PDVSA failed to declare the PDVSA 2020 bonds invalid. 2020 Notes were secured by a pledge of 50.1% of the equity in CITGO Holding , which was pledged by PDV Holding, Inc. , a subsidiary of PDVSA and the parent of CITGO. The U.S. stepped in with a measure last October to shield Citgo from creditors just before PDVSA’s default on the bonds, and in July asked a federal judge in Delaware to block a sale of Citgo shares by Canadian mining company Crystallex International Corp. until U.S. regulators finish examining the deal. The Court said that the 2020 Notes and the Governing Documents are valid and enforceable, Venezuelan law is irrelevant to this action as the Governing documents are under New York law. MUFG, as trustee, is now entitled to direct GLAS to sell the 50.1% of the equity in CITGO Holding, collateral securing the 2020 Notes. U.S. District Judge Katherine Polk Failla rejected the argument that the bonds were invalid because they weren’t authorized by the National Assembly. She said it didn’t issue a formal resolution that the bonds had required its approval until October 2019, the same month that substantial interest and principal payments came due.