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In SDNY Lawsuit Against Venezuela  Stalls On Percentage of Assets Invested in Bolivarians

By Matthew Russell Lee, Exclusive, Patreon
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SDNY COURTHOUSE, Oct 23 – Petroleos de Venezuela, S.A. has been sued for failing to pay off on Notes owned by four Italians named Lovati. It is a state owned company; responding in its name and making a motion to dismiss in the U.S. District Court for the Southern District of New York is a representative of Juan Guaido.

Nicolas Maduro and his representatives, the Lovatis' lawyer Anthony J. Costantini of Duane Morris LLP told SDNY Judge Andrew L. Carter on October 29, 2019 in proceeding with Inner City Press one of two people in the gallery, have defaulted.

   Judge Carter chided Petroleos de Venezuela's or PDVSA's lawyer Dennis H. Tracey of Hogan Lovells for making a motion to dismiss or in the alternative for a 120 day stay without the requisite pre-motion letter.

    A new schedule was agreed to, with the Lovatis' response due on November 12 and PDVSA's reply on November 26. Judge Carter declined to hear anything about the asserted Maduro default, saying "they are not present."

    "While hope spring eternal," Judge Carter said, what makes you believe things will be different in 120 days?

   We may come and ask for more time, Guaido's lawyer said.

On November 26, 2021, plaintiff filed a joint status report that "the only unresolved issued concerns plaintiffs' response to Interrogatory 9, which asks plaintiffs to "State the percentage of your total assets that is comprised of securities issued by the Republic or its agents or instrumentalities."

 The case is Lovati et al. v. Petroleos de Venezuela, S.A., 19-cv-4799 (Carter).



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