François Garcin has taken legal action against MARA Holdings, demanding more than €11 million in unpaid fees following the abrupt end of his contract in March. Garcin was central to MARA's European ambitions, particularly in securing regulatory approval in France for the acquisition of EDF’s Exaion.
Hired on June 22, 2025, Garcin was given sole control over "Project Nebula," a key initiative that involved the Exaion purchase and related joint ventures with French energy companies. His compensation deal included a €2.4 million advisory fee and a success commission equal to 4% of MARA's total investment in Exaion.
The deal wrapped up in February 2026, with MARA paying about €148 million for a 64% stake in Exaion. Xavier Niel’s NJJ acquired a 10% stake in MARA France, and both Niel and Thiel joined Exaion’s board.
According to the lawsuit filed in the Southern District of New York, Garcin was owed close to €5.92 million in commissions plus €1 million still outstanding from his advisory fee. Yet, just two weeks post-closing, MARA terminated his contract on March 6 without settling these payments. MARA cited a VAT issue as the reason, but Garcin’s complaint rejects this, pointing out that earlier invoices had been steadily paid, including those involving French tax matters.
This lawsuit offers a rare insider’s glimpse into the contentious process behind MARA’s most scrutinized European acquisition. It also casts light on ongoing corporate conflicts related to major blockchain and energy sector deals.
