A corporate power struggle at The Dolphin Company has escalated into competing legal claims across two countries, with current management and a ousted former CEO trading accusations in bankruptcy court filings and public statements.
On July 26, 2026, the company's current leadership—Independent Director Steven Strom and Chief Restructuring Officer Robert Wagstaff—issued a rebuttal to a press release attributed to former CEO Eduardo de MartĂn Albor Villanueva, accusing him of making false claims about control of the organization and violating multiple court orders.
At the center of the dispute is a fundamental question: who legitimately controls The Dolphin Company, a global operator of 30 aquatic parks and dolphin habitats across eight countries navigating Chapter 11 bankruptcy in Delaware.
According to Strom and Wagstaff, Mexican court records do not support Albor's assertions. They contend that a leadership change implemented in March 2025 remains valid under both Mexican law and U.S. bankruptcy proceedings. The executives stated that no Mexican court has overturned that transition and that no Mexican insolvency proceeding currently supervises The Dolphin Company's restructuring.
According to the company's statement, Albor's efforts to initiate a Mexican insolvency proceeding have become the subject of criminal proceedings pending against him in Mexico.
A Mexico City civil court issued precautionary measures on April 4, 2025 that explicitly prohibit Albor from representing himself as a company representative or acting on the organization's behalf. The current leadership characterized the recent press release attributed to Albor as a direct violation of that order.
Strom and Wagstaff alleged that the unauthorized press release breaches "several orders" from the U.S. Bankruptcy Court for the District of Delaware. They reserved all rights to pursue claims related to false or misleading statements made by Albor or anyone claiming to act on the company's behalf without authorization.
In their statement, the current leadership emphasized their focus on completing the Chapter 11 restructuring while protecting animal welfare, supporting employees and preserving stakeholder value. They rejected what they characterized as an attempt by former management to use public messaging to distract from operational priorities.
The Dolphin Company is a subsidiary of Leisure Investments Holdings LLC, which filed for bankruptcy protection in Delaware.
