Venezuela has never defaulted on any of their ICSID decisions so far.

They hardly ever put out cash though. They always trade something at the satisfaction of the claimant.

Recently they settled with Gold Reserve by offering them the Las Christina's property.

This has been their history. I think in our case it is cash only and perhaps Gold Reserve will need to be involved and others in the mining project to settle. Of course Venezuela is trying to remove all there assets from their world holdings so we have no way to force payment. They repatrioted all their gold from everywhere to avoid vulnerability there. Citgo is their biggest asset located in USA and other places. They are trying to sell bonds with Citgo as collateral to a level where Citgo no longer have value for claimants to attack. The courts are now involved to prevent this from happening for obvious reasons. Eventually with all these lawsiuts still out there if won, Venezuela may end up with default problems.

I have said this before. This is my theory not a lawyer but a business investor. Think about it. If you were Tenor and Venezuela told you we will give you $700M cash or thereabouts to settle, would you settle if all that money went to you.

The problem with Tenor is that we shareholders are a thorn in their side. Without us involved they then can make a deal. As long as were are there they can do nothing and that is why they are trying so hard to get rid of us. We go for the whole amount period.

BUT. Here comes Gowlings with a case to keep shareholders in which is what the Committee is all about. They are shareholders. . Not so much that a Judges order would not include everyone but for Gowlings to be able to show support from everyone of us when they go to the Judge to show him how many of us have been affected and devestated by this country's actions and not allow Tenor to elliminate us. This way we go for the whole amount or Tenor can make a deal with us to reach a settlement. So the strategy in my way of thinking is to put Tenor between a rock and a hard place. We will deal with them, so to speak, if the give us $1.50 a share. Then they can do what they want.

I have left a few things out but this post is long enough.

Good luck.

See you in Florida if you are travelling.

By the way i am also a member of the super seniors of this group.