We would love to hear your thoughts about our site and services, please take our survey 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.
ZZ, right, so they forfeit the claim plus pay another $125K, meaning about $6 million in total for an asset supposedly worth billions. They either got the bargain of the century or ...
TSBS I think price they paid in consideration of the asset was only $125k , so presumably they forfeited their $5.8 claim as part of the deal......resulting in largest creditor put to bed.
Unclear. FTI likely have an accounting. Probably for legal, arbitrator and professional fees in the arbitration, which approached $3MM, maybe some for the drilling program.
but what happened to 5.8 m what was it used for
ZZ, that's an interesting point. Was it a strategic error on Hope's//FTI's part or was it inevitable once the whole structure started being unraveled? You always want to have your security closest to the asset and in this case Green maybe had a secured claim against FRGC.
Njames, thanks for your response 19.16 , that was my understanding but like you very confused as to why Hope was not given asset, hence my question .
Looking again does the answer lie in that the door of opportunity was opened for Zaza when FRGC was put into liquidation in Dec last year and subsequent court supervision in Jan this year , with Green being the largest creditor of FRGC and presumably Hope having no creditor status .
The loan notes were issued by Frontera International, the security was the shares of Frontera Resources Caucasus, which in turn owned Frontera Resources Georgia. I believe all three are in liquidation. Maybe Easbern can confirm. The mystery to me is how Green ended up with the asset, not Outrider. Maybe some of the $5.8 million was still laying around and went to Outrider and the asset went to Green, or maybe ZM outfoxed Outrider as well. If the latter, that could explain why according to the court documents posted by Easbern for the California case, there seems to be renewed interest in settling between Outrider and the company. A united front against ZM/Green.
Ok , going to ask a silly question here .....Is Hope a creditor of the companies in liquidation ?
I realise he held the asset as security against the notes and the default enabled him take control via Maples with subsequent liquidation , but is he a creditor of Co’s in liquidation or our FRR parent company re his $40 odd mill.?
Just seen the email from FSHG. Why are the company reaching out now? Anyone think they will try and tap us for money to keep this balls up alive with more promises under a different structure and jurisdiction?
Very Thankful Looed.
This is great for my sanitation !
I especially like to see them use the word "steal".
No pussy-footing around. It has been stopped by force - "blocked".
An NDA and MOU would not have been necessary if there was no Data to protect. And now we see, clearly, that the Asset is worth fighting for.
The Gloves are off !
Good Luck All
Thanks, Looed. Much appreciated. GL to us all.
One thing is that the story has not come to an end & Frr still believe there is a way out of the complete mess. Most of which we should not be in anyway.
Or they could be spinning the story in their direction, as every party in litigation does. The Cayman side can't be ignored. The chain of ownership between the asset (which is held by FEGL) and Frontera Resources Corporation (FRC) was broken when Outrider took the shares of Frontera Resources Caucasus Corporation in the default and put it into liquidation. If what the company is alleging is true, then Green Capital/ZM are dirty and shouldn't be awarded the asset, and the Georgian govt has stopped the transfer for the time being. But the Cayman court order specifies that it be awarded to Green if the government approves, otherwise to Uniserve or turned back over to the government. So I'm not sure there's any way to get the asset back in the hands of Frontera Resources without going through the Caymans. And it seems that would still have to involve some sort of deal with Outrider, who are now owed the full amount of the loan notes plus interest.
Appreciate that we are only seeing part of the picture, and subject to each party's spin, but the actual Cayman court orders and the arbitration award say what they say, so need to be countered by other equally authoritative evidence.
Thanks, Looed for the message you are a superstar. Our Frontera Community deeply appreciates your hard work. I am very confident all will come good in not so distant future.
Thanks All.
Ziggy / ODR - I suppose another way of saying that first point in the message would be "The company is focusing its efforts on the countries that are relevant to the business - USA and Georgia, and so we don't need to focus on other places".
or
"In this message we lay out what we think is important, and we won't focus on issues that might seem important, but actually aren't" Again, just my take, but thats how I read it.
Another point to consider is when the message says "we appreciate it is not easy....." which I think is a way of saying we are only seeing part of the picture. Not everything is playing out in public.
I am choosing to see all the submissions / filings etc from ZM for what they are - the historical record of a crook and a conman. He might yet have more tricks to bring to the table. Should he drop something that appears devastating lets take a breath and keep in mind our side seem well prepared and have matters in hand, at least so far. Hopefully today finally signals a small shift in our favor.
Next milestone that we know of would appear to be 14th May US time for the hearing in Texas.
I am off for a glass of the red stuff. Cheers all.
Looed ,
Many thanks for posting their message to us.
They say :
.. the attempt to convert and steal Frontera’s holdings has been blocked. ...
Presumably it refers to Green Cap action .
ODR points out the Caymans angle , on that crucial front it would be good to know exactly where we are re FTI in reference to .....WHO ......under company laws .....currently holds / controls the key asset that was in the liquidated companies.
Just noise. Fighting over a bigger piece of the pie.
madp so all these court cases and licence flying between companies and crooks is just filling in time while georgia get in to nato :-)
A long time ago
in a court room far, far away
The company has and
extensive and experienced legal
team in the United States and Georgia
that are focused on protecting the company's assets.
Jens Stoltenberg told Georgia to prepare for NATO membership last Autumn. Why do you think it has happened yet? IMHO the parliament has to stable and NATO, the USA and the EU want to be sure of Georgia's alignment to the West, plus a commitment to the ADC and the EU's energy supply. There's no point in ease of business, if it's just as easy to have the GG appropriate the business. Foreign investment needs security. IMHO this is also why the EU membership and the US Georgia Support Act haven't been accomplished yet. IMHO it's all linked.
Looed: many thanks for sharing this reassuring message.
It includes: "The company has an extensive and experienced legal team in the United States and Georgia that are focused on protecting the company's assets."
Surely the main area of concern is what has happened in the Cayman Islands; yet they don't mention any legal presence there?
tsbs1 - There's also the carrot's of NATO and EU membership at stake.
tsbs1 - IMHO the manoeuvre is the threat of sanctions and withholding aid.
Thanks Looed, Nice to have our frazzled nerves calmed again.. Much appreciated..
Just read full message from FSHG on message received by Looed & for me increases the chances of Frr pulling it off, but only by a small %.