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Globe and Mail
5 minutes ago
- Globe and Mail
Bills, Cook end contract standoff by agreeing to four-year deal
After securing a big payday and a four-year deal to stay with the Buffalo Bills, running back James Cook couldn't hide his satisfaction. The fourth-year player grinned throughout practice Wednesday after ending his contract standoff. 'You would, too,' a smiling Cook said. Cook's deal will pay him US$48-million over the four years, two people with knowledge of the agreement confirmed to The Associated Press. The contract includes US$30-million in guaranteed money, one of the people said. They spoke to the AP on condition of anonymity because financial details of the contract have not been announced. 'Good to be back out there and play with my team,' Cook said. 'Just get another opportunity to do what I love to do.' The new deal comes a day after Cook ended his weeklong standoff by returning to practice. He skipped four straight sessions and although he took part in warmups, he declined to play in Buffalo's preseason-opener against the New York Giants on Saturday. 'I think we just had an understanding that we need to practise if we're going to be able to get back to the table,' general manager Brandon Beane said, noting an emphasis was placed on getting a deal done once Cook returned to practice Tuesday. 'There was good faith on both parts, from him and his agent, to our side.' Cook was the NFL's co-leader with 16 touchdowns rushing last season. His 18 touchdowns, including two receiving, doubled his combined production in his first two seasons (four TDs rushing, five receiving). And he was part of an offence that finished second in the league in averaging more than 30 points per outing. Cook was selected by Buffalo in the second round of the 2022 draft out of Georgia. His older brother is Dalvin Cook, best known for his six seasons in Minnesota and who spent last year appearing in two games with Dallas. Until Wednesday, Cook proved to be the odd-man out in Beane's off-season binge of signing core players to multiyear contract extensions. The group was made up of quarterback Josh Allen, receiver Khalil Shakir, edge rusher Greg Rousseau, linebacker Terrel Bernard and cornerback Christian Benford. 'These are guys who are all players that we extended this off-season that I feel are all ascending talents in this league,' Beane said. Cook said 'it's special' to join fellow members of the 2022 draft class — Shakir, Bernard and Benford — in signing extensions with the Bills. 'The guys that came in with me, we all got rewarded,' Cook said. 'Now it's time for us to go play football and show why we belong here.' After practising fully during the Bills' first eight sessions of training camp this year, Cook began his 'hold-in' on Aug. 3 by watching practice wearing a white sweatsuit along the sideline. 'Just trying to protect myself,' Cook said. 'Just trying to stay healthy and get everything done before I can get out there and play with a clear mindset and just be locked in.' Cook also declined to participate in the Bills' voluntary spring sessions before reporting and practising in the team's three-day mandatory minicamp in June. He said the reason behind his decision to report was not wanting to risk getting fined. At the start of training camp, Cook expressed confidence his contract status would eventually be resolved. 'However it happens, it's going to get done, wherever it happens,' he said. 'I deserve what I want, what I need, and it's eventually going to happen.' How long was Cook prepared to sit out of practice and games in order to secure his new deal? 'However long it took,' said Cook, flashing another smile. 'But we got it done. So we don't need to be discussing that. And let's play football.'
