Overview

• Gold Reserve filed a motion to disqualify Amber Energy’s $5.86 billion offer, which a court officer had identified this month as the best bid for PDV Holding.
• Dalinar Energy, the Gold Reserve-led group, previously received a July recommendation for an offer of about $7.38 billion that it says it has since materially increased with added financial backing and bid certainty.
• Gold Reserve argues the Amber decision contradicts court orders and would short-change attached judgment creditors by roughly $1.5 billion compared with Dalinar’s $7.382 billion proposal.
• Amber’s bid includes a settlement tied to a defaulted Venezuelan bond that would free a $2.86 billion claim, a structure that factors into creditor recoveries.
• Siemens Energy joined Gold Reserve’s motion as the auction officer prepares a new recommendation due Friday for review by Judge Leonard Stark next month.