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"Hopefully a good sign that previously contentious parties are now made to deal with each other instead of being locked in endless and costly litigation."
This is what I alluded to recently, only Looed states it far more succinctly!
Tabs, Outrider’s debt was issued by Frontera International Corporation (FIC), guaranteed by Frontera Resources Caucasus Company (FRCC) and under FRCC, we had the main sub, Frontera Eastern Georgia Company (FEGL), where the Georgia PSA sat. All these companies were liquidated by JOLs (Mssrs Griffin) on the order of Outrider for defaulting on the CLNs. This liquidation process started in early 2020 (if my memory serves me correctly) and is still ‘in process’. Perhaps someone can remind us on where we are with this (via NYC?).
As far as SN’s daughter is concerned, I am sure daddy and particularly her grandpa already took good care of her.
So if frc. is in liquidation does that mean outrider get nothing along with sn's daughter
Thanks Looed, yup makes sense. At least in the short term (although not ideal), the liquidation process does stop all the court cases brought on by the likes of YA, Mourant and YJ. Moreover, it also introduces an independent intermediate (Deloitte) who can try to facilitate a resolution among the creditor group, especially after they have declared that FRC has no liquid assets. But at the same time, it does makes you wonder, if FRR is an empty shell with more liabilities than assets, why would these creditors would incessantly continue to pursue legal cases and thereby rack up more of their own expenses?
How do you feel about the whole Deloitte news from yesterday: Positive, Negative or not enough to say either way. Thanks as usual for the timely updates, much, much appreciated by all those that are connected to this company.
that last 1% will be 0 . another aim scam, one of many.
lse ? london stock exchange, london school of economics,
******* society of england, london south east ? what next?
Monti – Creditors now know it’s an empty shell so I expect matters will develop with relative speed. With regards to a potential deal via Deloitte, will wait for the next piece of the puzzle to fall into place. Hopefully a good sign that previously contentious parties are now made to deal with each other instead of being locked in endless and costly litigation.
SN/FRUS could be offering x cents on the dollar to clear the debts of FRC, in order to obtain the 5% Royalty agreement left in FRC after Block 12 was transferred. The Moldova concession might also be left in FRC.
Hi Looed - thanks for the clarification as many thought you received both comms from the company at the same time.
Yesterday, there was quite a varied numbers of opinions here. Me? I was leaning more on the positive side but I guess, you could just as well as argue on the negatives. But I was wondering what was your thoughts on this unfolding position. Do you think this is heading in the direction FRC team was forecast when they let the winding up order through uncontested? I personally think so.
The other thing that came to mind was concerning Deloittes comments that they had uncovered significant liabilities from various creditors. That got me thinking on how the last 5-yrs of litigation had been financed (Caymans, California, Texas, UK etc). Could the discovery of large liabilities refer to these legal bills and if so, who extended the money? I assume SN via Directors Loans or FRC’s legal firm. And I do wonder how much skin Steve has in FRR despite its bleak future (on the face of it). Also worth considering if SN has put in his personal cash, how much this will cost us in future shareholder dilution?
The other question that springs to mind is why try to bring back FRC to the pre-winding up position when it would be easier to let Deloitte clean up the financial mess and move on? Here, two reasons come to mind: 1) PSAs are still under FRUS and 2) the value of accumulated losses in FRC (c$500m+) which could be used to offset future tax liability, particularly handy if there is a buy-out.
As usual, just my thoughts but would welcome yours too, so thanks in advance.
Thanks Looed. It seems likely to me then that it was in Mourant’s interests and our interests to move YA out of the way by forcing the liquidation, knowing that we could then go back to Deloitte to offer a compromise deal. YA obviously wanted too big a chunk of the pie.
I certainly haven’t written this off yet and am hoping the company’s efforts and your efforts will ultimately prove to be rewarding for us all. Thanks for all your hard work.
WHamBoy – the JOL’s represent creditors collectively, however they do not take their instructions from individual creditors. They will collate data from company records and direct from the creditors, but any decisions will be made in relation to Cayman company law and regulations.
Also, not all creditors are equal. So, any disbursements will depend on their creditor status, not on how much a particular creditor might feel they should be at the front of the queue.
The JOL’s will need to balance the fact that they have found liabilities not assets against the costs of maintaining long running and extremely expensive litigation.
Looed, I am amazed at your persistence here fair play and thanks. Personally Havnt believed a word from the company since the arbitration and long since wrote this one off . Sooner peeps are put out of their misery the better imv.
