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Crystallex International Corporation v. Bolivarian Republic of Venezuela

  1. April 29, 2022

    Venezuela Says Stolen Art Suit Warrants Nixing Seizure Order

    Venezuela argued on Thursday that a recent decision from the U.S. Supreme Court in a case over Nazi-looted art is the final blow for a seizure order over shares in Citgo's parent company, which was issued in an enforcement case over a $1.2 billion arbitral award.

  2. April 12, 2022

    Fights Over Citgo Share Sale Continue In $1.2B Award Suit

    A Delaware judge was showered with objections to the proposed sale procedures for control of Citgo as defunct Canadian miner Crystallex looks to enforce a $1.2 billion arbitral award against Venezuela, among them that it could result in an unnecessary and avoidable fire sale.

  3. April 04, 2022

    Citgo Sale Feud Is Probably Headed Back To 3rd Circ.

    In what looks like yet another return to the Third Circuit, the Republic of Venezuela and three intervenor entities appealed a Delaware judge's order to begin moving forward with the sale of shares of Citgo Petroleum Corp.'s parent company as part of a defunct Canadian miner's effort to enforce a $1.2 billion arbitral award against the country.

  4. March 02, 2022

    Judge Allows Citgo Sales Process To Go Forward

    A Delaware judge ruled Wednesday that he will not wait for an official signoff from the Biden administration to continue organizing the sales procedures for shares in Citgo's parent company as a defunct Canadian miner looks to enforce a $1.2 billion arbitral award against Venezuela.

  5. January 06, 2022

    Judge Overrules Fee Request Objections As Citgo Sale Looms

    A Delaware federal judge overseeing the contentious proposed sale process for shares in Citgo's parent company approved another round of special master fees Thursday, despite complaints from Venezuela that the bill is getting way too high.

  6. November 08, 2021

    US Sanctions Continue To Gum Up $1.2B Award Enforcement

    It became clear during a lengthy Monday hearing that the proposed sale process for shares in Citgo's parent company to enforce a $1.2 billion arbitral award against Venezuela remains mired in divisive issues, not the least of which are U.S. sanctions against the debt-ridden country.

  7. November 05, 2021

    Venezuela Says Citgo Sales Process Proposal Is Flawed

    Venezuela has slammed the proposed sales process in which a state-owned business would be forced to sell shares in Citgo's parent company, arguing an investment banker hired to advise the special master who penned the proposal is biased and shouldn't be working the case.

  8. September 15, 2021

    US Won't OK Crystallex Bid Seeking Sale Of Citgo Shares Yet

    The Biden administration has denied Crystallex a license allowing the sale of shares in Citgo's parent company held by Venezuela's state-owned oil company to enforce a $1.2 billion arbitral against the country, though it left the door open for the Canadian mining company to reapply in a few months.

  9. September 10, 2021

    More Fees Awarded In Citgo Sale Fight Despite Outcry

    A Delaware federal judge has ruled that a special master appointed to oversee the sale of Citgo's parent company can be paid roughly $111,000 in fees in excess of a $2 million cap, despite outcry that the special master was running up bills "as if no cap existed."

  10. September 08, 2021

    Special Master Targeted In Fight Over Fees For Citgo Sale

    The special master overseeing the sale of Citgo's parent company has become embroiled in a dispute over fees that exceed a $2 million cap, marking at least the second time that the retired Skadden partner has raised eyebrows over fees incurred while overseeing a court-ordered sales process.

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