Albert Huddleston, a Texas oil tycoon who recently sold his natural gas assets for a staggering $5.2 billion, has been unveiled as the key investor behind the competing bid led by Glencore to seize control of Sherritt International. Sherritt is a Canadian mining company with significant nickel operations in Cuba, as reported by Bloomberg this Friday.
Huddleston, who owns the family investment office Chota Capital LLC, had remained anonymous since the consortium disclosed its proposal in June, leaving the identity of its American partner a mystery.
Who Is Albert Huddleston?
Albert Huddleston is a prominent U.S. entrepreneur and investor in the energy sector. Based in Dallas, he founded Aethon Energy Management in 1990.
Armed with a degree in Engineering Science from Vanderbilt University, he boasts over 30 years of experience in oil and gas, having started his career with Hunt Energy Corporation and Houston Oil and Minerals.
Under his leadership, Aethon emerged as a major private natural gas producer in the United States, with a strong foothold in the Haynesville formation, which straddles Texas and Louisiana.
In July 2026, Aethon successfully sold its energy assets to Mitsubishi Corporation for $5.2 billion.
Besides Aethon, Huddleston is associated with Chota Capital LLC, his family investment vehicle, through which he engages in various deals and asset holdings.
Two Competing Bids for a Troubled Company
The battle over Sherritt pits two proposals against each other, both aiming to acquire at least 55% of the company.
The first bid comes from Gillon Capital LLC, the investment office of Dallas real estate mogul Ray Washburne, who once led the Overseas Private Investment Corporation during Trump's first term. Gillon signed a 120-day exclusivity agreement with Sherritt on June 17, set to expire in October.
The second offer, revealed on June 26, is from a consortium including Glencore, Kyma Capital, Brevan Howard co-founder Trifon Natsis, and Huddleston. It proposes fresh capital at 0.12 Canadian dollars per share.
The offer is touted as "fully funded through equity commitments," free from third-party debt, and is presented as a means to "stabilize the company's operations."
A group of bondholders has urged Sherritt's board to evaluate both proposals concurrently.
The Trigger: Sanctions and Operational Collapse
The crisis igniting this fierce competition has its roots in a specific event: Trump's executive order on May 1st, which expanded sanctions against Cuba and introduced secondary measures targeting foreign financial institutions dealing with blocked Cuban entities.
Just six days later, Secretary of State Marco Rubio sanctioned GAESA and Moa Nickel S.A., a joint venture between Sherritt and the Cuban state-owned General Nickel Company. The mining company was accused of "exploiting Cuba's natural resources to benefit the regime at the expense of the Cuban people."
That very day, Sherritt halted operations and repatriated employees. The Moa mine in Holguín had already stopped production in February due to fuel shortages. By June, the Fort Saskatchewan refinery in Alberta ceased operations when the supply from the island ran dry.
The company has since warned of severe risks to its viability as an ongoing concern.
Legal Battles and Historic Claims
Kyma Capital, Sherritt's largest creditor with roughly 15% of its shares, attempted to force an extraordinary shareholder meeting before Gillon's exclusivity expires. However, Sherritt dismissed this call in late July.
This Friday, the Superior Court of Ontario stated it could not mandate the meeting within the requested timeframe. A new hearing is slated for the week of August 26.
Sherritt's stock price reached 0.48 Canadian dollars this week, up from a low of 0.13 in early August, before closing Thursday at 0.28 dollars.
Its current market capitalization stands at 193.6 million Canadian dollars, marking a dramatic decline of over 95% from its peak of 4.8 billion in 2008.
Any successful deal would mark the first U.S.-backed mining venture in Cuba in six decades. However, the path is fraught with legal challenges.
The Moa facilities have a contentious history: the Moa Bay Mining Company was seized by the Cuban regime on August 19, 1960, with the U.S. Foreign Claims Settlement Commission certifying losses of $88.3 million.
Moreover, the Cuban state owes Sherritt at least $344 million.
William Pitt, a retired Miami engineer whose family lost mines in the region, has already warned Gillon Capital, "When you purchase 55% of Sherritt, we will sue you."
Any final transaction will require approval from the State and Treasury Departments, as well as agreements with holders of historical claims stemming from the Cuban regime's confiscations in the 1960s.
Understanding the Sherritt Battle and Its Implications
Who is the key figure behind the Glencore-led bid for Sherritt?
The central figure is Albert Huddleston, a Texas oil magnate who has recently emerged as the anchor investor for the consortium's bid.
What triggered the crisis at Sherritt International?
The crisis was initiated by Trump's executive order in May, expanding sanctions against Cuba, which disrupted financial operations and led to operational halts at Sherritt's Cuban facilities.
What are the legal challenges associated with acquiring Sherritt?
Acquiring Sherritt involves navigating historical claims from the 1960s' confiscations by the Cuban regime and obtaining necessary approvals from U.S. State and Treasury Departments.