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Earsbern - I think you are spot on. With regard to salary he was claiming US$11m+ back pay. The company have challenged that and they mention his shareholding as being in relation to his employment T&C's - which the the court has found he breached in granting the T.I.
Thanks, Looed. ZM is obviously in a very bad place financially, and I think that explains much of his behaviour. He has lost his very substantial share in the metal-dealing company and perhaps incurred a huge debt in the process. He has also lost his job with FRR - I don't know how much, or even if, he got a salary, but we can be reasonably sure from SN's court testimony that his expense allowance was substantial, especially by Georgian standards. So, in the space of a few months, he has gone from being a high flyer to, very possibly, wondering how he is going to make ends meet. From hero to zero.
That, I think, largely accounts for the non-payment of bills during his last trip to America, the disappearance of all the pipe-work from Frontera's Georgian sites and, of course, his attempted takeover of FRR as a company.
As a footnote, I will add that ZM is one of the relatively few people who has seen all the geological reports on how much gas and oil FRR has claim to. He obviously believes it's worth fighting for, which is somehow reassuring.
Goit - yes you are right as I don't recall any message / statement from the company about a return to the market. So far they are using generalities like 'evolving business plan' and 'constructive cooperation'. Of course that doesn't mean it won't happen, but I don't think its been stated as such thus far.
Earsbern - ZM had a 39% stake and lost the lot. I can't recall if it was in the livestream or its in one of his many filings, but he complained bitterly that someone had swooped in and legally stolen the company from under his nose. Unlike our situation, they actually got away with it.
Did the Bard have him in mind when he wrote -
"I am disgraced, impeach'd and baffled here,
Pierced to the soul with slander's venom'd spear!"
Looed, thanks for your thoughts on it, good things come out strange things….. well that’s what I think when I look at my children anyway..!
Good luck all…!????
Wasn't there a report on here some time in the last couple of months, that creditors were taking a large metal-dealing company that ZM is involved in (as part-owner?) before the Georgian courts for bankruptcy proceedings? If this is so, and ZM's finances are as parlous as it implies, it might help to explain the desperation of his current manoeuvres in the Texas courts. We can see that his chances of success are absolutely minimal; but drowning men, they say, clutch at straws.
The only problem with FRR's intention about returning to market, is it was also said by Zaza.... So I wouldnt necessarily hold your breath!
Because of the apparent misdemeanors & fraud allegations levelled against him; I wouldn't have thought Zasa would want to be anywhere near an American Courtroom, as to do so would risk his freedom & prospects of a long term in an American jail. ("You look like a pretty boy to me!")
.....We can but hope to get some retribution.
Cavey.
I wouldn't necessarily count out Zaza finding representation later if he can later put someone in . I'm guessing most law firms look him up and see his reputation and run a mile. Looks like he either doesn't wish to stump up the fee upfront for the lawyers or is unable. If unable then I would wonder where that oil money went that he took. Some apparently went to family members through the company he set up, etc.
My thoughts overall is that he seems to be using his usual tactic of playing for time. I could only assume he has a reason for this, possibly time to do something with that oil money he took all with the outcome of trying to keep hold of it I would assume.
Cheers Looed for your efforts mate, it’s appreciated by all of us..
Lifeishard – The company did make it clear that there is much going on that is not currently in the public domain. It can be exhausting looking back to try and correlate the rational with the seemingly irrational. I personally don’t see any grand plan connecting or packaging the past with the present into one conspiratorial ‘event’. I base that on the chronology of the Texas cases. At the same time, I do agree that something is going on as the company, to use their own term, ‘evolves’ its new business plan.
Looed , Agree
By delaying I meant ZZ saying going alone ( for the time being ) …… as opposed to throwing in the towel now .
Looed , we all you a very large drink if this comes good, keeping us as informed as possible along with the other sleuths , hoping this comes good still but can’t help but think along same lines as TSBS1 , this whole saga doesn’t make sense and there could well be something else going on…???
Good luck all & fingers crossed this time next year we will all be millionaires …. ???
Apologies if anyone's already copied and posted this, but after the latest ZZ news, I've just taken a look at FB and he's been a very busy boy giving opinions about the Gov of Georgia and political views, but he also posted this on the 4th November, so he's still waving the FRR flag!
