posted on
Mar 19, 2024 07:17AM
Welcome to the Crystallex HUB on AGORACOM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Message: GRZ
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RML, my thermometer. . is still holding its own at about a dollar plus. Will watch if it sinks badly this week.
As long as Venezuela has assets in the USA the following attached 6 claimants (to Crystallex and Conoco) can continue to sue for their money, albiet not necessarily in Stark's court.
It seems Venezuela is saying, Hey look, for only $7.5B in bids showing, we can handle that, with a full repayment deal over 4 years (with Crystallex and Conoco) and still own the company (Citgo) ergo, they will again have assets in the USA. I think Conoco would go for that because they offered a trade (drill oil like Chevron) rather than to cash in. Crystallex has no other choice but to cash in, as they must. Crystallex will not deal and will get every penny including interest. We are good there.
So, The 6 claimants below Crystallex and Conoco can still resume litigation to retrieve their money because Venezuela will have recovered their assets within the US and are reachable, but this time I think it will be easier because the alter ego work is all done. May take 2-4 years but it is doable. The debt with the 6 still stands no matter what deal Venezuela makes with Crystallex and Conoco. The question was after the bids for the auction was announced how can the 6 get any money if there are no assets in the US to attach their claim to, with Citgo auctioned off the map. That would have had an affect on GRZ and RML stock price and it did, some. RML hit a high of $1.31 a week ago and dropped 15%. I hope they hold steady where they are now. We'll see.
So, we'll see how RML reacts in the next 2 weeks. It says something, if it holds steady. Unlike Crystallex, RML is a trading active stock with a Board of DIrectors and can make any deal they want to settle. 3/4 of the award plus interest would be great. Same for GRZ.
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