Thankfully crypto has been kind since this car crash.
Hope clarity comes soon so peeps can move on. Really has been long enough, with not one of those rns reach official messages promised at delist .
Thanks Looed. I took your message yesterday as being a positive, and whilst we are still very much in the dark, we seem to be nearing some kind of resolution.
Can I just ask a question please? Now that Deloitte are in charge, do they have to listen to all creditors before making decisions, or can they effectively ignore YA now and move ahead with getting the best possible deal for all? I’m presuming it’s the 2nd option, but I honestly don’t know!
The company did not release the Deloitte statement to me as some have assumed. I had messaged to say the Deloitte page was ‘live’, went out, and had a reply waiting on my return so posted both.
If you had googled Frontera Resources 24-ish hours ago the Deloitte page would have been the first thing that popped up, at least it was in my part of the world.
In court news, on 13th Feb FRC advised the court and Yellow Jersey that FRC-C was now under the control of the JOL’s.
Deloittes are dealing with the 5% of the 1% that was left for the vultures to scrap over, so nothing that’s going to effect the outcome of the 95% of the 100% of the 1% simples
A lot of negativity today over the 1% yet this is the only area we’ve ever worked, so the 12tcf and the 202tcf figures are all from data from the 1%
So ias these are the figures are for the 1% , we don’t need the other 99%
Soss613, read Monti’s 8.16 post for a possible lift in your spirits, it may help, I truly hope it does.
there is no more negative in Looed’s updates over positives, not that I can read, then again I no one can remove my faith this is not over and that our leader fights for us.
Your choice alone and everyone’s choice to look all the time at the negatives, it’s been negative since we delisted, yet for myself personally not the last couple of yrs.
Seems less and less holders see the past couple of yrs in getting updates from Looed as not good and genuine, yet none of us can claim to being named in a court of law, being part of what could turn out to be invaluable information supplied to our leader and his team, who on this planet would put this amount of personal length of time in “ WITH “ the same said person still giving us updates thoughts, answering question after question from us on this board.
Can I ask any real holder do you not really think Looed could sniff wrong doings from our very own “S”a”N”ta..?? If Looed could and did sniff out a rat in ZM??
Madp, I would really like to here what you think on todays update if possible?
And this is my first S.O.S to the old man of the sea.. T.o.T. Your thoughts and input into this would also be good to hear.??
Keeping the faith as always 🙏
GLA real holders
I do believe we are in the final stages of a slow death today is the day that really convinced me and a few others we are being strung along for whatever reason God only knows but it is not for our benefit I can kiss goodbye to my investment.
Loving Monti’s write up’s today 💪👍
Added to my character list of the boat trippers.
Smellysausage - aka Billy Bibbit
Billy is a shy patient. Billy has a bad stutter and seems much younger than his thirty-one years. Billy Bibbit is dominated by his mother, one of Nurse Ratched’s close friends. Billy is voluntarily in the hospital, as he is afraid of the outside world.
Nothing anyone can do or say can effect this unreal game of business chess.
All things bright and beautiful, all companies great and small…… “Just Like Ours “
GLA real holders
3 X 15.05 ? Same thought? Few are
still short.
Saucy, simple language does not waste time.
I like to explain my thoughts in rhyme.
Some folks think I am mad , they are wrong.
I have never been more switched on.
Sounds like sausage is sarah1234. I sincerely hope not, but seemingly at the same IQ and crass level.
Lightstep?
“Just LOLS”.
Well that is a blast from the past from the ADVFN board; but can’t recall the poster’s name. Anyway, interesting that you still hang around FRR BB - did you not get paid from your short? Why all the fret?
Incidentally what big words did I use, may be I can help with that too?
Law-defined such as the resignation of the BoD
===============
Correct. So everything else you (and SN) say might happen is complete nonsense.
Glad you answered your own question while googling and using big words.
I put it a whole lot simpler for you all. But mno.... you had to act smart.
Just LOLS.
Many thanks to Looed for passing on the message from the company and the link for the Deloitte notice.
Like others, until the GG has put out a tender to the B12 license, I remain hopeful that the data and the 1% license held have a lot of value although nothing with liquidity that could be sold easily.
I noticed 2 posters on the SYN board today (who had uncovered details of a joint venture before news gets announced this week) with an uncanny similarity to old names on the FRR board.
One is Muck165 and the other is BobBackwards - I wonder if they were Kickmuck and B-2-O in a previous life. B2O is an anagram of Bob.
Might be worth asking them if they know the score with FRUS:-)