RE:Court 2023-07-27 decisionThanks agtavy for providing the link to 33 page court document related this case. I also have trouble with the legaleese, but the document does cover the 7 steps mentioned to make claim to the award so that’s useful. GRZ has completed step 5 in the process.
1. A creditor proves it is owed some debt by a Venezuela Party.
2. The creditor enforces its award in a U.S. court and receives a judgment.
3. The creditor registers its judgment in the District of Delaware.
4. The creditor moves in Delaware for a writ of attachment fieri facias ('“fi. fa.”~).
5. The creditor obtains a writ of attachment fi. fa., which may be conditioned on subsequent events.
6. The Clerk issues to the United States Marshals Service (“Marshals”) the writ of attachment fi. fa.
7. The U.S. Marshals Service serves the creditor’s writ of attachment, perfecting the writ and attaching the shares of PDVH owned by PDVSA.
Notes: As of today, only one creditor, Crystallex, has completed all of these steps and reached Step 7.
Mrmoribund regarding claims by parties including ConocoPhillips, the court document on Page 8 – Note 7 mentions the following regarding amounts sought by each party without interest accruals:
Subsequently, more than a dozen other creditors, collectively purporting to hold judgments of more than $5 billion, have followed Crystallex into this Court. (Note 7) Note 7 - See Misc. No. 18-343 D.I. 1 (Saint-Gobain attempting to recover over $42 million); Misc. No. 19-79 D.I. 1 (Tidewater registering $36 million judgment); Misc. No. 19-290 D.I. 1 (OIEG registering $382 million judgment); Misc. No. 19-342 D.I. 1 (ConocoPhillips registering $1.2 billion judgment); Misc. No. 20-257 D.I. 1 (Huntington registering $137 million judgment); Misc. No. 21-46 D.I. 33 at 4 (ACL registering judgment of $118 million); Misc. No. 21-481 D.I. 1 (Rusoro registering $967 million judgment); Misc. Nos. 22-68 & 22-69 D.I. 1 (Red Tree registering $88 million and $157 million judgments); Misc. No. 22-156 D.I. 1 (Koch registering $387 million judgment); Misc. No. 22-264 D.I. 1 (ConocoPhillips registering $48 million judgment); Misc. No. 22-347 D.I. 1 (Siemens registering $166 million judgment); Misc. No. 22- 453 D.I. 1 (Gold Reserve registering $713 million judgment); C.A. No. 22-1315D.I. 1 (Banco seeking to register judgments totaling over $122 million); Misc. Nos. 21-18, 22-131 & 22-263 D.I. 1 (Contrarian registering three judgments totaling more than $393 million); Misc. No. 23-298 D.I. 1 Valores registering $618 million judgment). Based on Citgo valuation in this article, it should cover the claims made all parties to date: https://www.bloomberg.com/news/articles/2023-07-27/crystallex-gets-priority-in-proceeds-from-citgo-owner-share-sale#xj4y7vzkg Citgo – “Houston-based Citgo is one of Venezuela’s most important overseas assets. An EMFI Securities strategist in March estimated its equity value at about $13.4 billion”