Hugo Chavez Loses Legal Battle
Now this is interesting. This is not a good thing for the people of Venezuela, but then again, neither is Hugo Chavez.
I can hear the rhetoric of his next speech already: ‘the “empire” has stolen our assets in order to break us, but we will not stand down’ and whatever.
What worries me the most, will be reprisals against both American interests, and the people of Venezuela. Hugo is not a mentally stable individual. I wouldn’t put anything past him and his cronies.
On a side note, isn’t it funny how the lawyers always get paid?
After a six-year legal battle, Venezuela strongman Hugo Chavez finally struck out in federal court this week and must honor an $8 billion bond debt his government ran up — or face seizure of his 14,000 nationally owned Citgo gas stations in the US.
The flap began when Chavez was sued in 2005 by a group of Ohio investors who claimed he and his government refused to make payment on quarter-century-old bonds, despite certification and guarantees by Venezuela’s oil-rich Treasury.
The Chavez administration started a dirty-tricks stonewalling campaign to cheat investors, a federal lawsuit charged at the time. After two years of litigation, Federal Judge John Holschuh agreed with the investors and ordered Venezuela to make good on the $6 billion in bonds — plus interest.
Instead of paying, Chavez mounted a counter-attack and, working his way through at least five law firms, spent $40 million and tied up the courts for four more years in a bitter — and ultimately unsuccessful — appeals fight.