Hugo Chávez died 19 months ago, but the late Venezuelan strongman left some unfinished business that could cost his cash-strapped country as much as $15 billion.
A group of US investors, who have been fighting in the courts for a decade to get Venezuela to make good on $100 million in 30-year-old bonds, is pressing its case just when the country can least afford it.
The group, Skye Ventures, is moving to put a lien on Citgo Petrol, the US subsidiary of Venezuela's state-owned oil company, and is confident the court will grant it.
The timing couldn't be worse for Venezuela, which is teetering on the brink of bankruptcy and is shopping Citgo in the hopes of raising around $15 billion.
"We've already sent a letter to their CEO in Houston," said Chip Cooper, the lead attorney for Columbus, Ohio-based Skye. "We truly believe Citgo's assets will be subject to attachment."
Getting a lien on Citgo may be the break Skye needs to resolve a battle extended for years by Venezuela's arguing over venues, changing law firms eight times and appealing a series of courtroom defeats all the way to the Supreme Court.
Skye's debt saga began in October 2003 when — before buying bonds from Venezuelan bank Bandagro — the investor group obtained a 54-page decree from the country's Attorney General asserting the debt's legitimacy. Skye purchased the bonds, with a face value of $100 million, as part of a $1 billion issue already guaranteed by Venezuela before their sale in 1981.
Despite guarantees by the country and later its AG, Venezuela refused to honor its obligations when Skye presented the bonds for payment in August 2004.
Never mind the 54-page decree. The AG who issued it was fired and replaced with a new AG who immediately declared the debt instruments fraudulent.
So began a decade-long legal battle that is headed to trial in an Ohio federal court on April 20. Skye's bonds have since accrued enough interest to be worth $1.5 billion. That, in turn, puts the cost of redeeming the whole debt issue at $15 billion.
"If we prevail at trial, other owners of the bonds can take notice of our judicial ruling and pile on," said Cooper. "But if Venezuela settles before going to trial, the settlement will likely be kept confidential and there will be no finding by a US court that the bonds are legitimate."
Reason would seem to favor a settlement, especially in light of indications the court plans to be guided by the original AG's decree. But Venezuela could decided to go for broke — literally.
In the balance hangs Citgo. Proceeds from its sale could be just enough to make Skye and Venezuela's other bondholders whole again.
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