Will Venezuela Pay Out $1.4B?
posted on
Mar 14, 2017 02:45PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
We were given the award but will we eventally ever see the money? It looks like they owe more money than they now have in gold in their treasury $10.5B from over $30B when Chavez expatriated his gold from abroad. Their economy is getting worse. Most of their reserves went to China and Russia to buy food and stuff to sustain their people.
A good case in point regarding the question of payment is what is going on with GRZ who won the award of $750M and agreed by Venezuela to pay it. When Venezuela agreed to pay the full award the stock went as high as $7 but since then the stock has dwindled to $3.66 today. Something is wrong with this picture. Price movement down like this only means the hope by shareholders of getting the award money is questionable.
I have as much skin in this stock as anyone else here and i have opted in but my hopes of getting anything is very low. In spite of all the lawyering and everything it only works if there is a full payment of $1.4B. Maybe in 10 years?
Kind of pessimistic but don't expect anything until you get it. Time is not of the essence in this business. In fact the only people who win with extended time are the lawyers.
Good luck to all. I hope this is settled within my lifetime.