Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So, Mourant got their pound of flesh with FRC being put in to liquidation. But I thought there were personal guarantees issued by SN and ZM for Mourant payments, why not call on them first rather than putting FRC in to a spliff? Also, if you go back to the company’s one line message that ‘our legal clean up continues to be handled’, perhaps it was signaling that this was coming but to what ends?
Thanks Lifeishard your a star and appreciate ,wish us all some sort of return even our money back would be nice all the best to u all including the ace of the skies
Your link works , just click public access at bottom to go to search
Lifeishard
No Fees
Google Caymans courts
Click tab Judgment
In drop down click Unreported judgements
Bottom of page that opens click public access
Type in Frontera in Phrase Match box in page that opens
then search
Docs will come up ….dont choose add to cart ….just tap the doc and it will come up
Sorry I can’t copy/ paste link
Used this site ? Can’t find anything
https://www.judicial.ky/online-public-register-portal-terms
ZZ tops, I have tried the financial courts part of the cayman courts snd can’t find the list, are you paying fees to see something we can’t please?
Sdyas, don’t throw the towel in just yet, time will tell us all tales.
GLA real holders
We are screwed and was screwed over ! Good Bye 20k invested in here ! My fault where are you Mr Av8 with your comment to me over Zaza ! Too up your own rear or has 75% of your brain gone ! Gallley pwr
Just published on Caymans Court site
Winding up order was granted
Now what ?????
Had a look at Caymans court listings under Financial Servjces Division late last night hoping to see our hearing crossed off.
There were no alterations to those listed for today .
Checked again this lunchtime just prior to hearing time and we were still listed.
However another case due at 10 am had by now been crossed off stating Matter Relisted.
So obviously they were updating revised info re the status of scheduled hearing.
Ours still being shown whilst others were crossed off seems to indicate our hearing went ahead .
Aren't the directors shares the same class as ours and therefore would be unable to treat under preferable terms
Monty, as ZZ tops calls me, I live in the clouds where all things are bright and beautiful, well for myself it’s s case of remaining as positive as possible, it beats negative every time, yours and other posts keep it real, I’ve said it many times, our leader does not come across as a man including his family back ground who roll their own share holders over, lets not forget what every company on the planet has been through” Covid “ lock down, the business world is only just recovering, lets also throw in Ukraine , yet still we survive , our wee company still survives, why fight on??
These both world issues are for myself 100% connected as to why it’s took so long to sort out.
So am praying as I always do that our leader stands firmly with us, we will see the blacks swan and we will find out this year, I only hope we are all still here to celebrate it
GLA real holders
Thanks for the clarification re the different versions of Outrider Ziggy. Wishful thinking on my part I suppose.
Thanks also to Looed for getting another message from the company, however brief.
We are as ever dependent on the schemes and deals presently being struck, and the willingness of those in charge to do right by its shareholders. All we can do is wait, be patient, and maybe along the way, via one of our super sleuths, find out some information to perhaps shed a little light on the proceedings. GLA.
Worth also considering whether SN is ‘permitting’ the liquidation/winding-up of FRC as all the PSA-assets were transferred to FRUS and what remains in FRC is all the headache from the legal cases and outstanding debt. We should also remember that FIC and FRCC are already being liquidated by the official Receiver appointed by Hope back in early 2019. Perhaps this explains why deals are struck but not paid why YA case keeps getting kicked down the road. If this is the case, then the obvious question is what happens to us shareholders who hold shares in FRC?
In the past, there was some talk on this BB that FRR held the share register and that our shares would be converted/transferred/exchanged/substituted in FRUS when this transitional process was completed. Well it seems we maybe nearing to this point. Legally speaking, I think we are exposed and therefore reliant on SN’s good faith to ensure new shares are issued at same value/number as previously upheld in FRC.
This is purely a theoretical point of view from my side but would welcome other peoples thoughts on this unfolding scenario.
Mad
Aren’t the funds just investment vehicles for other people to invest in, with OM managing them for fee’s
Perhaps SH/O needed to liquidate the two funds to pay a CRS to FRR. It would explain why Mourant and YA hadn't been paid, if FRR was still waiting for money from SH/O.
WHamboy
As I posted last night this seems to be an orderly closure of two of the funds within the OM portfolio .
I assume its very different than the VWU that Hope orchestrated when he took control of our asset holding Co back in 2018 when we defaulted on payments .
Maybe these are defined time funds and have run their course not sure how these set ups work .
Bottom line in my view is this not as you say “ the end Outrider” …. .Outrider Management is still an ongoing entity
Prodigy
Hope you are well & let's hope on finally during 2024 Frr sort out all legal cases. So we can have a formal statement on what the plan is going forward.
Outrider management llc is the comoany that majority owned the outrider company that bought the distressed debt. Can only see the two outrider funds being liquidated - not seeing anythiug yet about OM LLC
I thought Stephen Hopes company was Outrider Management ?
Not the Outrider listed a couple of days ago,
"Our legal clean up continues to be handled"
Well, they could have attached a ‘happy new year to all our shareholders’ in that short, but hugely ambiguous message. But given the pressing legal cases against YA and Mourant, I guess you can understand their approach a little.
Nevertheless, the notice to wind up FRC in the gazette is concerning to say the least and I assume this probably relates to the Mourant case, which was personally agreed with SN, so not entirely sure.
Further, the voluntary liquidation of the Outrider fund is also astrange but interesting development. Maybe Hope is doing some of his legal clean up! I did some cursory web search on Outrider but did not dig up any thing.
Anyway thank Looed for sharing; maybe Jim Slade can get a little more out of them.
I thought outrider had come to a deal or was that hope. not sure what is happening at all now, maybe because Ive lost interest in the cases just the outcome.
For context, the short message is the result of discussions mostly related to matters and events involving Mourant and Cayman Islands.
Of course, the message also covers all ongoing litigation which, as we can see, the company continues to fight / defend.
Many thanks Looed, a very short but very nice update…… and my personal very big thank you to our leader also.
"Our legal clean up continues to be handled"
I find they are always very careful with their choice of words.
Thanks for the update Ziggy. The end of Outrider- not a bad day on the face of it. I suppose we now have to wait to see whether FRC has received a similarly sorry end when next week’s gazette is published 🙁. I just checked Looed’s list of court actions and none of them seem to list Outrider - instead it always seems to say Hope v SN etc.
Looed said the company assured him that this would all soon be extinguished, so fingers crossed it will be.
So at roughly the same time, we should be hearing whether we have settled with this case with Mourant, settled another with YA and whether the ending of the injunctions against Zaza are in anyway relevant to our future. A lot to take in for us mere mortals …