Northwire Canada EditionMonday, August 17, 2026
Sign inSubscribe
Northwire
⌕
ERD 6.16 −1.4% NFG 2.37 +2.2% CLM 0.060 +0.0% GEMG 1.64 +0.0% STGO 1.56 +2.6% WEX 0.580 −3.3% NOBL 0.120 +9.1% LGO 1.00 −3.9% SSE 0.095 +0.0% AAZ 0.040 +0.0% MNRG 0.095 +11.8% RME 0.260 +30.0% NUAG 9.48 +1.3% KRN 0.300 +11.1% EON 0.020 −nan% EMO 0.420 −1.2% ERD 6.16 −1.4% NFG 2.37 +2.2% CLM 0.060 +0.0% GEMG 1.64 +0.0% STGO 1.56 +2.6% WEX 0.580 −3.3% NOBL 0.120 +9.1% LGO 1.00 −3.9% SSE 0.095 +0.0% AAZ 0.040 +0.0% MNRG 0.095 +11.8% RME 0.260 +30.0% NUAG 9.48 +1.3% KRN 0.300 +11.1% EON 0.020 −nan% EMO 0.420 −1.2%
Regulatory

Gold Reserve, Venezuela file Citgo sale motions

By The Northwire Desk — AI Analysis Oct 10, 2025 · 16:34 GRZ · 2.09 Gold Reserve Inc.
GRZ · Price

Executive Summary

  • Gold Reserve Ltd. filed a sealed motion to disqualify the special master’s advisers (Weil, Gotshal & Manges LLP and Evercore Inc.) and seeks a temporary stay on all bid decisions in the Citgo Petroleum sale.
  • The Venezuela parties (Bolivarian Republic of Venezuela, PDVSA, PDVH, and Citgo Petroleum) also filed sealed motions to disqualify the same advisers and the special master.
  • Both sets of filings will be posted on Gold Reserve’s website once unsealed; related hearing briefs were submitted on Oct. 8, 2025.

Key Details

  • Disqualification Motion by Gold Reserve: Targets law firm Weil, Gotshal & Manges LLP and investment bank Evercore Inc., alleging conflict of interest due to representation of Elliott Management and relationships with 2020 bondholders.
  • Requested Relief: Full transparency for shareholders, additional discovery from the special master and advisers, and a temporary stay on any bid decisions pending resolution of the motion.
  • Motion Status: Filed under seal; a redacted copy will be posted to Gold Reserve’s website in the “Citgo proceedings” section when available.
  • Counter‑motion by Venezuela Parties: The Bolivarian Republic of Venezuela, PDVSA, PDVH, and Citgo Petroleum also filed sealed motions seeking disqualification of the special master, Weil, and Evercore.
  • Court Proceedings Reference: Delaware sale case – Crystallex International Corp. v. Bolivarian Republic of Venezuela, No. 1:17‑mc‑00151‑LPS (D.Del.).
  • Post‑sale Hearing Briefs: Opening briefs submitted on Oct. 8, 2025; copies will be posted online.

Notable Quotes

(No direct quotes provided in the release.)

Read the original news release →

More from Gold Reserve Inc.

May 14, 2026 · 17:00

Gold Reserve secures Augusta Capital’s Richard Warke as operator, injecting $200M to unlock Venezuela’s Siembra Minera amid sweeping reform

M&A / Property May 13, 2026 · 18:13

Board green‑lights dual spinouts to separate Venezuelan mining assets and a $1.1 billion arbitration award, paving the way for a U.S. IPO of American Heralds.

M&A / Property May 13, 2026 · 08:00

After a failed attempt to capture Citgo, Gold Reserve pivots decisively to a U.S.-domiciled spin-out, recasting itself as a pure-play Western Hemisphere mining and investment story, distancing itself from Venezuela's legal quagmire.

M&A / Property May 06, 2026 · 08:00

Gold Reserve Pivots to U.S. Holding Model as Venezuela Mining Laws Open, Citgo Litigation Overhang Remains

M&A / Property Apr 22, 2026 · 19:50

Venezuela Legal Overhaul Unlocks Stalled Gold Assets as Citgo Litigation Looms

Regulatory Mar 10, 2026 · 18:20

Gold Reserve Announces Settlement of certain Contingent Value Rights and Bonus Entitlements

Financings