Case No. VENEZUELA-2018-357535-1; LICENSE No. VENEZUELA-2018-357535-1

Date issued: Oct. 25 2018

Last substantive commentary amendment:
Feb. 21 2024

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TURBOFAC Commentary (1356 words)

Notes:

1) Negotiations to Settle U.S.-based Lawsuits Focusing on Blocked Property

The context of this license and cover letter is an attachment proceeding in which a U.S. person law firm represents certain persons—including blocked U.S.-incorporated entities—that were blocked pursuant to EO 13692 whose U.S.-based blocked property was the subject of a Terrorism Risk Insurance Act (TRIA)-based writ of execution. The blocked property was scheduled to be sold pursuant to the writ of execution soon after the issuance of the license.

As of the time of the issuance of the license, the VSR contained the standard legal services GL (591.506). The GL authorized the representation of the blocked persons in the attachment proceeding, but contained the standard carveout excluding the “[e]ntry into a settlement agreement or the enforcement of any lien, judgment, arbitral award, decree, or...