Gold Reserve Ltd V.GRZ

The Tax Man Cometh

[ugluuak]

Anyone have any input if Crystallex or Rusoro are having similar tax issues on their Venezuelan expropriation court awards ???

[mrmoribund]

This is just me talking. I think if the CRA were coming after Crystallex or Rusoro in the same way they are with GRZ, well, I think we would have heard about it. I think this is just pure attempted payback for GRZ moving to Bermuda. There was plenty of warning from GRZ about the move to Bermuda plus at least one hearing before the Court of Alberta. Looks like the CRA simply missed all of that

[ugluuak]

Is the CRA a vindictive Canadian entity with tentacles spread over the universe inviting black holes to suck up and absorb made up revenues and cause financial confusion and pain ??? Certainly the Crystallex and Rusoro would more or less face similar tax issues or have delt with the awards differently in the eyes of the CRA. THEY DID NOT MOVE THEIR LEGAL REGISTRIES ! I want to pick up my marbles

[mrmoribund]

That might make some kind of sense if there were something immoral or illegal in moving your legal registry. In the case of Gold Reserve moving to Bermuda there isn't and wasn't. There are rules how it's all supposed to be done and GRZ followed the rules. And . . . NOTE . . . the whole thing got the blessing of the court of Alberta. I'm sure the CRA was free to show up in court

[helpful1]

Just because Gold Reserve won the award & could not collect the majority why should they have to may tax?  What is the holdup on the CITGO Auction now & when Trump gets in what will he do? All the creditors need to be paid soon. I think the companies have suffered enough & Judge Stark knows this.

[CAinPlap]

Regarding taxation of the award, I would think that an Allowance for doubtful accounts would be justified given how difficult and uncertain the ultimate collection of the award is/has been.