National Post
35 minutes ago
- National Post
Gold Reserve Provides Update on CITGO Sale Process
Article content PEMBROKE, Bermuda — Gold Reserve Ltd. (TSX.V: GRZ) (BSX: (OTCQX: GDRZF) ('Gold Reserve' or the 'Company') announces several developments in the pending legal proceedings in which the Company, through its wholly-owned subsidiary, Dalinar Energy Corporation ('Dalinar Energy'), has been recommended by the Special Master to purchase the shares of PDV Holding, Inc. ('PDVH'), the indirect parent company of CITGO Petroleum Corp. The Special Master's Final Recommendation of the Dalinar Energy bid is the subject of a Sale Hearing scheduled to commence before the U.S. District Court for the District of Delaware (the 'Court') on August 18, 2025. The stated purchase price of the Dalinar Energy bid is $7.382 billion. Article content August 12, 2025 Article content . Article content Red Tree Investments ('Red Tree') submitted a letter to the Court in which, among other things, it disclosed the existence of a competing bid that it said was submitted by Amber Energy 'last weekend'. The Company has not been provided a copy of this bid. The Red Tree letter indicates that the purchase price for this bid is $5.859 billion and also implies that $2.587 billion of claims against PDVSA by the 2020 bondholders would be settled. If this bid is recommended by the Special Master, accepted by the Court, and consummated, its $5.859 billion purchase price would result in the Company recovering nothing on its Attached Judgment in the CITGO Sale Process. A copy of Red Tree's letter can be found here. Article content August 13, 2025 Article content The Special Master filed a response to the Red Tree letter and stated that it made an 'unauthorized disclosure of confidential information regarding a competing proposal.' In consequence, the Special Master requested that the Court adjourn the status conference currently scheduled for today so that 'the Special Master can consider the recent developments' and, after meeting-and-conferring with the parties, file an 'updated proposal to the Court on how to proceed with respect to the status conference and the sale hearing by Thursday, August 14, 2025, at 4:00 p.m.' A copy of the Special Master's response can be found here. Article content The Court granted the Special Master's request and rescheduled the status conference to Friday, August 15, at 10:00 a.m. A copy of the Court's order can be found here. Article content The Company also filed a response to the Red Tree letter in which it stated its views that: (a) the letter was improper for multiple reasons; (b) the letter and the referenced Amber Energy bid did not require any adjournment of the Sale Hearing; (c) the Amber Energy bid, as described in the letter, violated the bidding procedures and protections established by the Court, as well as the terms of the Stock Purchase Agreement executed by Dalinar Energy and the Special Master, and as a result this bid would be non-actionable. Specifically, the Company stated its view that the Amber Energy bid, as described in the Red Tree letter, violates the requirement that any unsolicited competing bid must include an overbid minimum above the purchase price of the Company's Final Recommended Bid. The stated purchase price of $5.859 billion for the Amber Energy, as described in the Red Tree letter, is $1.523 billion less than the $7.382 billion value of the Company's Final Recommended Bid. The Company also stated its view that 'the actual price of the Amber Energy bid is $5.859 billion not $8.821 billion, as the Red Tree letter incorrectly states.' A copy of the Company's response can be found here. Article content The Company expects that the foregoing issues will be the subject of communications amongst the parties. The Company also expects that certain parties may not agree with the Company's interpretation of the Red Tree letter or the purported Amber Energy bid, and that any such disputes may require resolution by the Court. Article content A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings. Article content Cautionary Statement Regarding Forward-Looking statements Article content This release contains 'forward-looking statements' within the meaning of applicable U.S. federal securities laws and 'forward-looking information' within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve's and its management's intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as 'anticipates', 'plan', 'continue', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'potential', 'proposed', 'positioned' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to any bid submitted by the Company for the purchase of the PDVH shares (the 'Bid'). Article content We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual events, outcomes or results of Gold Reserve to be materially different from our estimated outcomes, results, performance, or achievements expressed or implied by those forward-looking statements, including but not limited to: the discretion of the Special Master to consider the Bid, to enter into any discussions or negotiation with respect thereto; the Bid will not be approved by the Court as the 'Final Recommend Bid' under the Bidding Procedures, and if approved by the Court may not close, including as a result of not obtaining necessary regulatory approvals, including but not limited to any necessary approvals from the U.S. Office of Foreign Asset Control ('OFAC'), the U.S. Committee on Foreign Investment in the United States, the U.S. Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any other party to obtain sufficient equity and/or debt financing or any required shareholders approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid; that the Company may forfeit any cash amount deposit made due to failing to complete the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any transaction contemplated by the Bid, the business of the Company may experience significant disruptions due to transaction related uncertainty, industry conditions, tariff wars or other factors; the ability to enforce the writ of attachment granted to the Company; the timing set for various reports and/or other matters with respect to the Sale Process may not be met; the ability of the Company to otherwise participate in the Sale Process (and related costs associated therewith Article content ) Article content ; the amount, if any, of proceeds associated with the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest on such creditors' judgements and any priority afforded thereto; uncertainties with respect to possible settlements between Venezuela and other creditors and the impact of any such settlements on the amount of funds that may be available under the Sale Process; and the proceeds from the Sale Process may not be sufficient to satisfy the amounts outstanding under the Company's September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the ramifications of bankruptcy with respect to the Sale Process and/or the Company's claims, including as a result of the priority of other claims. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. For a more detailed discussion of the risk factors affecting the Company's business, see the Company's Management's Discussion & Analysis for the year ended December 31, 2024 and other reports that have been filed on SEDAR+ and are available under the Company's profile at Article content Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable rules promulgated by applicable Canadian provincial and territorial securities laws. Article content Article content
Globe and Mail
35 minutes ago
- Globe and Mail
Minnesota Twins owners halt team sale and opt to keep the club in the family
The Minnesota Twins are no longer for sale, executive chair Joe Pohlad announced Wednesday on behalf of his family. After exploring a variety of options since publicizing the sale 10 months ago, the Pohlad family will remain the principal owner of the club and add new investors instead. Carl Pohlad, a banking magnate and the late grandfather of Joe Pohlad, purchased the Twins in 1984 for US$44-million. 'For more than four decades, our family has had the privilege of owning the Minnesota Twins. This franchise has become part of our family story, as it has for our employees, our players, this community, and Twins fans everywhere,' Joe Pohlad said in his announcement. 'Over the past several months, we explored a wide range of potential investment and ownership opportunities. Our focus throughout has been on what's best for the long-term future of the Twins. We have been fully open to all possibilities.' Pohlad said the family was in the process of adding two 'significant' limited partnership groups to bring in fresh ideas, bolster critical partnerships and shape the long-term vision of the franchise that relocated to Minnesota in 1961 after originating as the Washington Senators. Details about the new investors were being kept private until Major League Baseball approval of the transactions, Pohlad said. Financial analysis earlier this year by Forbes valued the franchise at US$1.5-billion, ranked 23rd in MLB. Sportico (US$1.7-billion) and CNBC (US$1.65-billion) pegged them higher. The Pohlads hired Allen & Company, a New York-based investment bank, to direct the sale and keep inquiries confidential. Multiple published reports identified Justin Ishbia, a part owner of the NBA's Phoenix Suns, as the front-runner. But the Chicago White Sox announced last month that Ishbia was becoming a limited partner in a deal that provides a runway for him to become controlling owner. MLB commissioner Rob Manfred acknowledged during the All-Star break, without naming him directly, that Ishbia's decision sidetracked the process. 'There will be a transaction,' Manfred said. 'You just need to be patient while they rework.' The Twins are on track for their lowest attendance total in 16 seasons at Target Field, and an ownership-mandated payroll reduction last year in light of decreased regional television revenue, among other factors, has contributed to a dissatisfied customer base. The Twins traded 10 players off their roster leading up to the July 31 deadline, furthering the frustration. Word that the Pohlads are staying put certainly won't help the morale of Minnesota baseball fans, who've been waiting for another World Series title since 1991 and saw the investment in the roster plunge right after an American League Central title in 2023. The Twins won a playoff series then, too, their first in 21 years. 'We see and hear the passion from our partners, the community, and Twins fans. That passion inspires us,' Pohlad said. 'This ownership group is committed to building a winning team and culture for this region, one that Twins fans are proud to cheer for.' The Twins began the season ranked 17th in player payroll at a little more than US$142.8-million, but their trading spree last month lopped about US$26-million from that figure. Shortstop Carlos Correa was sent to the Houston Astros in a pure salary dump that reunited the three-time All-Star with his original team, which inherited US$70-million of the more than US$103-million that remained on his contract. Pohlad, in an interview with the Minnesota Star Tribune published immediately after the announcement, said he understands the bad feelings from the fans and looks forward to helping rebuild the brand and the roster. He said one of the investment groups is made up of Minnesotans and the other is a family based on the East Coast. Pohlad also said the teardown of the roster was not driven by a request from ownership to further cut costs. 'It certainly set us up for more flexibility, but they were primarily baseball decisions,' Pohlad told the Star Tribune.
