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I see it as potentially the ideal opportunity to find out what has been going on before some new issue pops up probably after the Election. I think we need to check how this company is being handled and whether in the right way.
I think Zaza looks to have done well in some regards such as paying off and getting rid of YA, presumably. At present though I'm not keen on the continued radio silence. The non recognition of shareholders is getting rather disrespectful I feel and when that happens the danger is that we risk getting disregarded wherever it may become possible to do so.
I see this juncture as a good possible opportunity to get all this Hope rubbish sorted out and shelved away as well as checking to make sure that someone is leading the company who will move forward with the development of the oil field.
I'm kind of thinking we need an EGM to stop us being ignored. Before Zaza, SN, etc may have had a good enough reason but now we are past the Arb and it appears there problems are there's rather than Frontera's. They've had their opportunity to make their move but I don't think FRR should be used as a play thing by others while we are cut out of a company that we as shareholders should be in control off.
I personally think if a large group of shareholders got together and all chipped in a bit to get a solicitor to arrange an EGM, find out what has been happening and advise on course of action to take to ensure shareholders get their voice and interests represented.
I don't think we should let FRR drift for years when development and buyout/buyin/JV deals should be being done.
Do shareholders get any say/vote in a replacement for Zaza?
Would now be time for shareholders to call an extraordinary shareholders meeting to find out what is/has been going on?
If Zaza was gone around the beginning of the month then a few weeks could have already passed without anyone at the helm. Seems only fair that at this juncture SH avoid being left on communication blackout in a company we own.
The one FACT we have right now, as far as it can be any fact be proven in the situation we are in, is that ZM has left FRR - that he no longer has any connection.
Just as everyone is asking, how has that happened and, perhaps most critically, why has that happened?
There are so many possible reasons.
As far as I am concerned, ZM did a great job preventing GD from sinking us. That was the aim of the GD. They sank others. So had TW, Hope, YA et al. It became a titanic political struggle in Georgia. If ZM hadn't a been there, we would have gone the way of the Titanic.
Perhaps in the end, and as others are suggesting, that is the reason why he has had to go. If FRR are to strike a deal, get some kind of major concession out of GD etc. you can imagine that ZM - having gone on the telly and out the boot in and stopped a corrupt, arrogant and entitled GD from achieving their goals - will be enemy No.1. They wouldn't be able to stomach him still being there, they cutting a deal with FRR and watching him grinning the other side of the table.
May well be moot whether he was pushed and by whom etc. Circumstances necessitated it. And as far as they have been able to put up a fight, SN and ZM couldn't keep goign forever.
If GD have proposed something meaningful, makes every bit of sense that GD have asked not to see ZMs smug face, and that SN and ZM will have worked it out, that he's got to step aside.
There are also benefits of this for the cases related to Hope. This has been discussed quite wlel already.
Is hard to know. ZM leaving would not have been easy for ZM. But, with the convergance of all of the above, GD on one side and Hope et al on the other, the decision would have been a necessary one in the end.
But, as always, this the greatest ever real-life soap opera and we continue to wait to see.
The resignation letters were for FRCC only whereas the court doc says ZM is no longer associated with Frontera, so that suggests something different to me, but it’s not really clear until we get more detailed info.
Mole, yes that's a plausible scenario, though of course Outrider could well be arguing that as the shares are not redeemable then they are due the requisite cash value. Either way, this case is not against Frontera so doesn't make much difference to the company, as opposed to SN and ZM personally.
Star the 250m each shares is what I understand the Texas case is all about.
I'm not so sure about how the 500m shares gets offset against the interest - logic suggests it must - you can't just take both - but by not handing them over and delisting they are no longer worth what they were. But my read is that Hope would end up with 500m shares to use for instance to vote or block a restructure or carry into a liquidation given we are suspended. The 500m shares as of today only have any value if the company relists. The rest of the interest and the loan note principle is what the New York /Cayman liquidation cases are all about. Don't forget Steve has some loan notes as well - not many but a few.
The most interesting part of the non real/fake arbitration document was the bit around who was left to run FRCC and hence FEGL. The mortgage had the signed resignation letters copies. But were they ever served certainly not before the attempt to transfer and possibly even not by today. Hence why Zaza was able to carry on in Georgia post arbitration result. I'm watching for any movement on those letters showing up in Georgia registry or US cases. WE seem to be in the bizarre position that FIT have control of FRCC but may have left the FRR board in role because even they are not sure of the outcome and need to be careful with the asset. Having secured the 1% will the letters now been served I wonder? It is that battle over the asset that I believe is having to be worked through and the Georgian politics have just added another layer of complexity to an already complicated mess.