets, Leadenhall turned to a public pressure campaign, including the use of an online soccer blog, Josimar, to publish stories about A-CAP and shift attention away from problems in its own lending platform.
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