Back in June 2017 a NY court issued and order authorizing Crystallex to seize $710 million in credit linked notes issued by Nomura, owned by Venezuela and in Nomura's hands for sale at the request of the Venezuela Central Bank.

The notes where 2018 ($390 million) and 2023 ($320 million) credit link notes that Venezuela bought when it was swimming in money from crude oil selling at +$100/barrel, in the first decade of 2000.

The seizure order was "in the money" (Nomura received it while in possession of the notes and could not sell them without a court order annulling the original order). Yet, to this date, neither Crystallex, Venezuela or Nomura had come out with any indication as to what became of the notes.

It is safe to assume that Crystallex has not gained access to the notes, since it would have had to brief the court via the Monitor about the money received. I check the NY court docket to find out what Nomura / Venezuela did to stop KRY from gaining access to the notes, but there is no record of any legal action by either one. 

A seizure order has one of two possible outcomes: 1) it becomes null and void when it is ineffective (i.e. the bank is not in possession of the notes), or 2) the bank and the owner of the notes prove to the issuing court that the notes cannot be sized (e.g. seizure of the notes is not allowed by law because of protections afforded to a foreign government).

Since the seizure order was effective, again, only the NY Court could release the notes to either KRY or Venezuela based on a ruling that the notes cannot be seized, or through the agreement between KRY and Venezuela to lift the order. Now, what would KRY gain from such an agreement that is better than $710 million in cash; which would be sufficient to pay off Tenor, the noteholders and everybody else entitled to a payment based on the CCAA proceedings?

Paying off everybody would return the company to its shareholders, which would still have money to pursue the collection of the balance of the ICSID award.  

The question here is: what is the status of the seizure order?