Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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I should have added 'IMHO' as I mustn't offend ODR and SR, who will know doubt point out that FTI already had control over FRCC and it's subsidiaries under Caymen's law. However, if the bank accounts of the said companies are in the US, I would expect some sort of protection under US law. Hence the requirement of Chapter 15 to assist with the liquidation process, when foreign companies with links to the US are involved.
I'm so lost in all legal caper, I just want it to end in our favour so we can move on
Is this very good news madpunter
Ziggy - FTI had all those powers mentioned in the Caymens, but did not have :-
(d) ordering that the administration or realization of any assets of FRCC within the territorial jurisdiction of the United States be entrusted to the Liquidators as the exclusive representatives of FRCC in the United States;
In other words, access to any bank accounts held by FRCC or it's subsidiaries in the United States.
I've been expecting this. It was predictable. Let's hope ZZ and SN are fully prepared, and there will be no surprises.
Thanks Taff
Struggling to square this latest court doc with B20 post and Mads opinion re Non objection certificate. DTI are still seeking discovery on all aspects of the FRR group including FRUS where we think asset went to . So presumably still looking at legality of asset move , amongst other things.
he will for sure say we are all double doomed
Cheesie any dots?
Lol, nooooooooo.
Starage any views?
Thanks Taffy. Let's hope communication has been smart.
Also attached was a draft court order for the judge to. Insider when the case is heard tomorrow. One of the draft orders requested is discovery on FRR Directors
7. ORDERED, that the Liquidators are hereby authorized to examine witnesses, take evidence, and seek the production of documents concerning the assets, affairs, rights, obligations or liabilities of FRCC by: (a) issuing discovery requests to: i. Frontera Resources Corporation (“FRC”), Frontera International Corporation (“FIC”), and Frontera Resources US, LLC (“FRUS”),
all entities registered or doing business in the United States that owned, or are affiliated with, FRCC, for copies of all of the books and records, transaction documents among FRCC, including but not limited to transactions involving Frontera Resources Georgia Corporation (“FRGC”, and together with FRC, FIC and FRUS, the “Frontera Group”) the equity of which is the principal asset of FRCC, and other financial documents of FRCC concerning the valuation, assets and liabilities of FRCC, including undisclosed intracompany loans among FRCC and other entities in the Frontera Group; ii. Steven C. Nicandros (“Nicandros”), Zaza Mamulaishvili (“Mamulaishvili”), in their capacity as certain of the directors of FRCC prior to the commencement of the voluntary liquidation (together, the “FRCC Directors”) and as directors or executives of the other entities in the Frontera Group, who appear to reside or maintain a presence in the United States, for information about FRCC concerning its solvency, transactions, pending disputes, assets and liabilities; and iii. Levan Bakhutashvili (“Bakhutashvili”), in his capacity as Vice President, General Counsel and Corporate Secretary of FRCC. (b) examining any witnesses located within the territorial jurisdiction of the United States, including but not limited to the FRCC Directors, who appear to have managed the day-to-day operations of FRCC, and who executed personal guarantees with respect to restructured promissory notes issued by FIC, the default upon which triggered the voluntary liquidation; (c) granting the Liquidators authority to assert claims of FRCC against parties that are subject to the jurisdiction of courts in the United States; (d) ordering that the administration or realization of any assets of FRCC within the territorial jurisdiction of the United States be entrusted to the Liquidators as the exclusive representatives of FRCC in the United States; and (e) granting such other and further relief as the Court may deem just and prope
Document 18 has been filed by lawyers representing the liquidators
HOLLAND & KNIGHT LLP By: /s/ Warren E. Gluck, Esq. Warren E. Gluck, Esq. Richard A. Bixter, Jr., Esq. (pro hac vice) Elliot A. Magruder, Esq. 31 West 52nd Street New York, New York 10019 Telephone: (212) 513-3200 Email: warren.gluck@hklaw.com richard.bixter@hklaw.com elliot.magruder@hklaw.com Attorneys for David Griffin and Andrew Morrison, the Joint Official Liquidators and Foreign Representatives of Frontera Resources Caucasus Corporation (in Official Liquidation
Earsbern - IMHO it implies that as there's no objection to the proposed order granting recognition, and there's no application for relief to protect the assets of FRCC. In other words, FRR want to speed things up in the liquidation process.
http://www.uncitral.org/pdf/english/texts/insolven/insolvency-e.pdf
What's this mean guys?
Description on the list - 'Certificate of No Objection Pursuant to LR9075-2 to Entry of the Proposed Order Granting Recognition and Relief in Aid of a Foreign Main Proceeding. Filed by Warren E.Gluck on behalf of Frontera Resources Caucasus Corp.'
I take it that this means that no objection has been made to the court recognising previous court proceedings in the Caymans. Could more knowledgable people please tell us whether this is this good, bad or indifferent to FRR?