Gold Reserve has filed a 32-page statement asking the United States Court of Appeals for the Third Circuit to halt the sale of Petroleos de Venezuela SA, the American parent of Citgo, while multiple appeals play out.

The filing adds new detail to a dispute that has been building for years as creditors target the state-owned oil company.

After several bidding rounds and legal challenges, the court approved a $5.9 billion offer from Elliott Investment Management’s affiliate, Amber Energy, late last month, rejecting Gold Reserve’s higher $7.9 billion bid.

Gold Reserve appealed that decision last week. In its new filing, the company supports the Venezuela Parties’ request for a stay but stresses that, unlike them, it does not dispute the underlying attachment rulings that opened the door to the sale.

The statement says the Elliott/Amber bid was “tainted” by undisclosed conflicts involving the court-appointed special master’s advisers, Weil and Evercore, who it alleges earned more than $170 million from Elliott and the 2020 bondholders during the sale period.

It also points to previously unseen ex parte communications in which Weil discussed Elliott’s difficulty submitting a topping bid and strategised about allowing a late “unsolicited” proposal.

Gold Reserve further argues that Delaware law required the court to accept the highest qualifying bid and that the district court relied on speculative “2020 bondholder risk” with no supporting testimony.

The company says a stay is needed because Elliott could be cleared to close once regulatory approvals arrive, potentially preventing review by an appellate court.