Gold Reserve Ltd V.GRZ

Highest bid

[slappyjo]

It looks like we have the current high bid at about $9 billion.  Koch Industries added their credit to GRZ's credit bid and is now a partner.

[Hopeful123]

Not  sure about that..sb Aug 15

[Felix000]

So now that it looks like GRZ might end up owning a piece of Citgo, does anyone know how this might be structured to our benefit?  Will GRZ pay a dividend?  How much?  It's a credit bid, so how does crystallex and others get paid?  Why is this a better deal for vs just taking the $1.1 billion we'd get if the Icahn bid wins?

[slappyjo]

To the first three questions, we don't know. I doubt the company knows at this point. Assuming GRZ's credit bid wins, Crystallex will get paid with cash.  Approximately $7.5 billion of the Citgo purchase will be with cash which would satisfy Crystallex and those in line behind them.  The other $1.5 billion is in credit.  This may or may not be a better deal for us

[Hopeful123]

Why would Rivett and Camac get involved with such great risk..Are we going to see a mass exodus to sell..The Grz people kept promising a  good day coming finally..I guess not now especially with this bond of 2 bln .  

[Felix000]

It's not clear if the bondholders get anything from this deal.  I thought it was up to the bidders to decide if/how they would accommodate the bondholders.

[Hopeful123]

I was led to believe that the bonds are illegal..was I lied to. Do we have to hope that Venezuela gets a new government..looks like our best chance now..Or will there be a third auction..Why did Camac invest in Grz..

[slappyjo]

The bond issue has not been resolved. It's still in the NY courts. Even if they are deemed illegal, the holders can and will sue. They've already said so.  They still have standing.

[Hopeful123]

Slappy Jo....do you own GRZ...Do you plan to sell now..I am very confused now. My cost is high.

[Hopeful123]

Any truth that award can be paid without the bonds being settled. That would get holders of Grz a good settlement..

[helpful1]

True. Bonds are separate issue. We are near the end game. Instead of July 31st it is now Oct 15th. So,what has changed nothing except the Master announced he needs 10 more weeks to review the bids.

[Hopeful123]

Should we be getting some news on Aug 22 from Pincus.. Also would Vitol or Icahn be more aggressive than others competing for Citgo..I could see or hope for 9 bln bid.

[helpful1]

make no mistake the bidding is over .Just waiting for Gold Reserve to be declared the outright winner for CITGO. You have the $9 bID correct but it is not Carl Ichan.

[Hopeful123]

It is better someone buys it for 9 bln  At least we get paid  .

[Hopeful123]

That someone or group should not include Gold Reserve Corp. 

[helpful1]

You will get paid.If Gold Reserve wins the bid you will have snatched a $13-15 B company CITGO for perhaps $9 B .To be modest we have stole this asset for cheap. Why do you Icahn only offered $8 B in Cash.Our stock will increase dramatically in my opinion if we win. If, Carl wins you will get perhaps get $7/share $10 -30% in taxes = $7 . Listen we are 11th in line as it stands & there is $4.3

[helpful1]

Where did come up with this? There has been no mention of this. What I know is FJ Management has a joint bid for CITGO & winner will be announced Oct 15th. If the bid is high enough Gold Reserve gets paid..Show by facts please.

[Hopeful123]

What I am asking is if the award can be settled without the bonds being paid..