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Thank you Looed, that was quite a reassuring message (posted 6:05am). I am pleased to hear that you continue to communicate with the Company and I guess the flicker of hope right now is that at least we have you as the ‘comm-conduit.’.
Note for SN and team, please do not underestimate the stress that most of FRR shareholders are experiencing right now and for many of us, this was our backstop to retirement . So any snippets of info coming from FRR provides renewed life energy and mental relief.
With regard to FRC, thank you for obtaining the answer to my question Looed, which I see as a big positive. So they were aware of the upcoming hearing to liquidate FRC but decided to sit on their hands. Why is this positive? Well, firstly we can remove the accusations of gross negligence and secondly, it also means that any assets under FRC, was probably moved out and what remained was all the legal headaches and outstanding creditor payments. But, let’s speculate, what assets could have been under FRC as a dormant (obsolete) shell company? Probably unlisted shares in subsidiaries, the main ones (FIC & FRCC) are already under the control of the Receiver and being wound down.
The main question now remains whether SN, and his father’s and family legacy remains intact by doing the honorable thing and taking care of his loyal, longstanding shareholders by getting new shares in FRUS (or which ever new company they set up).
Thank you and God Bless.
If Looed is unable to confirm the shareholding had been moved, and we are going down with the FRC ship, we should still have rights with any appointmented liquidators.
A right to be informed about the liquidation process, including the reasons for winding up, the appointment of liquidators, and the progress of the liquidation. May be a vote on key decisions during the liquidation process, such as the appointment of liquidators or the approval of a liquidation plan, and we should be entitled to a portion of the remaining assets after all creditors and other obligations have been satisfied etc.
If they're is wrongdoing on behalf of SN or the newly formed USA entity, like stealing the asset and defrauding shareholders, then that will come under American laws.
We will need to make some noise, very loudly!
Looed, thank you for everything and let's hope the company comfirm the shareholder registry had been moved into the American based FRUS LLC.
Importantly, doesnt the block licence need to be held in a Georgia based subsidiary, what is that company called. For some reason I was under the impression that too was called FRUS LLC.
Confused? Can anyone clarify, as companies in USA and Georgia should be public record.
I believe our leader will Looed. Many thanks
Steve, please don’t let me down on my comments towards you, I will be hung, drawn and quartered on this board …..for my complete faith in you sir.!
GLA real holders
As you know FRC is a privately held Cayman Exempted Company (CEC). I am also a director of a P-CEC. Our company is slightly different to FRC, but we are bound by the same rules and reporting structures that cover all Cayman listed entities.
It won’t come as a surprise to know that Cayman always favors the company. But I will ask our agent if they have any advice to share given the current situation.
I don’t know if FRC have already done so, but we occasionally move assets etc. between our various entities and sometimes between jurisdictions as the situation demands and as Cayman law allows. We cannot see any hard evidence to say FRC did the same pre-WUP, but it is a possibility.
ODR1 – Your idea has a ring of logic to it, but you must remember that for a long time now, FRC Cayman has been nothing but a shell company. It has no assets or anything of value for you to bid for.
We know this to be the case because the GOGC already confirmed that FRC was obsolete –
“…SOAG & GOGC assigned all interest, rights, and obligations of Frontera…to FRUS LLC” and “SOAG & GOGC on behalf of the Govt of Georgia…signed an MoU…from Frontera to FRUS LLC”. The full version of this was posted by ODR1 a while back.
FRUS LLC is a US registered company that, to date, remains removed from any and all court cases. This is why Hope etc. fought so hard and the court cases run and run. Try as they might, no one can get their hands on the asset.
To answer a question posed by Montiburns – the company was aware of the WUP and took no action. However, they did continue to take action in some of the other cases.
So we wait for confirmation if the share registry also sits under FRUS or another entity. Any such move would have to have taken place pre-WUP and thus planned in advance.
We did speak overnight and negotiations continue to try and get them to say something. The fact they still talk I hope means something positive.
From the start of the ZM trial to today, the company have shown scant regard to events in Cayman. Let’s hope they can soon assure us that we can also feel the same way.
That's not a bad idea ODR. In theory I believe the Liquidators have to try and get the best value for the company/it's assets. So I don't know if SN or whoever could just line themselves up to buy it up real cheap as in theory it should be open to all corners to put in an offer and it go to the highest bidder. Unless there is a stitch up somehow there.
It may be worth a thought about shareholders chipping in where they can preferably in return for some concession. At this point it is difficult to know quite what is going on or if the company/the data etc, will get much. Some with a lot of money invested here may prefer the certainty of FRR continuing as opposed to risk losing much or all of their investment.
SN we can't be expected to check every hour / day for update.
There is more smoke and mirrors here than a smoke and mirrors shop.
The facts are that the company have shown a flagrant disregard for shareholders for years. If SN had an ounce of integrity this would not be the case.
Phil: this sounds like the most likely scenario alas.
So I have a suggestion, and it would be good to hear what others think, especially Looed.
Maybe we can petition the court, as shareholders, to say that we don't want to be eliminated (ie liquidated). That we are honest investors in what we thought was an upstanding company with wonderful prospects. But now we know we have been shafted. So we will have a whip round and pay the debts, if the court, in return remove the liquidation and give us control over the company. This may sound ludicrous, but is it?
