Valorem Research - Legal Special Situations

$RMLFF $GDRZF

Valorem Legal Research — Mon, 12 Jan 2026 00:18:45 GMT

Quick update on Venezuela and the related Citgo securities—

By now, many folks have seen the Executive Order that came out from the White House on Friday afternoon. This EO states that all “Foreign G…

Venezuela + $RMLFF $GDRZF

Valorem Legal Research — Sun, 04 Jan 2026 15:54:13 GMT

Obviously some substantial developments in the last 48 hours, so worth a quick note on what this means for VZ-related investments. I’ve gotten a number of inbounds from folks worrying that this will…

$BBIO $RMLFF $ABUS Updates

Valorem Legal Research — Mon, 22 Dec 2025 15:17:26 GMT

Hope everyone is having a great holiday season! The legal special sits year is ending with about as much excitement as it began—which is to say, not much excitement. Many of the plays that Twitter …

$RMLFF

Valorem Legal Research — Tue, 11 Nov 2025 15:51:05 GMT

Super quick note on RMLFF—

Gold Reserve filed a complaint yesterday against Rusoro claiming it was in breach of contractual obligations under the consortium agreement. While the litigation is nascent…

$LQDA $BBIO $GDRZF Updates

Valorem Legal Research — Mon, 10 Nov 2025 18:45:36 GMT

Let’s start off with Liquidia first—

The transcripts from the June bench trial were made public last week, shedding a bit more light on some of the arguments. At the outset, I’ll say that I never exp…

$LQDA and $GDRZF Updates

Valorem Legal Research — Tue, 07 Oct 2025 12:58:29 GMT

LQDA UPDATES

Jumping right into it with LQDA first here. Below I have my legal analysis supplementing a post from a few weeks back, along with fundamental analysis from Findell Capital, which has kin…

Urgent $GDRZF Update

Valorem Legal Research — Thu, 18 Sep 2025 14:22:10 GMT

Today is the final day of the Sale Hearing in Delaware for the sale of Citgo. Witnesses over the last few days have delivered testimony related to the valuation of Citgo and the validity of the Ambe…

$GDRZF Update / Correction

Valorem Legal Research — Fri, 05 Sep 2025 13:32:53 GMT

A quick but material correction from this week related to Gold Reserve’s recovery in the event of an Amber Energy win:

Due to certain redactions in the Amber bid filing, the original amount reported t…

$GDRZF Update

Valorem Legal Research — Tue, 02 Sep 2025 12:44:13 GMT

Gold Reserve’s stock price took a hit a couple weeks ago as the Delaware hearing seems to cut in favor of the Elliott affiliate Amber Energy, whose bid allocated a full $2.8B to 2020 bondholders and …

$GDRZF Update

Valorem Legal Research — Thu, 14 Aug 2025 22:17:18 GMT

Today we got a continuance in the Delaware litigation—right in the eleventh hour preceding the Final Sale Hearing next week. The continuance is due to the fact that the Special Master received an un…

LQDA: Another Bite at the Apple?

Valorem Legal Research — Tue, 05 Aug 2025 12:09:35 GMT

A few weeks ago we saw the bench trial for United Therapeutics’ patent infringement case against Liquidia in the District of Delaware in front of Judge Andrews—this time with United asserting the ’327 patent (which we’ve discussed before) pertaining to the use of treprostinil to treat ILD, rather than PAH. The reports out of the trial were conflicting, and I was not in attendance, so take that as you will when comparing the relative veracity of folks’ respective assessments.

That being said, I’ve been through the opening post-trial briefing, and I’ve got some thoughts. Additionally, it seems that folks are reading the tea leaves on earnings and pumping the stock into the print. We’ll take a look at those in reverse order to see if this is worth jumping in now

8/12 Earnings — Justified Excitement?

Some recent news from the BTIG Biotech Conference indicates that folks should be excited about Yutrepia adoption. Dr. Tim Lahm, a pulmonologist at study site University of Colorado, has indicated discontinuation rates are pretty darn high (~70%) for Tyvaso among inhaled-treprostinil naive ILD patients, with the leading cause of discontinuation being clinical worsening. Not great for United. Dr. Lahm has also indicated that he expects to switch one third to one half of his Tyvaso ILD patients to Yutrepia within the next year, and that he expects to start all new ILD patients on Yutrepia.

