RE:Grz still in the game, news release Oct.1, 2024 On Oct. 1, 2024, the Delaware Court held an in-person hearing on various issues concerning the sale process, including the status of the notice of special master's recommendation filed on Sept. 27, 2024. At the hearing, multiple parties expressed substantial objections to the bid for the purchase of the PDVH shares attached to the special master's notice. The special master stated inter alia that the bid was non-binding.
On Oct. 2, 2024, the Delaware Court issued orders covering the rulings made at the hearing, including the following:
- The court cancelled the sale hearing scheduled for Nov. 19, 2024.
- The court ordered the special master and all parties to meet and confer and file a joint status report by Oct. 18, 2024, setting out the parties' positions on various issues concerning how the sale process should now proceed.
- The court ordered further submissions on the special master's motion to enjoin the alter ego claimants from enforcing claims against the republic or PDVSA by collecting from PDVH or its subsidiaries in other forums.
- The court denied without prejudice the motion filed by the Bolivarian Republic of Venezuela and Petroleos de Venezuela SA for a four-month pause of the sale process.
"We welcome the rulings made by the Delaware Court at the Oct. 1, 2024, hearing and look forward to further participating in these proceedings and obtaining further clarity on the open issues concerning sale process," said Paul Rivett, executive vice-chair. "In the interim, Gold Reserve continues to consider all of its options concerning the sale process."