Reported about 9 hours ago
Gold Reserve has filed a motion to disqualify a competing bid from Elliott Investment Management for the parent company of Citgo Petroleum, which a Delaware court recently declared as the leading offer. Gold Reserve argues that the court's acceptance of the $5.86 billion bid from Elliott's Amber Energy overlooks previous recommendations for their higher $7.4 billion bid, potentially harming creditors. The auction is part of a process to repay debts stemming from Venezuela's nationalization actions.
Source: YAHOO