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U.S. judge authorizes seizure of Venezuela’s Citgo
MarketWatch ^ | Aug 10, 2018

Posted on 08/10/2018 2:13:31 PM PDT by Hugin

A U.S. federal judge authorized the seizure of Citgo Petroleum Corp. to satisfy a Venezuelan government debt, a ruling that could set off a scramble among Venezuela’s many unpaid creditors to wrest control of its only obviously seizable U.S. asset.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: bitcoin; citgo; cryptocurrenct; cryptocurrency; iran; petro; russia; venezuela
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This is a yuge blow to the commie regime in Venezuela, and incidentally to Russia, who own 49% of Citgo (yet another example of Trump-Russia collusion /s). The Trump administration set this up by reauthorizing the trade of Citgo bonds, which in turn allowed this Canadian mining company to sue them for defaulting on their debt. The bottom line is this cuts off the last remaining source of US dollars to the Maduro regime (other than drug money). If things were bad there before, they are about to get a lot worse.
1 posted on 08/10/2018 2:13:31 PM PDT by Hugin
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To: Hugin

Winning!


2 posted on 08/10/2018 2:17:27 PM PDT by Zhang Fei (They can have my pitbull when they pry his cold dead jaws off my ass.)
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To: Hugin

Ten bucks says that,in the end,the lawyers will be the only winners here.


3 posted on 08/10/2018 2:20:46 PM PDT by Gay State Conservative (You Say "White Privilege"...I Say "Protestant Work Ethic")
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To: Gay State Conservative

I’ll take that bet. Citgo has billions of assets in the USA, which can now be seized by their creditors. But I’m more happy with who the losers are.


4 posted on 08/10/2018 2:24:53 PM PDT by Hugin ("I fear for Hugin that he will not come back, yet I tremble more for Munin.")
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To: Hugin

Hmm...they owe China a lot more. Correct me if I’m wrong, but will this set up a Chinese lawsuit in U.S. courts against a Venezuelan company that is 49% owned by the Russians? My head hurts...


5 posted on 08/10/2018 2:25:43 PM PDT by Billthedrill
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To: Billthedrill
Hmm...they owe China a lot more. Correct me if I’m wrong, but will this set up a Chinese lawsuit in U.S. courts against a Venezuelan company that is 49% owned by the Russians? My head hurts...

Interesting times my FRiend.

6 posted on 08/10/2018 2:32:54 PM PDT by Hugin ("I fear for Hugin that he will not come back, yet I tremble more for Munin.")
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To: Hugin

Two refining complexes in Corpus Christi TX, one in Lake Charles LA. Those are two I am familiar with (worked on the coker units).


7 posted on 08/10/2018 2:39:20 PM PDT by Fred Hayek (The Democratic Party is now the operational arm of the CPUSA)
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To: Hugin

RIP Venezuela.


8 posted on 08/10/2018 2:45:32 PM PDT by Rob the Ugly Dude
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To: Hugin
Hmmm....it would seem that you lack imagination here.Just wait until Venezuela starts seizing stuff belonging to US companies.And wait until the State Department is forced to become involved.

Yes,Citgo may be worth billions...a fact that will light a fire under more lawyers than either of us could possibly fathom.

9 posted on 08/10/2018 2:48:15 PM PDT by Gay State Conservative (You Say "White Privilege"...I Say "Protestant Work Ethic")
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To: Hugin

Seizure through the courts will take time. Plus Venezuela can just import Cuban oil ;).Maduro and his posse better keep their escape aircraft fueled up and ready to fly.


10 posted on 08/10/2018 2:49:19 PM PDT by lurk
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To: Gay State Conservative

The already have. The GM plant in Venezuela was nationalized recently


11 posted on 08/10/2018 2:50:49 PM PDT by kaktuskid
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To: Gay State Conservative

“Just wait until Venezuela starts seizing stuff belonging to US companies.”

They did that 15 years ago. I don’t think there’s much left there for them to seize. In any case that won’t get them currency. How long will the army stay loyal when they aren’t being paid?


12 posted on 08/10/2018 2:52:25 PM PDT by Hugin ("I fear for Hugin that he will not come back, yet I tremble more for Munin.")
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To: Hugin

President Malia Obama will return it to Venezuela in 2040 with a plane load of interest, paid in cash. /S


13 posted on 08/10/2018 2:59:38 PM PDT by outofsalt (If history teaches us anything, it's that history rarely teaches us anything.)
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To: Gay State Conservative

[Hmmm....it would seem that you lack imagination here.Just wait until Venezuela starts seizing stuff belonging to US companies.]


Its seizure of US assets for over a decade is exactly why this is such a great move. Citgo isn’t off-limits any more. They’ll probably get pennies on the dollar. But when the principal is tens of billions of dollars, that’s still a nice chunk of change.


14 posted on 08/10/2018 3:04:42 PM PDT by Zhang Fei (They can have my pitbull when they pry his cold dead jaws off my ass.)
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To: Billthedrill
Correct me if I’m wrong, but will this set up a Chinese lawsuit in U.S. courts against a Venezuelan company that is 49% owned by the Russians? My head hurts...

When we lived in Kenya, I'd often see this cartoon posted behind the cashier's counter of a shop.


15 posted on 08/10/2018 3:16:51 PM PDT by BwanaNdege
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To: Hugin
WINNING!!!

16 posted on 08/10/2018 3:19:42 PM PDT by Chode ( WeÂ’re America, Bitch!)
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To: Gay State Conservative
Yes, Citgo may be worth billions...a fact that will light a fire under more lawyers than either of us could possibly fathom.

What, no more Mesothelioma Victim commercials on late night TV?

No more Hernia Mesh Victim commercials, either?

17 posted on 08/10/2018 3:19:55 PM PDT by BwanaNdege
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To: Hugin

I’m down with that struggle...


18 posted on 08/10/2018 3:23:40 PM PDT by Paladin2 (no spelchek, no problem...)
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To: BwanaNdege

I truly believe that our society’s decline took a steep drop once lawyers and pharmaceutical companies were allowed to advertise.


19 posted on 08/10/2018 3:25:13 PM PDT by Rebelbase (Consensus isn't science.)
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To: Rebelbase
I truly believe that our society’s decline took a steep drop once lawyers and pharmaceutical companies were allowed to advertise.

No doubt about it. Politics follows culture.

20 posted on 08/10/2018 3:28:17 PM PDT by jjotto (Next week, BOOM!, for sure!)
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