PDVH shares

.Gold Reserve Ltd., a Bermuda‑incorporated miner listed on the TSX‑V, has appealed the U.S. District Court’s Nov 29, 2025 order that transferred PDVH (Venezuelan oil) shares to Elliott/Amber Energy. The appeal contests the $2 billion valuation, arguing the court ignored contractual terms, cash‑flow projections, and sanction‑adjusted asset value. Venezuela’s government, PDVSA, and related entities have also sought a stay. The case underscores geopolitical risk, the impact of U.S. sanctions on sovereign assets, and could set a precedent for fair‑value assessments in similar distressed‑asset sales.

On September 18, 2025, a U.S. court ruled against Gold Reserve Ltd. in its bid to acquire PDVH shares, granting the Special Master’s request to terminate Gold Reserve’s share purchase agreement with Dalinar Energy and proceed with a SPA with Elliott’s Amber Energy. The judge emphasized that this decision aligned paperwork with the Special Master’s recommendation and didn’t reflect a final decision on the superior bid. A written order is forthcoming. The case involves competing bids for PDVH shares from Gold Reserve and Elliott.