Crystallex International Corporation v. Bolivarian Republic of Venezuela
Filing 738
MEMORANDUM ORDER: (1) The Step 5 (Writ) Deadline SHALL be the date that is ten (10) calendar days prior to the deadline for the first round of bidding, whether that be for Stalking Horse bids or regular-way bids. (2) The Step 7 (Perfected Writ) Deadl ine SHALL be the date that is ninety (90) calendar days after the Step 5 (Writ) Deadline, but in no event will such date occur later than the date that is ten (10) calendar days prior to the deadline for the final round of bidding. (3) The Special Ma ster's recommendations regarding procedures to implement the priority arrangement outlines in the Court's July 27 Order are ADOPTED. Each party seeking to become an Additional Judgment Creditor SHALL file on the docket of the Crystallex cas e (Misc. No. 17-151-LPS), no later than three (3) business days after entry of this Memorandum Order, a summary of the dates of all completed steps, as outlined in the July 27 Order, including supporting documentation sufficient to support the party& #039;s representations. After this initial filing, each party seeking to become an Additional Judgment Creditor SHALL make further filings on the docket of the Crystallex case (Misc. No. 17-151-LPS) indicating any additional Step completed, no later than three (3) business days after the completion of such additional Step, including supporting documentation sufficient to support the party's representations. The Special Master SHALL maintain a chart ("Steps Chart") tracking the pro gress of each party seeking to become an Additional Judgment Creditor and shall submit the Steps Chart to the Court by filing on the docket of the Crystallex case (Misc. No. 17-151-LPS) on no less than a monthly basis. The Court will, as necessary, i ssue additional orders consistent with the procedures recommended by the Special Master, and now adopted by the Court, to further implement the priority arrangement procedures. The Venezuela Parties, Crystallex, and Red Tree Investments, LLC made sev eral additional proposals and requests regarding the priority arrangement procedures. These proposals and requests appear to be complementary to, rather than inconsistent with, the priority arrangement procedures recommended by the Special Master. Th e Special Master indicated at the September 12 status conference and in a letter filed on September 20 that he does not object to these proposals and requests. Nor has the Court received any objections from the Sale Process Parties or any other inter ested entities regarding these proposals and requests. Therefore, the proposals and requests made by the Venezuela Parties, Crystallex, and Red Tree Investments, LLC with respect to priority arrangement procedures, including the language necessary to implement Crystallex's proposal, submitted by Crystallex pursuant to the Court's instruction at the September 12 status conference, are ADOPTED. The Court will enter additional orders, consistent with this Memorandum Order, in each of the creditor actions. (PLEASE SEE MEMORANDUM ORDER FOR FURTHER DETAILS) Signed by Judge Leonard P. Stark on 10/11/2023. (apk)
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