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Bullboard - Stock Discussion Forum Gold Reserve Ltd V.GRZ

Alternate Symbol(s):  GDRZF

Gold Reserve Ltd., formerly Gold Reserve Inc., is an exploration stage company. The Company is engaged in the business of acquiring, exploring and developing mining projects. The Company owns certain wholly owned mining claims known as the LMS Gold Project (the LMS Property), together with certain personal property. The LMS Property is situated approximately 20 kilometers (km) north of Delta... see more

TSXV:GRZ - Post Discussion

Gold Reserve Ltd > What hammered GRZ today
View:
Post by mrmoribund on Sep 27, 2024 10:08pm

What hammered GRZ today

Much of the fall can surely be attributed to a number of articles that essentially declared that the auction is over.

The Worst offender was Bloomberg. Their headline:

Elliott Affiliate Wins Citgo Auction With $7.3 Billion Bid

The Elliot affiliate hasn't won anything yet. As if the title weren't bad enough, here's what follows:

(Bloomberg) -- An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a bid for $7.3 billion, clearing a key hurdle in the fund’s push to acquire an oil refiner that was once Venezuela’s largest foreign asset.
 

The affiliate, Amber Energy Inc., submitted the best bid for Citgo’s US parent, PDV Holding, Robert Pincus, the court-appointed special master who oversaw the process, said in a filing Friday. Pincus must still make a formal, final recommendation and then federal Judge Leonard Stark in Delaware must approve it.
 

Amber won out over other suitors interested in wresting control of Citgo from Petroleos de Venezuela SA, Venezuela’s state-owned oil company. The sale is intended to satisfy Venezuela creditors holding more than $20 billion in claims, but the sale price may leave many investors with no compensation.
 

“We thank the special master for selecting Amber Energy as the successful bidder and recommending that the court approve Amber Energy’s acquisition” of Citgo, Amber Chief Executive Officer Gregory Goff said in a statement. “We look forward to partnering with the people of Citgo to ensure that the company continues to operate with the highest standards of safety and reliability.”



============

Pardon me, but Amber Energy doesn't get to take a final bow just yet. The arrogance of that CEO. You're looking forward to partnering with Citgo, eh? Not until the Court says you get to.

A bit of credit for Bloomberg in that they actually did mention the upcoming 45-day chance-to-outbid period--in paragraph 5.

But it looks like many readers pressed the sell button before even getting to paragraph 5.

============

Maybe even worse than the Bloomberg headline, from the Wall Street Journal:

Elliott-Led Group Named As Winner of Auction to Acquire Venezuela’s Citgo Petroleum


continuing:

Elliott Investment Management and other U.S. investors have been named as the winning bidder in a court-ordered auction for control of Venezuela’s oil refiner Citgo Petroleum designed to pay down the bankrupt country’s debts.

==========


This is so dumb. My head hurts.

Gee, no wonder GRZ was hammered.
Comment by Amadeus on Sep 28, 2024 4:55am
Thanks moribund for that realistic assessment of jounalistic excess. Of course nothing is concluded and as you say there is a 45 day outbid clause. I'm actually UK based and in RML not GRZ and I didn't get the article till quite late our time but I have GRZ on my monitor so saw the fall.  I think we're slightly ahead of you in the pecking order but don't have the list or value ...more  
Comment by SilverSam on Sep 28, 2024 12:39pm
Gee, I guess you guys who have been playing GRZ and RML don't have a casino nearby where you can roll the dice with less risk.  Or even a horse race track.  If the bond holders win their case, not only will GRZ end up with nothing, but even RML could be left out in the cold. I had a big position in RML when it was trading for pennies, and would trade in and out as opportunity ...more  
Comment by RIDER1975 on Sep 29, 2024 2:54am
Silver, what are the sum of bondholders claim?
Comment by SilverSam on Sep 29, 2024 5:52pm
The following link can give some helpful information.  www.saltwire.com/atlantic-canada/business/citgo-share-bidders-can-be-asked-how-accommodate-bondholder-claims-judge-rules-100965999/
Comment by Amadeus on Sep 29, 2024 4:24am
Hi again Sam. Of course GRZ and RML are a casino now but you have to look at your overall position. I've been in RML in varying amounts for 12 years and it has provided amazing trading opportunities. It was 6c at the start of '23 and is now 20 times that. Remember that after the Chavez expropriation RML fell to 2c to buy which made their $3Bclaim over 300 times the mcap. You won't get ...more  
Comment by SilverSam on Sep 29, 2024 6:33pm
If you bought in at 0.06 and sold at over $1.23, you have done incredibly well! Congrats!!
Comment by RIDER1975 on Sep 30, 2024 6:28am
Silver thanks for the linked article. I started to buy at 0.07 cad, but didnt have the balls to hold the whole till the endgame.. After tenfold and then above 1,2 and 1,4 I realized the bulk of the profit. 
Comment by egss on Sep 30, 2024 1:15pm
What is Alter Ego   Thanks  Is it reasonable that they will attain a much higher price this seems very diappointing thought I was going to score but knolw a los!
Comment by RIDER1975 on Sep 30, 2024 3:03pm
Means has the same obligations as they are the same entity.