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Gold Reserve Provides Update on Notices of Objections to the Special Master's Final Recommendation in the CITGO Sale Process
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Compan...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"Gold Reserve Provides Update on Notices of Objections to the Special Master’s Final Recommendation in the CITGO Sale Process\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced that on July 7, 2025, pursuant to the schedule set by the U.S. District Court for the District of Delaware (the “Court”), various parties filed the following notices in response to the Special Master’s Final Recommendation that Gold Reserve’s U.S. acquisition subsidiary, Dalinar Energy Corporation, should be selected by the Court to purchase the shares of PDV Holding, Inc. (“PDVH”), the indirect parent company of CITGO Petroleum Corp. (“CITGO”):\n \n\n\n Four parties filed a “notice of objection:” (1) Red Tree Investments LLC (the prior recommended Stalking Horse Bidder whose agreement to purchase the PDVH shares was terminated by the Special Master in favor of Dalinar’s materially higher-priced bid); (2) the 2020 bondholders (Red Tree is a 2020 bondholder); (3) PDVH and CITGO (filed under seal); and (4) Crystallex International Corporation.\n \n\n\n\n One party filed a “notice of potential objection:” the ConocoPhillips companies (Phillips Petroleum Company Venezuela Limited, ConocoPhillips Petrozuata B.V., ConocoPhillips Gulf of Paria B.V., and ConocoPhillips Hamaca B.V.).\n \n\n\n\n Three parties did not file a notice of objection and instead filed a “reservation of rights:” (1) Huntington Ingalls Incorporated; (2) ACL1 Investments Ltd., ACL2 Investments Ltd., and LDO (Cayman) XVIII Ltd.; and (3) OI European Group B.V.\n \n\n\n Under the Court’s schedule, memoranda in support of any objections are required to be filed with the Court on July 23, 2025, responses to any objections are to be filed on August 6, 2025, and further briefing is then to take place in advance of the August 18, 2025 Sale Hearing. In addition, a period of limited discovery regarding the objections will conclude on July 31, 2025. The Court’s full pre-hearing schedule is set out in the Company’s June 16, 2025 press release.\n \n\n A copy of yesterday’s filings can b...