- The Delaware Court is inclined to overrule Gold Reserve's objections to Red Tree's stalking horse bid for PDVH shares, with final decisions pending after April 17, 2025.
- Red Tree's bid for Citgo's indirect holding company shares has been recommended by the Special Master.
- The sale process requires approvals from various U.S. regulatory bodies, including the Office of Foreign Assets Control and the Federal Trade Commission.
Gold Reserve Ltd. (OTCQX: GDRZF) has announced that the U.S. District Court for the District of Delaware is inclined to reject objections to the Special Master's recommendation of Red Tree's bid as the stalking horse bid for PDVH shares, the indirect holding company of Citgo Petroleum. This decision is not final and will be subject to further deliberation, particularly during and after the oral argument set for April 17, 2025.
Red Tree has been positioned as the stalking horse bidder for PDVH shares, a move that the Special Master has endorsed. This crucial preliminary stage sets the framework for the potential sale of these assets, with the Court outlining specific questions for all parties to consider during the upcoming oral proceedings.
The sale process involves navigating complex legal and regulatory landscapes, necessitating approvals from several U.S. authorities, including the Office of Foreign Assets Control (OFAC), the U.S. Committee on Foreign Investment, the U.S. Federal Trade Commission, and the TSX Venture Exchange. These regulatory steps are essential for the transaction's completion.
The full details of the Delaware sale proceedings can be accessed via the Public Access to Court Electronic Records system in the case of Crystallex International Corporation v. Bolivarian Republic of Venezuela.
