PEMBROKE, BERMUDA (By Gold Reserve, 10.Oct.2025, Words: 345) — Gold Reserve Ltd., pursuant to the schedule set by the US District Court for the District of Delaware, filed a motion to disqualify the 2 professional advisors to the special master – the law firm of Weil, Gotshal & Manges LLP and the investment banking firm of Evercore, Inc. – the special master Robert B. Pincus, and the district court judge in the Citgo Petroleum sale process.
Gold Reserve also requested a temporary stay of all decisions concerning any bids submitted in the sale process pending resolution of its disqualification motion.
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Gold Reserve is seeking full transparency on these issues for its shareholders as well as additional discovery from the special master and his advisors, Weil and Evercore.
The disqualification motion is based upon recently discovered information that Weil has been representing Elliott Management while the Citgo sale process has been ongoing. Gold Reserve also discovered that Weil and Evercore have ongoing relationships with certain of the 2020 Bondholders that stand to receive substantial monetary payments under the terms of the Elliott Management bid.
Citgo Petroleum Corporation — which owns and operates 3 large-scale, highly complex petroleum refineries with a total rated crude oil refining capacity of 807,000 barrels per day (b/d), located in Lake Charles, La., Corpus Christi, Texas and Lemont, Ill
Source: Citgo
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Gold Reserve’s disqualification motion was filed under seal and a redacted copy will be posted to the Company website under Citgo proceedings when it is filed.
The Venezuela parties – the Bolivarian Republic of Venezuela, PDVSA, PDVH and Citgo Petroleum – also filed under seal a motion to disqualify the Special Master, Weil and Evercore, and a redacted copy will be posted to the company website under Citgo proceedings when it is filed.
RELATED: Citgo Petroleum reports weak refining margins in the 1Q:25
In other developments, opening post-sale hearing briefs were submitted by the parties on 8 Oct. 2025, copies of which will be posted here.
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