Beset by political and financial chaos at home, Venezuela’s PDVSA never took legal precautions common for distressed corporate debtors, including protecting cargoes from seizure. PDVSA also lacks the sovereign immunity of a national government that’s helped others slow-walk collections in the past. Conoco was able to move at light-speed to begin enforcing a $2 billion arbitration award it won last month by freezing PDVSA’s oil exports at key Caribbean harbors. Russ Dallen, Caracas Capital Markets managing partner, and Jason Bordoff, Columbia University SIPA’s Center on Global Energy Policy founding director, talk with Bloomberg’s Alix Steel about Venezuela.