Venezuela Mining Citgo Fees Fight Erupts in $3.1M Court Ruling
America ı By Rachel Moore
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Creditors Push Back
ConocoPhillips argued that Venezuela and its affiliates have consistently tried to derail the Citgo sale, filing “an inordinate number of motions and objections,” including four disqualification bids.
“Those circumstances warrant the special master's request for reallocation to the Venezuela parties,” ConocoPhillips said.
Crystallex, whose claim arises from its ouster from a Venezuelan gold mine near the Guyana border, echoed that view. It argued the disqualification efforts were “tactical, untimely, and meritless,” and said Venezuela and Gold Reserve should bear sole responsibility for the expenses tied to opposing them.
ACL1 Investments Ltd., owed roughly $119 million under defaulted Venezuelan bonds, said the burden of paying its share of Pincus’ fees was especially heavy given its far smaller expected recovery compared with creditors such as Crystallex, which is owed more than $1 billion. For ACL1, covering those costs would be “inequitable,” it argued.
Venezuela countered in January that its motion to disqualify Pincus was never deemed frivolous or unreasonable.
“It is difficult to understand how the special master and his advisers would have felt the need to spend more than $3 million (of which at least $2.78 million appears to consist of legal fees billed by [Weil Gotshal & Manges LLP]) to defend against a frivolous motion,” the country said.
Disqualification Motions and Bid Controversy
The push to disqualify Pincus and his advisers centered on alleged ties to hedge fund Elliott Investment Management. Elliott’s affiliate, Amber Energy Inc., ultimately submitted the $5.892 billion bid that Pincus endorsed in his updated final recommendation.
Gold Reserve had initially secured Pincus’ backing with a $7.4 billion offer for the PDV Holding shares. But the special master later reversed course, concluding Elliott’s lower bid provided the best combination of price and closing certainty.
In November, Judge Stark approved the Amber bid, noting it would satisfy judgments owed to 10 creditors who had secured writs of attachment, extinguishing $5.892 billion in claims. The transaction would also wipe out $3 billion in additional debt incurred by Venezuela and PDVSA by largely resolving obligations to bondholders holding a 50.1% stake in Citgo Holding, a PDV Holding subsidiary.
Gold Reserve separately sought to disqualify Judge Stark himself for alleged bias. Stark rejected both disqualification motions in a 54-page opinion.
Venezuela and Gold Reserve have since appealed the Citgo sale order to the Third Circuit, where the matter remains pending.
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