By most accounts, Liquidia is going to blow the expected script numbers out of the water on the 15th.

Litigation — General Thoughts

One of the things that is worth knowing at the outset is that, in the event Liquidia loses this litigation, the infringement relates only to treatment of ILD. That means that LQDA PAH revenues are not at risk. Given ILD is the larger market though, this could still be a big hit to LQDA’s top line, and it’s not impossible that United could obtain an injunction if successful in proving infringement, kneecapping Liquidia’s ability to get Yutrepia into the hands of those WHO Group 3 patients.

That is all pretty unlikely though. We’ve discussed the standard for issuing permanent injunctions previously—a standard that includes an equitable consideration of the public harm/benefit. There has been ample evidence that Liquidia is capturing treprostinil-naive patients in the Yutrepia-enrollees, demonstrating clear unmet need. The likelihood that Judge Andrews issues a permanent injunction in the event of a United win seems very low to me. That being said, a substantial royalty (likely on the order of 10-25%) would be a fairly sizable hit to Liquidia’s top line in the ILD market.

$GDRZF $RMLFF -- Correction on last Post

Valorem Legal Research — Thu, 03 Jul 2025 14:39:27 GMT

In my last post I said RMLFF was set to receive cash, but it appears from the court docs that RMLFF has agreed to non-cash consideration, which helps explain some of the discount currently being pric…

$GDRZF $RMLFF Update

Valorem Legal Research — Thu, 03 Jul 2025 14:17:42 GMT

Quick update—The Special Master has officially recommended the Gold Reserve/Dalinar consortium bid. Final Sale Hearing to be held on August 18, as previously scheduled.

I added fairly heavily to $GD…

$GDRZF $RMLFF Update

Valorem Legal Research — Tue, 01 Jul 2025 23:27:35 GMT

Big news out of Delaware tonight: Bloomberg is reporting that the Special Master is set to recommend the Dalinar Energy/GDRZF consortium bid. This bid would cover Rusoro in cash, and covers—at least…

$BUR and $LQDA FAQs

Valorem Legal Research — Mon, 30 Jun 2025 22:28:07 GMT

A quick update on two names that have been quiet for a while—

Today Judge Preska ordered Argentina to fork over its 51% stake in YPF to satisfy the judgment against it in the S.D.N.Y. case:

Judge Pres…

$GDRZF $RMLFF Update

Valorem Legal Research — Wed, 25 Jun 2025 16:36:13 GMT

The docket here was just updated with a new Topping Period bid from Black Lion Capital. The bid is an $8B, all-cash bid with no financing contingencies. It also provides for the ability to go up to…

$GDRZF $RMLFF $ABUS Updates

Valorem Legal Research — Thu, 05 Jun 2025 12:50:53 GMT

Quick update note because of some recent developments across the Crystallex and Arbutus cases.

$GDRZF / $RMLFF

Last week, Judge Stark granted a VZ motion to extend certain deadlines by a few weeks. Th…

$GDRZF Update

Valorem Legal Research — Fri, 23 May 2025 00:37:14 GMT

Quick update on Gold Reserve developments and timeline for those who have been asking / those still following this one:

On Tuesday, Judge Rakoff in SDNY ruled against plaintiffs in their summary judgm…

Property Bothers

Valorem Legal Research — Thu, 01 May 2025 15:12:36 GMT

This article is being published without a free preview, due to sensitivities around the market cap and liquidity of the business at-issue along with the higher-risk nature of a litigation stub busine…

$GDRZF Update + New Legal Special Sit Idea Shortly

Valorem Legal Research — Thu, 24 Apr 2025 15:20:11 GMT

Figured I’d send out a quick update on GDRZF again since we received Stark’s ruling this week on the Stalking Horse bid. As expected, Stark adopted the Red Tree/Contrarian bid, which at first blush …