Some excerpts from the latest Special Master's report to the judge.  It seems very complicated, yet thorough.

It's good that the bond holders are being considered even though they aren't part of this suit.  The perspective bidders shouldn't be blind-sided when this comes up in the future.

It's also good to see that the court is in contact with OFAC. It would be a shame to see years of litigation and the cost of that litigation to be nullified by OFAC not approving the sale.  Even if the sale is not allowed, the sales process is not being conducted in a vacuum.

• Reviewed and analyzed motions and related filings in Petróleos de Venezuela S.A., et al. v. MUFG Union Bank, N.A. et al. (No. 20-3858) (“2020 Bondholder Case”) regarding the validity of the PDVSA 2020 Bondholders’ pledge and conducted research and analyses related to the same.
• Analyzed PDVSA 2020 Bondholders litigation and engaged in discussions with PDVSA 2020 Bondholders related thereto.
• Considered Office of Foreign Assets Control’s (“OFAC”) licensing in connection with a Sale Transaction (as defined in the Sale Procedures Order) and conducted research and analysis related to the same.
• Prepared the Special Master’s recommendation regarding selection of the Successful Bidder, as defined in the SPO, and approval of the Sale Transaction (the “Special Master’s Final Recommendation”), see Sale Procedures Order at 19, and the proposed order approving the same (the “Sale Order”).
• Reviewed and analyzed motions and related filings in Girard Street Investment Holdings, LLC v. PDV Holding, Inc., Case No. 24-cv-4448 (S.D.N.Y.) and G&A Strategic Investments I LLC v. PDV Holding, Inc., 2024-36664 (S.D. Tex.), (together, the “Alter Ego Cases”) and conducted research and analysis related to the alter ego claims in the Alter Ego Cases.
• Prepared and filed the Special Master’s Response to Devengoechea’s Response to Motion for Final Determination of Allowable Judgments [D.I. 1182] and reviewed and analyzed Devengoechea’s Objection to the Special Master’s Untimely Reply [D.I. 1184].
• Prepared and filed the Special Master’s Monthly Report for the Period Ended March 31, 2024 [D.I. 1192].
• Prepared for and participated in an ex parte meeting with Your Honor and my Advisors on June 18, 2024, and filed a notice of the same [D.I. 1192] in accordance with Your Honor’s May 10, 2023 Memorandum Order [D.I. 559] and July 17, 2023 Memorandum Order [D.I. 643].
• Prepared for the July 2, 2024, Status Conference before the Court and filed the Proposed Agenda for the July 2, 2024 Status Conference [D.I. 1198].
• Drafted and filed the Special Master’s Motion Requesting Adjournment of July 15, 2024 Tentative Sale Hearing [D.I. 1201].
• Conducted research regarding various aspects of the sale process, analyzed the findings, and discussed the same with my Advisors.