Gold Reserve is seeking to challenge the judicial expert’s qualification regarding the CITGO auction, which presented Amber Energy’s bid as a superior proposal. They argue that this offer does not meet the mandatory requirements for “minimum overbid” set by the court. They emphasize that it is USD 1.5 billion lower than Dalinar Energy’s previously selected bid.
Amber Energy’s offer includes an agreement with the holders of PDVSA 2020 bonds and proposes to pay between USD 5.8 and USD 5.9 million to judgement creditors and USD 1.5 million to the 2020 bondholders. Dalinar’s offer, previously considered the initial recommendation, amounts to approximately USD 7.38 million but does not include an agreement with the bondholders.
Gold Reserve has also presented the court with the regulatory approval from the Federal Trade Commission (FTC) for its purchase of PDV Holding shares.
Valores Mundiales S.L. and Consorcio Andino S.L. have joined Gold Reserve’s request, stating that the judicial expert contradicts previous court orders and safeguards for bidders.
Additionally, the Venezuelan parties have requested the presiding judge to order Robert Pincus to provide unredacted versions of the transcripts from the meetings held on August 11 and 13, related to his recommendation of Amber Energy’s offer.
Cancellation of Superior Proposal Notification
On August 27, 2025, Gold Reserve filed a motion in the Delaware Court to annul the superior proposal determination notification issued by the judicial expert on August 25, 2025. They believe that Pincus’s determination, stating that Amber Energy’s USD 5.859 million bid is a “Superior Proposal,” directly violates court orders, disregards established bidding procedures, and threatens to defraud judgement creditors by USD 1.5 billion compared to Dalinar Energy’s USD 7.382 million bid.
Gold Reserve asserts that Amber Energy’s offer does not meet the mandatory post-bid minimum required by the court, a protection for bidders. They add that the judicial expert lacked the authority to ignore or eliminate this requirement. They point out that they have significantly invested based on these protections and that their removal undermines the integrity of the sale process and Delaware law, which mandates selling to the highest bidder.
They argue that the de facto elimination of the post-bid minimum severely harms Gold Reserve, which has incurred substantial costs to secure financing, support their judgement, and acquire Siemens Energy’s judgement.
Joining Gold Reserve’s Motion
Valores Mundiales S.L. and Consorcio Andino S.L. have joined Gold Reserve’s motion to annul the judicial expert’s superior proposal notification filed in the Delaware Court on August 28, 2025. They contend that Robert B. Pincus’s notification, issued on August 25, 2025, “contradicts the clear language of bidder protections and previous orders from this Court.”
This position suggests that the judicial expert’s decision goes against the terms established for bidders or the prior guidelines set out by the court in the case.
Valores reserves all rights concerning the Motion and the Notification, including the right to appear and be heard on any matters related to the above.
Venezuelan Parties Request Unedited Transcripts from the Judicial Expert
On August 28, 2025, the Venezuelan parties requested that U.S. District Court Judge for the District of Delaware, Leonard P. Stark, order the judicial expert to provide unedited versions of the ex parte transcripts from August 11 and 13.
The petitioners base their request on the need to understand the judicial expert’s assessment, Robert B. Pincus, regarding the “impact of the PDVSA 2020 Bondholders’ litigation on the bids,” particularly if the Amber bid is recommended. They consider this information crucial for forming informed objections to the updated Final Recommendation.
The Venezuelan parties have not commented on the appropriateness of the redactions in the public version of the transcripts, but they find it “inappropriate” for Robert B. Pincus to withhold unedited versions from those objecting to his updated final recommendation. They argue that withholding this information could “hinder” their ability to respond to the judicial expert’s recommendation.
They propose several alternatives for Robert Pincus to act accordingly without jeopardizing the transparency of the CITGO auction process.
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