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Spudsoil, if we get one penny back from our investment, I'll show my arris in Woolies window.
thompson, my machine's off too lol
TSBS, not sure where the info attached came from but all online. Some fraud cases, same board at YA it seems so FRR been up against it but the truth is out there. https://www.sec.gov/news/press-release/2012-2012-209htm.
Machine off .
Good question ziggy im confused about it all now too are we totally just down to two cases to sort and thats it
cant think what frr must be offering everyone- probably our shares đ. SN probably convinced all the concerned parties heâ ll get our shares from us some how one way or another
Monti & Looed, many thanks for your thoughts & updates , keep the faith folks, its Sunday so wouldnât hurt to sing or hum my favourite hymn, all things bright and beautifulâŠ.all companies great and small
Good luck all real holders
If Iâd been offered 10 cents on the dollar for my FRR investment a couple of years back, I would have taken it. Didnât seem like there was a way back when all the info emerged in 2019/2020. I wouldnât take 10 cents if I was offered it now. Not sure Iâd take parity either actually. Might be foolish thinking but canât help thinking something is brewing. A few hurdles left to jump but rather than new hurdles being put up in front of us, as was happening a couple of years ago, itâs the existing hurdles that are being dismantled one by one. Fascinated to think how this will eventually turn out. The impasse canât last forever (I think!) and fingers crossed weâre in the closing stages.
Looed thanks for your latest summary
I am a bit confused so I need to ask what will probably seem stupid questions
You say re the FIC case (I think )
âŠ.. Though not exactly a like-for-like situation, we saw in Cayman that Hope was able to end proceedings by withdrawing financial supportâŠ.
Are you referring to the whole liquidation saga covering Liquidators actions in Caymans and USA via NY bankruptcy courts ?
I cannot recall seeing anything from liquidators / Caymans / NY courts saying case finished
Has the liquidation process come to an end ?
If so what is the final outcome / standing of the the liquidated Coâs , are they now officially closed with the assets that were transferred to FRR US now totally secure in that Co ?
Hi MontiBurns â Thanks for the summary. Just a couple of points to add.
YA are claiming US$3.4m+ â âEntering judgment in favor of YA II and against FRC in the sum of $3,431,380.47 as of June 28, 2021, with post-judgment interest thereon at the rate of 8.25% per annum from the date of this judgment until paid together with all costs of Court in this behalf expendedâ
It looks like there might be some re-jigging of hearing dates in this case with the hearing for Summary Judgement possibly going first. The dates seem a bit out of synch on the court website so hopefully the site will align soon (it doesnât always) and we can see if that really is the case.
The FIC case covers a lot and involves, amongst other things, claims of breach of fiduciary care, not least against ZM and Green Capital (his instrumental role not fully known to parties at the time of filing), loan notes and Hope.
Though not exactly a like-for-like situation, we saw in Cayman that Hope was able to end proceedings by withdrawing financial support. As stated in a letter submitted in the ZM case and in regard to the liquidation of FRGC - âOutrider has provided an amount of USD 90,000 to date for the fees of the joint voluntary liquidators and JOLs of the Company. This funding has, or shortly will be, fully extinguished by the JOLs fees to date. Outrider has confirmed that it is not in a position to provide further funding in respect of the PSC and there is currently no other funding available to the JOLs.â
FRGC are also a defendant in this case. The correct title of what we call usually call the FIC v SN case being FIC & FRCG v SN & ZM.
Lastly, and I know it doesn't feel like it, but there have been a number of official press releases post de-list. These include information on ZM, Outrider, relations with the GG, plans to return to Georgia. People can rightly say press statements aren't what they want, or the information isn't enough in terms of content or frequency, but these releases are official and available online. I don't know why they don't just put them on the website. I might be wrong, but I think those pressers might pre-date the new website so hopefully going forward that is something they can address.
Last official news Jan 2019. Since 24th of December 2018 FRR investors have been kept in the
dark and only Looed is reporting keeping us in informed. Shorts collected profits from IG and
investors live in hope. Investment Industry is in decline for obvious reasons.
You could argue that the YA case to be relatively small given the claimed amount is c$2.3m, which leaves the FIC vs SN, being the most significant case. On one hand, it is a shame that YA have not tried to settle this but I guess as the amount is small and the YA business model is such that they cannot be seen in the public domain to be soft on defaulters as this could be bad for business (being a corporate loan shark).
On FIC vs SN: this case is being fought by the liquidator on behalf of FIC creditors, mainly being the Administrator himself and OMF/SH. Therefore I am not entirely sure how much input/directions Hope can give as this is following a prescribed regulatory process (unless SH stops funding). However I must admit that my memory is fading a little now and this case perhaps relates to the breach in Fiduciary duty by the Company Directors; the PGs being claimed through the Texas County Court and my not be included here but I donât know current status.
While the company remains ex.communicado to shareholders, it is worth reminding Mr Nicandros that the last official news from the company was in January 2019, although I will acknowledge that a lot of the legal issues have been resolved satisfactorily, including obtaining a permanent injunction against ZM.
