Excalibur Ventures LLC v Texas Keystone Inc & Ors
Interest at the Judgment Act rate is payable by funders from the date of the costs order against them, not from the earlier date when the funded party became liable. Interim payments on account of costs should be set at 80% of the claimed amount, reflecting a reasonable estimate of likely recovery. Apportionment of costs among funders must be based on the amount and timing of their contributions, avoiding double counting, and ensuring that no funder is liable for costs incurred before their involvement. Funders are jointly and severally liable for costs incurred during their respective periods of funding, subject to individual caps.
- Parties
- Claimant: Excalibur Ventures LLC; Defendant/costs Claimant: Texas Keystone Inc.; Defendant/costs Claimant: Gulf Keystone Petroleum Limited; Defendant/costs Claimant: Gulf Keystone Petroleum International Limited; Defendant/costs Claimant: Gulf Keystone Petroleum (UK) Limited; Costs Defendant: Psari Holdings Limited; Costs Defendant: Mr Andonis Lemos; Costs Defendant: Blackrobe Capital Partners LLC; Costs Defendant: Blackrobe AEO I Investors LLC; Costs Defendant: Platinum Partners Value Arbitrage Fund LP; Costs Defendant: Hamilton Capital LLC; Costs Defendant: JH Funding LLC; Costs Defendant: Huron Capital LLC; Costs Defendant: Platinum Partners Credit Opportunities Master Fund LP
- Jurisdiction
- England and Wales
- Judgment Date
- 03 February 2015
- Procedural Posture
- Commercial Costs Application / Post Judgment Costs Order and Apportionment
- Outcome
- Costs order made; permission to appeal granted on specified grounds
- Legal Topics
- Third Party Funding Liability, Apportionment of Costs, Interest on Costs, Indemnity Costs, Interim Payments
Case Brief
Summary, issues, holding and outcome
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Parties
Excalibur Ventures LLC
Claimant
Texas Keystone Inc.
Defendant/costs Claimant
Gulf Keystone Petroleum Limited
Defendant/costs Claimant
Gulf Keystone Petroleum International Limited
Defendant/costs Claimant
Gulf Keystone Petroleum (UK) Limited
Defendant/costs Claimant
Psari Holdings Limited
Costs Defendant
Mr Andonis Lemos
Costs Defendant
Blackrobe Capital Partners LLC
Costs Defendant
Blackrobe AEO I Investors LLC
Costs Defendant
Platinum Partners Value Arbitrage Fund LP
Costs Defendant
Hamilton Capital LLC
Costs Defendant
JH Funding LLC
Costs Defendant
Huron Capital LLC
Costs Defendant
Platinum Partners Credit Opportunities Master Fund LP
Costs Defendant
Procedural Posture
Commercial Costs Application / Post Judgment Costs Order and Apportionment
Legal Issues
- 1 From what date should interest at the Judgment Act rate run against funders?
- 2 What is a reasonable sum for interim payment on account of costs?
- 3 How should liability for costs be apportioned among multiple funders?
Ratio Decidendi
Interest at the Judgment Act rate is payable by funders from the date of the costs order against them, not from the earlier date when the funded party became liable. Interim payments on account of costs should be set at 80% of the claimed amount, reflecting a reasonable estimate of likely recovery. Apportionment of costs among funders must be based on the amount and timing of their contributions, avoiding double counting, and ensuring that no funder is liable for costs incurred before their involvement. Funders are jointly and severally liable for costs incurred during their respective periods of funding, subject to individual caps.
Court Disposition
Costs order made; permission to appeal granted on specified grounds
Orders
- Interest on costs payable at the Judgment Act rate from the date of the October 2014 judgment.
- Interim payment on account of costs and interest set at 80% of the claimed amount.
Full Case Text
Judgment text and source record
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