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Gold Reserve Provides Update in CITGO Sale Process: Gold Reserve Files Statement in Support of Stay Pending Appeal
Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the ...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"Gold Reserve Provides Update in CITGO Sale Process: Gold Reserve Files Statement in Support of Stay Pending Appeal\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that yesterday the Company filed a Statement in support of a stay pending appeal with the U.S. Court of Appeals for the Third Circuit (the “Third Circuit”) in connection with the ongoing litigation arising from the proposed judicial sale of PDVH Shares.\n \n\n Gold Reserve’s filing supports a pending motion to stay the recent Order issued by the U.S. District Court for the District of Delaware approving the sale of the PDVH Shares to Elliott/Amber Energy, pending appellate review. Gold Reserve argues that the sale process was procedurally and substantively defective, and that a stay is necessary to preserve the status quo while the Third Circuit considers the merits of the pending appeals.\n \n\n A motion for stay pending appeal has been filed by the Venezuela Parties (the Opposition government of the Bolivarian Republic of Venezuela, Petróleos de Venezuela, S.A., PDV Holding, Inc., and CITGO Petroleum Corporation). Various parties have filed responses opposing the Venezuela Parties’ motion to stay, including the following: (1) Crystallex International Corporation; (2) Red Tree Investments, LLC; (3) ConocoPhillips Appellees; (4) ACL1 Investments Ltd., ACL2 Investments Ltd., and LDO (Cayman) XVIII Ltd.; and (5) OI European Group B.V.\n \n\n A copy of the Company’s filing can be found\n \n here\n \n .\n \n\n A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.\n \n\n\n Cautionary Statement Regarding Forward-Looking statements\n \n\n\n\n This release contains “forward-looking statements” within the meaning of applicable U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve’s and its management’s intentions, hopes, ...