This month we look ahead to 2020 and much anticipated developments in four stories we have been following:

• The $1.2 billion judgment enforcement dispute between Crystallex and Venezuela could go to the US Supreme Court. In July 2019, the Third Circuit ruled that Crystallex International Corp. could seize shares in Citgo Petroleum Corp.'s parent company to enforce a $1.2 billion arbitral award against Venezuela. In an order issued December 12, 2019, Judge Stark stayed the proceeding pending conclusion of the proceedings in the Supreme Court and said there's a "greater-than-usual likelihood" the justices will take on the petition given the important legal and foreign policy issues it raises.

We expect that 2020 will deliver more noteworthy developments in the ongoing saga of Crystallex International Corporation versus Venezuela. In July 2019, the Third Circuit affirmed the Delaware District Court's order granting a writ of attachment of shares in the US-based holding company that owns Citgo.

On December 12, 2019, Judge Stark (D. Del.) stayed the litigation initiated by Crystallex until conclusion of the proceedings in the Supreme Court and said there's a "greater-than-usual likelihood" the justices will take on the petition given the important legal and foreign policy issues it raises. Judge Stark also pointed out that US sanctions imposed on Venezuela has complicated enforcement matters in that creditors must now obtain a license before they can auction off blocked assets. Additionally, Judge Stark said he was concerned about not creating a "run on the bank," as Venezuela's numerous other creditors rush to the court. Judge Stark highlighted once again the complications that Venezuela's creditors may face in obtaining Treasury Department's Office of Foreign Asset Control's (OFAC's) authorization of execution against the shares. Nonetheless, Judge Stark declined Venezuela's request that a stay be imposed until an OFAC license is obtained.

Were the Court to hear this case, one of the issues before the Court would be whether the District Court in Delaware had jurisdiction over PDVSA simply because it had jurisdiction over the Republic of Venezuela and found PDVSA to be an alter ego. According to Crystallex's most recent filing, Venezuela is purposefully delaying reaching the Court. On December 19, 2019, Crystallex filed a motion to modify the stay and have it conditioned upon Venezuela and PDVSA filing their cert petition by January 21. As Crystallex noted in its brief, if a 60-day extension is requested, the cert petition will not be due until April 20, 2020. Even if the Court does not reach the merits of this dispute in 2020, we anticipate that the Crystallex saga will continue throughout the year.

http://www.mondaq.com/unitedstates/x/881522/trials+appeals+compensation/Four+Anticipated+Developments+in+2020