From a bigger picture perspective, we still have an expired PSA in Georgia, legal costs owed to GG from losing the Arbitration (although hopefully this is getting paid down from FRRâs share of oil production) and unfriendly political party.
Still lots of hoops to jump through but, step-by-step.
Just some Sunday morning thoughts, concluding with respects and regards to the usual suspects for keeping this bulletin board alive.
Robin Dunnigan is good news. Stanberry lecture educational
but of no interest to FRR investors ?
Mapp is still there and needs good news to keep going.
FRR was a shock, HL the last straw, NWG an eyeopener.
Finance is for insiders who collect Millions with ease
while the rest of us is there to be fleeced.
A nice find, keysersoze - Ms. Dunnigan, the designated US ambassador to Georgia, is clearly very, very pro-Ukrainian and very, very anti-Russian. That article (even though it is dated 08/05/22) implies that she will not quietly put up with any future pro-Russian activity from the Georgian government or their paymaster, Ivanishvili. Whether this will effect the GG's stance towards FRR and other US firms remains to be seen. I think it bodes well.
I find it incredible that someone can accuse BP of "excessive green policies ", as much as I want to make some money from my investment here, you have to be blind to not see what's happening to the planet in front of our very eyes and to say that one of the biggest causes is "excessively green" is laughable.
Https://www.google.com/amp/s/www.rferl.org/amp/ukraine-russia-war-dunnigan-state-department-interview/31839947.html
""We are fortunate to have our own natural resources. And Europe is still in many cases...dependent on Russia for oil and natural gas. However, we welcome the commitment to try to decrease that dependence as quickly as possible.⊠We should work as hard as we can in the coming months and years to really become -- once and for all -- not dependent on Russian energy," said Dunnigan, who served as deputy U.S. assistant secretary for energy diplomacy in the State Department from 2014 to 2017."
No problem WHamBoy - the company will always mean the entity holding our shares as opposed to the sub entities, ZM copies etc.
Cheers for your swift response Looed. Re the company, thatâs what I thought. It certainly always takes me forever differentiating between our version and Zazaâs version of Frontera, so I can see why youâve started to just say the company đđ».
And yes, slowly, slowly, we do seem to be getting near to the end. Whether weâll be happy with result, remains to be seen, but I do draw consolation from the efforts being made.
WHamBoy - regarding the use of "the company". In following so many cases I just use "the company" to refer to FRC, the parent entity, and to separate it (at least in my head) from other parties such as FIC, FRGC etc. So "the company" is just one of the many entities that need to be followed. Filings and motions always talk in the 3rd person so I think that has rubbed off on me.
I agree it's good news this case has closed. Whilst it was expected given the settlement in the Federal case, it is good to finally get the confirmation. That leaves YA to be dealt with and which the company are very confident they will prevail. In the other major case and if precedent is anything to go by, the settlements in the Hope Federal case should bode well for the FIC v SN case given Hope's role in the case.
So the Mourant Case is closed - good news. Another one chalked off đ. And YA make a new move, a last desperate attempt to have their foreign judgement recognised. Hopefully the judge will continue to agree with Frontera. Thanks Looed. We seem to be moving closer to a result here.
On a separate question, can I ask why you now almost always refer to our Frontera as âthe companyâ? Is this to avoid confusion between our Frontera and Zazaâs Frontera ?, or has âthe companyâ asked you to do so? No problem if you canât answer this - it just struck me this evening for the first time as something relatively newđ.
Following on from the FRC request for a hearing on the recent YA motion for summary judgement, the docket has changed slightly to accommodate the request with dates now showing as -
04/09 - YA submit their Motion for Summary Judgement
06/10 - Hearing on Trial on Merits
09/10 - Hearing on Motion for Summary Judgement
The parties have settled the case. There is no filing as yet, just the notation on the record that parties advised the court of settlement 25/08.
A research company, USA. Stresses the importance of Oil and Gas.
2 brothers from Pittsburg are buying up Marcellus Region, etc..
JPMorgan, Buffett are investing heavily while Bloomberg/Fink preach Green
Energy, Woke, Diversity, LGBTQ.
If FRR comes back it may be sensible to hold on and not let go
to sharp practice speculators. LNG most precious energy.
FRR a Super Star? For all of us and Guru RR.
Recently, YA informed the court that they intend to submit a âMotion for Traditional and No-Evidence Summary Judgementâ. The motion is docketed for submission on 4th September. This is the third time YA have sought some kind of default judgement in this case.
The company have now requested an oral hearing on this motion citing âThe issues involved are too detailed and too important to both parties to be considered on submission.â
We should find out in a few days if the court takes up this request for an in-person hearing and if it affects the schedule.
Dates as they currently stand â
04/09 â Submission of YA Motion
06/10 â Trial on Merits
Happy days then
Yes my bad I only realised on arrival and was heading West after Iâd finished, which was earlier than I thought. There may be another time in the near future and Iâll give you a heads up here when I do
Pity I did not know you were coming would have been happy to meet up with you
Fascinating thanks Dulwich, itâs certainly maintained itâs rural charm. Long may it do so