U.S. judge authorizes seizure of Venezuela’s Citgo

MarketWatch ^ | Aug 10, 2018

[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.

[Hugin]

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.

[Zhang Fei]

Winning!

[Gay State Conservative]

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

[Hugin]

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.

[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...

[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...

Interesting times my FRiend.

[Fred Hayek]

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

[Rob the Ugly Dude]

RIP Venezuela.

[Gay State Conservative]

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.

[lurk]

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.

[kaktuskid]

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

[Hugin]

“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?

[outofsalt]

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

[Zhang Fei]

[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.

[BwanaNdege]

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.

[Chode]

WINNING!!!

[BwanaNdege]

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?

[Paladin2]

I’m down with that struggle...

[Rebelbase]

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

[jjotto]

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.