Gold Reserve Provides Update in Citgo Sale Process: Gold Reserve Files Reply Brief With the Third Circuit
GOLD RESERVE INC A NEW (GDRZF)
NASDAQ:AMEX Investor Relations:
goldreserveinc.com
Company Research
Source: Business Wire
PEMBROKE, Bermuda--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that the Company has filed its Reply Brief with the U.S. Court of Appeals for the Third Circuit (the “Third Circuit”) in connection with the proposed judicial sale of PDVH Shares to Elliott/Amber Energy.Gold Reserve’s Reply Brief asserts that the Delaware court was not permitted to approve Elliott/Amber Energy’s $5.9 billion bid (which was $2 billion less than Gold Reserve’s final $7.9 billion bid) as it did not satisfy the overbid-minimum requirement embodied in the court-ordered bidder protections, and moreover, violated the Delaware law requirement that the shares be sold to the highest bidder. Gold Reserve also asserts that, contrary to appellees’ arguments, its disqualification motion was both meritorious and timely as the continued engagements between the Special Master’s Advisors and Elliott outside of the sales process created an appea
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