Interesting information of PDVH's strategy.  September 27,2024

'Although we face a complex scenario, we must be clear ... that PDVSA still retains ownership over its subsidiary companies in the United States, ...

"...Board of PDVSA, we still have mechanisms and legal opportunities to safeguard these...

"The Court has set a hearing for 19 November 2024, on the approval of this recommendation. If approved, this will activate PDVSA's appeal rights on the case.

"It is crucial to note that,.., if the process does not satisfy the vast majority of creditors, ... they will also have their right to exercise objections to the process,..."  Gold Reserve maybe? (They are out of the top 6.  They are 7th -stocks plunged Friday).

"...the operation cannot be completed without a license being approved by the U.S. Department of the Treasury, (Trump or Harris) which adds an additional degree of scrutiny on the process. ... extraordinary conditions are required for the closing of the operation, ...even if the court order for the forced sale of PDVH's shares is initially approved by the Court, ...we do not know if or when this transaction will be completed," he said. This is the crucial part. One way or the other.

The last paagraph (which I did not copy/paste) tells it all. CITGO will not be sold. period.

The restructuring depends on Urrtuia taking over, which is not likely. They have in place a restructuring plan to settle the case. It will be awhile. 

Steele retains the right to withdraw.    What a mess. I thought for a while things were clearing up and the end was near. I have shares in KRY, GRZ, and RML.

I don't think this new offer is much larger than the first one by much. I thought Gold Reserve and Icahn offerred $8.3B. Hopefully all the bidders who have spent tons of money to participate in the auction demand cost. More  legal waste.