The recent U.S. court rulings and political developments in Venezuela could end up with the transfer of ownership of New Jersey’s Petty’s Island from Venezuela to investor and conservative donor Paul Singer and his Elliott Investment Management, writes Rich Calder for the New York Post.
The 300‑acre island in the Delaware River, known for its views of Philadelphia, is currently owned by Citgo Petroleum Corp., a subsidiary of Venezuela’s national oil company.
In November, a U.S. federal judge approved a $5.9 billion bid by Amber Energy, an affiliate of Elliott Investment Management, to acquire Petróleos de Venezuela, Citgo’s Venezuelan parent, through a sale of shares to resolve billions in debt claims.
Venezuelan officials called the sale fraudulent and filed an appeal. Since then, U.S. troops captured President Nicolás Maduro on January 3 and brought him to New York City, but it is not yet clear if Venezuela will continue pursuing the appeal.
With President Donald Trump claiming that the United States is now running the South American country, the transfer of ownership for Petty’s Island is likely to close soon.
Read more about Petty’s Island and why it could soon be under new ownership in the New York Post.
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