The court-approved schedule for the potential sale of PdVH shares indicates that the process is not likely to be completed until 2024. The court-appointed special master, a lawyer tasked with carrying out the sale, has six months from the 4 October order to consult Treasury’s US Ofce of Foreign Assets Control (OFAC) on its support or lack of opposition to a sale. Stark may allow the auction process to commence with-out an explicit US government guarantee but the scenario is unlikely as potential suitors are likely to be deterred by the threat of falling under US sanctions regime. The judge would make no fnal decision on a sale any sooner than 270 days — about nine months — from the auction launch date.
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