TSXV:GRZ - Post Discussion
Post by
BobTheKnob2 on Jun 21, 2024 4:01am
I am trying to wrap my head around this company
I am trying to decide if this worth buying or not. Best that I can figure out this company has very little assets and any that it had, were expropriated a number of years ago, or sold to in the case of data to Venezuala. Does this seem like a correct statement? So in other words this is little more than a shell with a legal judgement outstanding that the company has been unable to collect on.
However, if I interpret the recent news correctly, the company is one of a number of parties that are attempting to make a bid for the shares in the parent company of CITGO which are owned by the American subsiduary of the National Oil Company of Venezuela. Some of the other parties are investment banks; hedge funds; commodity-trading companies; and multi-national oil producers. Needless to say there is some stiff competition and deep pockets - a deal that has just passed the deadline for second round bids to be placed.
My understanding that the other legal settlements placed against this asset are larger than the amount that may be realized in the sale process in the magnitude of multi-billions. Each of these claiments, I am sure also want to collect on their judgements. Then there is the issue of the 2020 PDVSA bonds and the legal title they hold on the same shares, that may result in a further legal challenge to whover wins the bid.
This all leads me question why I should buy Gold Reserve shares.
Can someone share their thoughts - pro or con?
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