"From December, natural gas taxes will become even more expensive. Expensive gas will be a heavy burden to the population of Georgia and its economy.
All this happens when there is 350 billion cubic meters of gas in Georgia, which is enough for Georgia for 150 years.
The Ministry of Economy and Oil and Gas Corporation has been opposed by all means of obtaining this gas supply for years, for a clear reason.... They have arranged schemes with sugarcane and gasprom.
One of the largest American supplies auditorium companies Netherlands, Sewell & Associia has confirmed the existence of gas supplies after hundreds of millions of dollars invested by Frontera Eastern Georgia Your Inc.
Meanwhile the country continues to deteriorate"
Won't it be nice if we do end up seeing some of those gas supplies brought up and piped?! Xmas pressies getting closer people! wink emoji! GLA
Looped, great work. You said the following “ less than 4% of such pro se cases are successful” …. I bet those are cases such as small claims etc, I bet the 4% for complex corporate cases is way lower lol
Ziggy - I do't think this development will cause any delay in Texas. Next steps in the appeals will be decided by the courts who can agree to hear oral evidence or decide the outcome themselves. The full trial date is already set. All filings, motions etc are already submitted. I think this is purely to show the courts in Georgia "it ain't over!" and is an attempt to delay the courts in Texas issuing any decisions or throwing the cases out because he no longer has representation.
Not fully up to speed on various court actions in Georgia and the timings of them in relation to USA actions .
By ZZ stretching out the process in USA courts is he trying to delay conclusion and any damaging final verdict …..which could then be referred to in the Georgian courts.
Looed good work yet again , thank you.
the thing is though, why on earth is he carrying on like this. When I met him the last thing that wouldve entered my head was that he was stupid, far from it. Something just doesnt and never has added up with this. Stephen hope not been mentioned for some time, Zaza going crazy on the face of it. It really just doesnt add up
Something else going on Id say that we and looed arent aware of
It all feels like delay tactics whilstthe NS2 saga plays out. ZM doesnt need to win he just needs to put s may spanners int eh works as he can
ODR - Orrick's made ZM pay a sizable retainer given they are a well respected firm. They told him in advance that in order for them to continue he would need too make another payment at which point all comms, and payments stopped. Orrick's gave him some warnings which he didn't respond to culminating in their motion to withdraw.
Also, Claudia must have had her head in her hands with his blatant disregard of the TI and contempt. I imagine Orrick's were glad to see the back of him. It's possible, based on his actions, that no other respectable law firm would touch him so he has no choice but to go it alone.
Looed: many thanks again.
Would not be at all surprised if the next thing you, or one of our other amazing sleuths, digs out is a court action by Orrick against Zaza to recover costs...
GLA
I think Avi8r has it right - this is him on life support trying to delay the inevitable. As we have seen, what this person says and what this person does are rarely the same thing!
Under US law he does have the right to represent himself (if it did actually get that far) and Google states that less than 4% of such pro se cases are successful. That doesn't even begin to take into account the T.I. and everything else that is stacked against him.
Rest assured the courts will have seen all this before.
'Pro se'; meaning self.
Why on earth he'd want to do that give the trouble Orrick had clearly demonstrates the problems he's facing, and of his own doing. This suggests 2 things tough; a) he doesn't have the funds and, b) the ability to represent himself in the US is highly improbable so he will likely withdraw.
Slowly, as Looed mentioned, all the claims are shedding ZM and the company is beginning to be free of him and the disaster he's wreaked. Time will tell if FRR will be true to their word and return to market with a re-listing on LSE, but each and every week now that is looking more and more likely.
Been a very long wait.
Looed
Thanks
Overall would think that a best friend will do himself more harm than good.
I am as sure as can be that the courts will not take much notice of anything he puts forward as evidence & only can see this doing him more harm in Georgia then good.
Nice one Looed cheers
ZM has declared himself ‘pro se’ which is legalese for saying he will represent himself in the Texas cases.
The formidable team from Orrick’s were unable to secure any success, so it's quite the legal minefield he must try and navigate. That must be even harder given his seeming lack of funds and poor standing with the courts.
Based on what we have seen thus far, the trajectory of the various cases all seem to be heading away from ZM.
We should soon see what, if anything, happened in the two hearings held yesterday.