Gold Reserve seeks to disqualify Elliott's bid for Citgo parent, according to filing.

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Aug 27 2025

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Source: Reuters

Gold Reserve's Legal Motion: Gold Reserve has filed a motion to disqualify a rival bid from Elliott Investment Management's affiliate, Amber Energy, which was deemed the best offer in an auction for Citgo Petroleum's parent company by a Delaware court.
Bid Comparison: The court officer determined Amber Energy's $5.86 billion bid was superior despite a previous recommendation for a higher $7.4 billion bid from Gold Reserve's subsidiary, Dalinar Energy.
Concerns Over Auction Process: Gold Reserve argues that the acceptance of Amber's bid contradicts court orders and undermines the bidding procedures, potentially short-changing creditors by $1.5 billion compared to Dalinar Energy's bid.
Background on Gold Reserve: The Canadian-listed company focuses on managing legal claims after its mining assets were expropriated in Venezuela, and it is involved in a complex auction process aimed at repaying creditors due to debt defaults and expropriations.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.