When Russian billionaire Dmitry Rybolovlev met Seth Harrison 15 years ago, he was looking to invest some of his fortune in the life sciences sector, and the seasoned American venture capitalist seemed like the right partner. They went on to set up a fund in which Harrison’s Apple Tree Partners would tap Rybolovlev’s family trust to invest in the formation of US startup pharmaceutical developers working on promising drugs for serious illnesses. Their venture ran smoothly for a decade before blowing up, according to a court filing by Apple Tree that describes how they met. Now the two are locked in a bitter legal battle in which the Russian, who made his fortune in fertilizers, is trying to wind down a partnership valued at nearly $4 billion and accusing the venture firm of fund mismanagement and “exorbitant” travel expenses. The firm, in turn, says Rybolovlev’s family trust, Rigmora, is unlawfully turning off the funding spigot for several important companies in their portfolio. Rybolovlev, owner of the AS Monaco football club, says he sank billions of dollars into the New York-based venture but doesn’t like some of the investments it has made. He is seeking to oust Apple Tree as the general partner. The fight is unfolding in courts in Delaware and the Cayman Islands. ‘Starved the Fund’ Rigmora “has starved the fund of capital and unequivocally repudiated their contractual obligations,” Apple Tree said in a filing in Delaware Chancery Court, the premier US business court. That funding is vital to the development of compounds and therapies “that can potentially save lives and improve our health,” a lawyer for the firm said at a hearing last month. Rybolovlev’s family trust said in court records it has fulfilled all of its obligations and has the right to review and approve budgets, including development milestones, before deciding to provide more capital. It has separately asked the court in the Cayman Islands, whose law it says governs the partnership, to liquidate the venture. “These are speculative startup investments. Some will fail,” a Rigmora lawyer said at the Delaware hearing. “The interest of the fund is not served by pouring money into failing companies.” He said Apple Tree has caused an “irretrievable breakdown” in the partnership. Apple Tree has urged the Delaware court to make Rigmora keep funding the companies, warning that they could go bankrupt and that more than 200 scientists and researchers could lose their jobs. Rybolovlev says those investments can’t be salvaged. Chancellor Kathaleen St. J. McCormick in Delaware agreed on the urgency and said the case should be expedited, setting a trial for September. High-Profile Fights Rybolovlev, 58, has been involved in other high-profile legal fights. He was engaged in a protracted dispute with art dealer Yves Bouvier, whom he accused of overcharging for works of da Vinci, Magritte and others, and unsuccessfully sued Sotheby’s auctio in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. 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A Russian billionaire is engaging in a legal battle against a venture capital firm regarding a problematic partnership.
