Welcome to the Crystallex HUB on AGORACOM

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

Message: BRE-X


Yes, Mgt. continues to get compensated handsomely for "their efforts to collect the arbitration award". They have spent money like a drunken sailor to collect the award and got $45 million in cash and $450 million in Venezuelan bonds of "dubious source", which cannot be sold without breaking the U.S. / OFAC sanctions. Selling the bonds requires a license from OFAC, which so far has declined to grant it.  

How was the Tenor / KRY deal negotiated? Informed sources have indicated that the deal with Tenor was negotiated, agreed and sealed before it was presented to the CCAA court as a a "potential' DIP source, and that both Tenor and the KRY Directors played a kabuky dance in which they fooled everybody with the pretense the the DIP lender would be selected through a bidding process and that the compensation to the DIP Lender would not exceed 49% of the ICSID award proceeds. 

In Canada, blatant fraudulent misrepresentations such as this is and the Nomura Notes are punishable by disgorgement, and the people involved are subject to damages and legal costs. Importantly, bankrupcy proceedings afford no protection to those involved in fraudulent misrepresentation.


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