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Regulatory

Disqualification Motions Filed by Gold Reserve and the Venezuela Parties in the Citgo Sale Process

By The Northwire Desk — AI Analysis Oct 10, 2025 · 08:33 GRZ · 2.20 Gold Reserve Inc.
GRZ · Price

Executive Summary

  • Gold Reserve Ltd. filed a sealed motion in the U.S. District Court for Delaware seeking to disqualify the Special Master’s advisors (Weil, Gotshal & Manges LLP and Evercore, Inc.) and requested a temporary stay of all decisions on any bids submitted in the Citgo Sale Process.
  • The company alleges conflicts of interest because Weil represents Elliott Management and both firms have relationships with 2020 bondholders who could receive substantial payments under Elliott’s bid.
  • Parallel motions to disqualify the Special Master, Weil, and Evercore were also filed by the Venezuela Parties (Bolivarian Republic of Venezuela, PDVSA, PDVH, and Citgo Petroleum).

Key Details

  • Motion Filed: Gold Reserve filed a motion to disqualify the Special Master’s professional advisors—law firm Weil, Gotshal & Manges LLP and investment bank Evercore, Inc.
  • Requested Relief: A temporary stay of all decisions concerning any bids in the Citgo Sale Process pending resolution of the disqualification motion.
  • Conflict Basis: Weil is representing Elliott Management, a bidder in the Citgo Sale Process; both Weil and Evercore have ongoing relationships with certain 2020 bondholders who stand to receive substantial payments under Elliott’s bid.
  • Sealed Filing: The disqualification motion was filed under seal; a redacted copy will be posted on Gold Reserve’s website under “Citgo Proceedings” when available.
  • Counter‑Motion: The Venezuela Parties (Bolivarian Republic of Venezuela, PDVSA, PDVH, and Citgo Petroleum) also filed sealed motions to disqualify the Special Master, Weil, and Evercore; redacted copies will likewise be posted on the website.
  • Additional Filings: Opening post‑sale hearing briefs were submitted by all parties on October 8, 2025; these documents will be made publicly available.
  • Reference Case: The underlying Delaware sale proceedings are documented in Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17‑mc‑00151‑LPS (D.Del.).

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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