Gold Reserve Ltd V.GRZ

Elliott Investment Management...

[slappyjo]

...has exclusive negotiating rights to purchase Citgo.

[Felix000]

So can we conclude we're definitely getting paid?

[slappyjo]

I don't necessarily think so, Felix. We don't know what the amount is or how it's structured.  Previous reports had bids of $8 billion in cash and $9 billion with partial credit. We don't know if OFAC will issue the license for the eventual sale of Citgo. There are no guarantees. Thankfully it appears that GRZ won't be the successful bidder.

[helpful1]

Felix. We attached the writ & are 11 th in line to be paid. There is $6 ahead of us. So if the winning credit was $8 to $9 Billion we have a buffer & we should get paid if OFAC issues the license for the sale of Citgo.

[slappyjo]

Correct.   It's closer to $6.5 billion in front of us and interest continues to accrue every day.  The other unknown is the bond holders. They are claiming about $2 billion but it's unclear how they would be handles in the priority list.   My opinion is they should be last since they haven't spent the time and money the other creditors have in this litigation.