Otherwise we just sit here and await our fate (probably already sealed).
The facts are that the Company we own has just been liquidated. This is the end. Are we going to just do nothing? We have listened to the Company for years and done nothing. If we don't do something now, then we will never get a chance. It may already be too late. I don't know. Thoughts please.
Received 18 December 23
Thank you for your message. Our lengthy legal clean-up process continues to advance, and we are making steady progress on that front. We are trying to dispense with a few outstanding matters, while we continue to advance our interests in Georgia. All of it has taken longer than any of us would wish, but Mr. Nicandros and the new management team continue to make steady progress.
Of course, once we are able to share more detail, we will do so, but the still pending cases continue to hinder our ability to do so now.
Best wishes to you for a happy holiday season,
Jimslade, is it possible you resend the message from just before Christmas please?? I just want to rattle these write ups in my head again. Or anyone who has the wording please.? Folks, bare with here and just read the below again.
This is from contact via Looed
On 18 November I shared this message – “We have continued to make progress thanks to Mr. Nicandros' leadership and that of our team in our long road back to business that is still in progress. Rest assured that when we are able to share details we will, as we still are addressing remaining legal actions.”
Real holders, these simply do not ring like we are getting rolled over, well to myself they don’t, the very short but seemingly sweet ones sent to Looed just hone , they are shorter in writing only, they still say same thing, we have business to sort firstly.!
Simple little things like these that very much tell myself our leader ( I hope ) stands with us.
Just thought I would share to try and keep the spirits up folks.
GLA real holders
Be interested to hear what Looed has to say on this possibility
My thoughts are at the moment are that have FFR, i.e SN, etc deliberately not paid these companies that FRR owed money to so that one of them would eventually bring a WUP order to FRR. Then SN, etc can say that any liquidation was not as a result of them, i.e voluntary liquidated but forced (so-called beyond their control). Then SN, etc can come forward to buy it out with a newly formed company from liquidators without all the debt, shareholders but are able to make out that it wasn't all contrived as the WUP order was beyond their control as brought by another company and they had tried their best (hence all the dragging out of it all).
Toatie
Agree on that things are looking grim, but also for some reason believe that something good will happen that we all will get something out of it.
Would think that it should not take long on finding out how things will go.
Hi Looed thanks for all your hard work mate if this is finally the end well then it is what it is but i still think and hope that all is not lost yet and this is why the co are so coy about sharing info just in case zaza and his cohorts try and delay this more and cause more bother.but it has been nice knowing all you LTH here for so long so will just keep sitting here waiting and hoping something good comes out of this for all us long time holders.
10 tick ups for coggys post about slithy toves. 😂😂😂🙄
We do have a chart somewhere that shows frr structure with frus on it. It was when there was the court case that was streamed with them all giving evidence. Itwas when sn was giving his evidence he pulled it up. That might give us a clue.
Sn has maybe moved his holding over to frus but forgot to move ours over in all the fuss
Looed, thank you for a detailed message and for your persistence in trying to get something out of the company regarding shareholders’ rights. It seems (for whatever reason), they are not prepared to say anything while they work through the remaining legal issues. In addition, the need to stay behind the veil of secrecy is essentially (we are continuously told) to protect the company from ZM’s naughtiness. However, I have a couple questions: 1) Did the company try to ward off the liquidation request from Mourant or was this ‘readily’ accepted and allowed to sink? 2) PSAs were successfully transferred to FRUS?
On the Mourant’s and YA debts, these are secured by PGs so even allowing for FRC in liquidation, the creditors can still pursue their claims under the guarantees.
Hi Looed,
Thanks for coming back to me and apologies for my later reply - been tied up in meetings all morning here.
It is good of you to share what you can, and I appreciate there will be certain things that cannot be said for fear of potentially tipping the scales the wrong way. We've been very patient thus far and hopefully we won't need to wait too much longer for a positive outcome.
I know there is a mixed response on this BB in terms of the reaction to developments and news. It's only natural with a diverse shareholder base that there will be a mixture of positive and negative reactions. I for one remain cautiously positive and hopeful of a favourable outcome for us all. I haven't heard " the fat lady sing" yet (good or bad!) and I still think that box wasn't (and still isn't) empty.
Good luck to you and the rest of our fellow shareholders. Here's hoping for very good news soon.
Bezzy
P.S. - That Zaza story - he's got some neck, hasn't he?!?
Another scandal not yet reported.
I wonder how much is paid to officials who are misled and
authorize scams which are promoted by paid influencers?
Where is the next Alan Bates?
Apparently so, within the UK anyway.
Depends on the laws in the country where it happens (might be different)
That’s what I thought mick.
BY the way aren’t the liquidators supposed to look into the conduct of the directors, who knows what they might uncover.
Fleeced by greedy lawyers who seem to get their pay.
Investors have no say.
Royal Mail goes down as scandal
The next one is not far.
Too many lose their savings,
their home and precious car.
I thought the shareholding got moved to this entity a while back??
Is the ZM appeals connected to the FRC liquidation ? I don’t understand the relevance?
Our company in which we hold shares has been terminated. we need a statement from SN to clarify our position asap. No more criptic statements