Miami Herald: ‘No one wants to be last in line.’ Seizure of Venezuela oil assets may start wave

“We are at the start of a snowball” rolling downhill, added Russ Dallen, managing partner of Caracas Capital Markets, an investment bank in Miami. “Now that people have started to file lawsuits, we are going to see a run because no one wants to be the last in line.”

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The Canadian mining company Rusoro filed a lawsuit this week in Houston seeking to seize the assets of Citgo, the U.S. branch of PDVSA, which, if approved, would be a devastating blow to Venezuela’s oil future, Dallen said.

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“I think Rusoro probably decided to act when it saw how ConocoPhillips jumped in line, ahead of other creditors, and started to embargo assets in the Caribbean, taking control of [oil] terminals and storage facilities,” said Dallen.

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