The report from court-appointed expert Robert B. Pincus regarding the CITGO auction, submitted to the U.S. District Court for the District of Delaware, covering the period from March 1 to June 30, 2025, outlines a total of fees and expenses exceeding USD 12 million, along with a request for the court to determine the reasonableness of these fees.
The report details the actions taken by Pincus concerning the sale of shares of PDV Holding Inc., owner of CITGO Petroleum Corporation, following a court order from April 2021. It outlines the activities conducted during the specified period, the marketing process, the review of initial and subsequent buyer offers, negotiations of stock purchase agreements, and the preparation of recommendations.
Additionally, the report discusses discovery activities and the presentation of numerous pleadings and motions related to the CITGO auction, taking place within the context of the case involving Crystallex International Corp. against the Bolivarian Republic of Venezuela.
Progress in the marketing and sale process of PDV Holding Inc.
The report submitted to the Delaware Court on August 4, 2025, highlights what Robert B. Pincus considers to be significant progress in various stages of the sale process, which is currently at an advanced stage.
Pincus reports having meetings with CITGO’s management team and advisors to address legal diligence requests and changes to disclosure attachments; conducting investigations regarding the procedures and sale process for selecting the initial reference offer and final recommendations.
He also mentions the evaluation of documentation and correspondence with the U.S. Department of Justice and the OFAC; meetings with parties involved in the CITGO auction, namely, Crystallex International Corp., the Bolivarian Republic of Venezuela, ConocoPhillips, and additional judgment creditors.
Likewise, Pincus accounts for the review, negotiation, and drafting of stock purchase agreements with bidders, which include commitment letters from bidders; preparation and attendance at court hearings and review of court orders; monitoring developments in related litigation, such as the “alter-ego” litigation and the litigation involving 2020 PDVSA bondholders.
Expenses and fees of the CITGO auction court expert
The report from CITGO auction expert Robert B. Pincus, alongside his advisors—Weil, Gotshal & Manges LLP, Evercore, Potter Anderson & Corroon LLP, Santora CPA Group—during the period from March 1, 2025, to June 30, 2025, presents a total of fees and expenses amounting to USD 12,187,136.40.
This amount is broken down as follows:
March 2025: USD 5,398,845.01
April 2025: USD 1,796,337.58
May 2025: USD 1,480,416.61
June 2025: USD 3,511,537.20
Each party involved in the CITGO auction must promptly pay their share of Transaction Expenses as a condition of maintaining their status.
Order for expense approval
Judge Leonard P. Stark issued a judicial order approving the fees and expenses submitted by the court expert for the CITGO auction, Robert B. Pincus, for USD 12,187,136.40 for services provided between March and June 2025, deeming them regular and reasonable.
Stark set a 30-day deadline for the parties from Venezuela and other judgment creditors to make the corresponding payments for their assigned transaction expenses.
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