RE:Things escalated really quickly latelyright the minutes of the settlement to be released could end of this week
overdue
knowsnothing wrote: Just to back up a bit. Many people are misinformed here and I like to clear up few things since I have been following the story for a while: - Crystallex is bankrupt and about to sell CITGO in the USA which has 2 refineries and valued at over $6 billion, the court had cleared up the way but right now its appealed. Once Crystallex gets the money it will come out of Bankruptcy and pays its once were shareholders. - Gold reserve had an agreement with Venezuela and had received some money plus bonds (about $280 million). However, Venezuela is behind in some of the payments and not sure when they will pay them, they had also formed a JV for their mine and working on it. Rusoro had expressed its intention about 1.5 yrs ago that they are ready to sign a similar deal with Venezuela but nothing came to light. GRZ stock was trading at a market cap of $250 - $500 million even before the settlement was reached. - ConocoPhillips had seized some assets for PDVSA (venezuela oil company) in the Caribbean and prevented venezuela from exporting its oil which forced Venezuela to settle with them just recently having the first payment of $500 million out of $2 billion to be paid next month on November...or else... the rest of the payments will be divided over 4.5 years. - Rusoro was ready to follow suit of Crystallex and take them to court to seize Citgo, however, as per latest filing they still need to file the affidavit of service as they had not served the court documents to all defendants (obtained this from pacer) - Talked to Keith from their office in Vancouver, expect a $1 billion left for shareholders but the lawyers and backup parties get paid first then the $1 billion will be distributed amongst shareholders which comes to over $2 per share. - The world is running out of gold, ask Barrick gold, big mines are becoming very scarce. Expect China and Russia to lead the way into booming Venezuela - Venezuela is not Greece, as long as they have the biggest oil reserve in the world, they will pay eventually and they will settle all litigation because they will have the means to pay. I expect the minutes of the settlement to be released very soon, hopefully sooner than the end of this week. I own RML but tried my best not to be biased in this review. Hopefully it helped