Rusoro’s Alleged Insider Maneuvering
According to the complaint, Rusoro joined Gold Reserve’s consortium in spring 2025, lacking the financial capacity to bid independently. Even while negotiating its terms, Rusoro allegedly marketed its insider role to Elliott, securing better economic terms in a competing bid.
The misconduct allegedly escalated after the Special Master initially recommended Gold Reserve’s bid in June 2025. Rusoro reportedly shared confidential Gold Reserve economics with Elliott, prompting an Elliott representative to testify that Rusoro could be swayed because it was “not getting paid 100 cents on the dollar.”
In August, Elliott submitted a last-minute alternative bid including Rusoro. When Gold Reserve improved its offer, Rusoro allegedly falsely claimed its consent was required, influencing the Special Master’s updated recommendation endorsing Elliott’s lower-priced bid. The court approved the change on Sept. 18, impacting Gold Reserve’s financing and regulatory positioning.
