Omni Bridgeway (Fund 5) Cayman Invt Limited v Bugsby Property LLC & Anor

Omni Bridgeway (Fund 5) Cayman Invt Limited v Bugsby Property LLC & Anor

Bugsby failed to establish a good arguable case that the claimed loss will be suffered in consequence of the injunctions; the alleged loss is speculative and not supported by solid evidence. Even if the issue of the funders’ ability to pay was reached, Bugsby did not show a good arguable case that Omni or Therium would not meet their undertakings.

Parties
Claimant: Omni Bridgeway (Fund 5) Cayman Investment Limited; Defendant: Bugsby Property LLC; Defendant: Candey Limited; Defendant: Therium Capital Management Limited
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Commercial Court Application / Application for Fortification of Cross Undertakings in Damages
Outcome
Application dismissed
Legal Topics
Injunctions, Cross Undertakings in Damages, Litigation Funding, Fortification of Undertakings
Civil Procedure Commercial Law Injunctions Cross Undertakings in Damages Litigation Funding Fortification of Undertakings

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Parties

Omni Bridgeway (Fund 5) Cayman Investment Limited

Claimant

Bugsby Property LLC

Defendant

Candey Limited

Defendant

Therium Capital Management Limited

Defendant

Procedural Posture

Commercial Court Application / Application for Fortification of Cross Undertakings in Damages

Legal Issues

  1. 1 Whether Bugsby Property LLC has a good arguable case that it will suffer loss as a result of the injunctions and is entitled to fortification of cross-undertakings in damages
  2. 2 Whether Omni Bridgeway and Therium Capital Management are 'good for' their respective undertakings

Ratio Decidendi

Bugsby failed to establish a good arguable case that the claimed loss will be suffered in consequence of the injunctions; the alleged loss is speculative and not supported by solid evidence. Even if the issue of the funders’ ability to pay was reached, Bugsby did not show a good arguable case that Omni or Therium would not meet their undertakings.

Court Disposition

Application dismissed

Orders

  • Bugsby’s application for fortification of cross-undertakings in damages is dismissed.