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Gold Reserve advances in $1.1 billion Venezuela judgment

EditorEmilio Ghigini
Published 09/01/2024, 13:50
Updated 09/01/2024, 13:50
© Reuters.

SPOKANE, Wash. - Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) has recently achieved two legal victories in its ongoing efforts to collect approximately $1.1B from the Bolivarian Republic of Venezuela. The U.S. Supreme Court has declined Venezuela's appeal against a prior court decision, and the Delaware Court has recognized Gold Reserve and other creditors in the sale process of PDV Holding, Inc. shares.

On July 7, 2023, the U.S. Court of Appeals for the Third Circuit affirmed the U.S. District Court of Delaware's decision to grant Gold Reserve a conditional writ of attachment on the shares of PDV Holding, Inc., the indirect parent company of CITGO Petroleum Corp. The U.S. Supreme Court's denial to hear Venezuela's appeal upholds this order.

Furthermore, the Delaware Court has appointed Gold Reserve and certain other creditors as Additional Judgment Creditors in the ongoing sale process concerning the auction of PDV Holding, Inc. shares. This designation aims to protect the sale process in case of any settlement with other creditors, ensuring that Gold Reserve and others have rights under both the Special Master's order and the sale process order.

Despite these advancements, the Special Master appointed to manage the sale process noted that the amounts and priorities of the 12 judgments that have been granted writs of attachment, representing a total of $5.564B, have not been endorsed or validated.

These legal developments are significant steps for Gold Reserve in its pursuit of the judgment sum, which includes interest and stems from litigation in Delaware. The company has disclosed that it currently has 99.5 million Class A Common Shares outstanding, with 107.3 million shares on a fully-diluted basis.

This article is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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