Tag Archives: dollars

Dollars flood Venezuela as Maduro abandons ‘socialismo’ in favour of Chinese system


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Oracle billionaire Larry Ellison has moved to Lanai, the Hawaiian island he’s spent half a billion dollars developing. Here’s how Ellison bought 98% of the island and turned it into a sustainability experiment.


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Kelly Loeffler’s Atlanta mansion, ‘Descante,’ mysteriously dropped in value by millions of dollars, giving her a tax cut of roughly $88,000


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Representatives for ‘Tiger King’s’ Joe Exotic are said to be chasing Trump down for a pardon and spending thousands of dollars to get it


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‘Biggest fraud of taxpayer dollars in California history’: EDD claims filed in name of serial killers, rapists, murderers


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Camp Fire survivor who lost home in deadly blaze bilked of thousands of dollars, police say

Camp Fire survivor who lost home in deadly blaze bilked of thousands of dollars, police sayBrenda Rose Asbury is accused of embezzling more than $ 60,000 from an elderly woman who survived the deadly Camp Fire in Paradise, California



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Michigan Farmers Suffered a Massive Apple and Pumpkin Heist, Losing Thousands of Dollars in Produce

Michigan Farmers Suffered a Massive Apple and Pumpkin Heist, Losing Thousands of Dollars in Produce"This was not a one man job"



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A family found more than half a million dollars in cocaine on the beach during their vacation

A family found more than half a million dollars in cocaine on the beach during their vacationA man and his family discovered 20 bricks of cocaine while on vacation in South Carolina, estimated to be worth $ 600,000.



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A leaked offer to an Iranian tanker captain exposed an open secret: The US will pay you millions of dollars to betray its enemies

A leaked offer to an Iranian tanker captain exposed an open secret: The US will pay you millions of dollars to betray its enemiesDefense and security experts were incredulous that the US government used email to offer millions of dollars to the captain of an Iranian oil tanker.



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Venezuela Faces the Loss of Citgo — and Desperately Needed Dollars

Venezuela Faces the Loss of Citgo -- and Desperately Needed Dollars(Bloomberg) — Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.A U.S. appeals court ruled on Monday that Crystallex International Corp. may seize U.S.-based stock of Citgo’s parent, which is part of Venezuela’s state-owned oil company, to cover a $ 1.4 billion award over the nationalization of gold fields.Unless reversed on appeal or blocked by the Trump administration, the decision would allow Crystallex to auction the shares to satisfy Venezuela’s unpaid debt to the Canadian company. That means the country, in the grip of its worst recession, could lose control of the refiner that processes Venezuelan crude into desperately needed hard currency.It also complicates efforts by interim President Juan Guaido to retain control of Venezuelan assets including Citgo while waging a power struggle with current leader Nicolas Maduro for leadership of the country. Guaido has asked U.S. President Donald Trump to bar creditors from seizing the country’s assets.Read More: Venezuela Must Pay $ 1.4 Billion in PDVH Stock to Crystallex“At this stage, the only action that could stop Venezuela from losing Citgo is either a successful U.S. Supreme Court appeal, which appears unlikely, or a decision by Trump to issue an asset-protection order as Guaido has been requesting,” Francisco Rodriguez, chief economist for Torino Capital, said in an interview.“The UN can also help,” added lawmaker Rafael Guzman, part of the opposition-led National Assembly’s finance committee. “We are going to push for all of them.”Guaido and Maduro are battling for control of Citgo by naming conflicting board nominees for its owner, Petroleos de Venezuela SA, or PDVSA. A state-court judge in Delaware will decide who has legal right to appoint directors for the state-run oil company, which owns Citgo.Guaido himself didn’t immediately return calls for comment on the appeals court’s ruling, nor did Jose Ignacio Hernandez, Guaido’s special attorney general, who was appointed to oversee litigation worldwide. Officials of Maduro’s Information Ministry didn’t return calls for comment, either.Read More: Venezuela Told to Give Shares of Citgo Parent to Gold Miner“For too long Venezuela has refused to compensate Crystallex for its illegal seizure of Crystallex’s assets,” Bob Fung, Crystallex’s CEO, said in an emailed statement. He added the court’s ruling was a “crucial step in getting Venezuela finally to honor its legal obligations.”Venezuela’s crisis follows years of Maduro’s and ex-leader Hugo Chavez’s socialist economic policies and the collapse in the country’s all-important oil industry. Venezuelan officials are scrambling to keep their hands on Citgo to rebuild the economy.Guaido, head of the country’s National Assembly, and Maduro, who has the support of the Venezuelan Army, have held talks in Oslo, Norway, seeking to resolve the crisis. The latest round of negotiations were scheduled to take place earlier this month in Barbados.Crystallex’s gold mining operations near Las Cristinas, Venezuela, were seized without compensation in 2011 when Chavez nationalized the country’s gold-mining industry. The company pursued arbitration and won a $ 1.2 billion award plus interest in 2016.Last year, Venezuela officials handed over $ 425 million as partial payment of the arbitration award, but the company couldn’t cut a deal to satisfy the rest of the debt. So Crystallex pushed ahead with efforts to seize shares of Citgo’s parent.Crystallex officials waged a three-year battle to seize shares of PDV Holding Inc., which owns Citgo. PDVSA owns the holding company. A federal judge in Delaware concluded last year that since Venezuela controls PDVSA, shares of Citgo’s parent were fair game to be seized for the debt.The Philadelphia-based appeals court upheld the trial judge’s finding that PDVSA is Venezuela’s alter ego in part because its run by the country’s military and all profits flow to the country’s coffers.|“It has the potential to be a big blow to Venezuela,” Russ Dallen, managing partner of Caracas Capital, said in an interview. “The pool of creditors that can now attack and go after PDVSA is greatly expanded.”Crystallex isn’t the only company that has sued Venezuela over unpaid debts. Investors have sued over $ 65 billion in defaulted bonds while rival ConocoPhillips sued Venezuela over seizure of its oil assets in the country. The U.S. oil giant won a $ 2 billion arbitration award over the nationalized assets. Last year, ConocoPhillips executives got $ 345 million in cash and commodities in settlement after the U.S. company seized some PDVSA assets in the Caribbean.The case is Crystallex International Corp. v. Bolivarian Republic of Venezuela, No. 18-2797, U.S. Court of Appeals for the Third Circuit (Philadelphia).(Adds details throughout.)\–With assistance from Alex Vasquez.To contact the reporters on this story: Jef Feeley in Wilmington, Delaware at jfeeley@bloomberg.net;Bob Van Voris in federal court in Manhattan at rvanvoris@bloomberg.net;Porter Wells in Washington at pwells30@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, ;Jo-El Meyer at jmeyer154@bloomberg.net, Peter JeffreyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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