Venezuela Points To New Leadership In $1.2B Award Fight

Law360 (July 17, 2020, 7:46 PM EDT) -- A Delaware judge considering whether to dissolve his order allowing Crystallex to seize shares in Citgo's parent company to enforce a $1.2 billion arbitral award against Venezuela questioned on Friday whether the Third Circuit, which affirmed his decision, had left him the opportunity to do so.

The question by U.S. District Judge Leonard P. Stark during a hearing came in response to arguments by Venezuela's counsel, Donald B. Verrilli Jr. of Munger Tolles & Olson LLP, that the changed political circumstances in the country effectively leave the judge no choice but to bar Crystallex International Corp. from proceeding with a sale...

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