The First Tuesday Update (FTU) is our monthly take on current
issues in commercial disputes, international arbitration, and
judgment enforcement.
A case of current, significant interest in our space is
Crystallex International Corporation v. Bolivarian Republic of
Venezuela, No. 17-mc-151, D. Del. (Crystallex), in
which we are involved and which has been the subject of prior FTUs.
Crystallex is the Delaware case involving the potential
sale of the stock of Citgo, an indirectly owned asset of Venezuela,
to satisfy creditors of Venezuela and PDVSA. The case has been very
active—in the time since our last update on March 5, 2024, there
have been over 500 docket entries. Most notably, the case has
continued to progress to a court-supervised sale of Citgo, with a
stalking horse bid recently received. We provide a high-level
overview, and a month-by-month summary, below.
