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pdvsa us litigation trust

Miami court recommends dismissal of PDVSA Litigation Trust claim

Yesterday afternoon documents were filed in the docket of PDVSA US Litigation Trust v Lukoil, Helsinge, Glencore, Trafigura et al. Judge Alicia M. Otazo-Reyes concluded that David Boies / PDVSA Litigation Trust had no standing, that Boies "failed to support that it holds a valid assignment from PDVSA", and that Litigation Trust's formation was invalid as per current Venezuelan law. Pretty damning stuff (see pdf below). That was to be expected, of course.

David Boies wants details of PDVSA Litigation Trust hidden

Petroleos de Venezuela (PDVSA), lest our American friends forget, is the principal engine of whatever is left of Venezuela's economy. It has always been thus. Whatever happens with / to PDVSA, is a matter of great significance to / for Venezuela and its citizens. PDVSA launched in Florida and Switzerland competing fraud claims -against Glencore, Trafigura, Vitol, Lukoil, etc.- in what its legal counsel presented as one of the largest corruption schemes to hit the energy giant. A scheme that, allegedly, lasted years and cost the company billions in losses.

INFODIO leaks disprove PDVSA Litigation Trust

Not a lot to add really. David Boies lied argued in different court hearings that Venezuela's interim Attorney General, Reinaldo Muñoz Pedroza, and PDVSA's legal counsel Hilda Cabeza, could not travel outside of Venezuela to be deposed, on specific orders from President Nicolas Maduro. Folks within Venezuela's Immigration Office leaked travel logs proving otherwise.

Leaked travel logs expose Venezuelan officials' contradictions in PDVSA case

Further to the argument advanced by David Boies, regarding inability to produce Venezuelan officials Reinaldo Muñoz and Hilda Cabeza for depositions related to PDVSA US Litigation Trust case (allegedly on express orders from President Nicolas Maduro), travel logs of Muñoz and Cabeza show that they have travelled all right. Just not to where Boies wants them...

Rogelio Perez Perdomo weighs into PDVSA's Litigation Trust's (i)legality

PACER continues to be the only venue where those of us interested in PDVSA / Venezuela legal affairs can keep tabs on Nicolas Maduro's regime actions. The issue of standing, whether Litigation Trust has: 1) a valid legal footing under Venezuelan law, and 2) whether its signatories had valid powers to assign Venezuela's sovereign claims to David Boies, continues to be discussed.

Corruption 101 in Venezuela: A case of me, myself, and I

Defendants in the case brought by PDVSA US Litigation Trust are challenging its standing. It is the natural thing to do, considering parties involved in setting up the trust, and the fact that defendants' Trafigura, Glencore, Vitol, Lukoil, etc., very business model is precisely to find and operate in resource-rich, desperately-corrupt banana republics, like Venezuela.