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I have access to the Texas Secretary of State database, which has all the filings for Texas domestic and foreign registered companies. Not surprisingly, Frontera are a bit delinquent on some of the filings, so the last annual information report filed for FRUS was for filing year 2018, signed by Giorgi K. on 13 Nov 2018. Shows SN as chairman, ZM as CEO/director and LB as VP/Secretary. Mailing address shown as 1201 Louisiana Street Suite 2800. A search of that address shows it is the physical address of the Law Offices Of Janet S Northrup PC , Liverpool Ventures LLC, and Geltco LLC. The principal office address listed on the form is the Post Oak address. The registered agent is SN at the Post Oak address.
I suspect the different mailing address was to throw off process servers.
Interestingly, there is also a Frontera Resources Ukraine LLC, formed in 2015. For the ultimate parent company, FRC, the last filing is also for year 2018 and still lists Hope and Szescila as directors.
Mole - Perhaps they wanted to hide the company from SH/O and the different address was essential.
Part of the mortgage agreement was having SH on the board and when he resigned, that may have made the agreement null and void. Hence, why the transfer took place after he had resigned.
After the way the ADC, Icona Capital and Georgian mining have been treated, freezing bank accounts and blocking oil sales is quite feasible and the Georgian courts have judges that have been hand picked by the GD.
Mad - FRUS was set-up well in advance in 2016 in the USA. Have a look at:
https://opencorporates.com/companies/us_tx/0802558654
https://opencorporates.com/companies/us_tx/0802558654/events
The puzzle really is why the address:
1201 LOUISIANA ST STE 2800, HOUSTON, TX, 77002 and not Post Oak address.
And why the changing board in april 2019. Doesn't show Levan left - spending some of the translation money on a cheap search of the texas registry latest entry might show when Zaza and Levan left - assuming they have.
Of course they couldn't transfer the asset because they had mortgaged it as security for the group loans and then provided personal guarantees on top. I am puzzled why anyone would think that is an event that is not at the highest risk of repudiation in a court. Without the fiduciary case I can't see why it hasn't been.
That is the key - it started with a loan that they defaulted on and then claimed the reason was that Outrider blocked funding. Since then they have been in and out of court in the main conducting discovery on each other. That is about to end and then it will be visible who has been swimming without their trunks on. While that is happening as I've said before its moot. Both FIT and GOGC have let FRR carry on till it is resolved. The carry on mind has amounted to not doing much.
On the bank account - simply don't understand on what basis a bank account and oil sales was frozen outside either a liquidation scenario or an unpaid debt complaint (maybe when FRR unwisely decided not to pay the mineral license). Outside that I would have expected FRR to be in court to over turn it - not winging about it in the press. Where is the court case or uncle sam having a word about it?
I regularly check the Georgian registry - no change yet. The other thing that should give you pause for thought is that FRR US were included in the arbitration but the final result was delivered not to them but to the disputed company.
The Georgian sabre rattling on funding and progress started in 2016 not 2018 when they effectively warned FRR to get a move on - Steve and Zaza went to see the President/PM over it with the now well worn copies of the CPR's. But they have never blocked any drilling permits we have been informed of. The debates about gas license goes back to 2013/14 and again the company never raised this as an issue for shareholders when seeking funding for the 2016/2017/2018 fund raises. The discussion point on the scope of the mineral license depth restrictions we have only seen in one press report post arbitration.
You need to be careful in looking at FRR and the Georgian subsidiary now. Its in the odd position of the shares through FRCC having been transferred by the FRR board to FRR US but the transfer wasn't ratified. That is why its such a mess to sort out. Frontera making it political has made it even more complicated. One wrong move by anyone risks more litigation.
Mole - It took months to even register FRUS, as the GG were being obstructive. FRR had a window of opportunity to transfer Block 12 when SH resigned from the board. The only way I can see the GG blocking the transfer, is if FRR couldn't prove sufficient funds available to develop the asset. This is possible if FRR were being prevented from selling oil and had their bank accounts frozen. We have recently been informed that FRR are operating again, so it is possible that the transfer has now been ratified. If not and it still resides in a company being liquidated, then why aren't the GG terminating the PSA? Also, why are the GG allowing FRR to operate again if they don't have the asset legally? IMHO either the GG allow the transfer and do a deal with FRR or they wait to see if they win the election (unlikely IMHO due to the recent polls and the PR system) and take it back due to the transfer being illegal and the asset still in an insolvent company. IMHO this is why there is yet to be a paper trail showing whether the asset has been transferred, as the GG were keeping their options open. The GG wanted to snatch Block 12 after the arbitration, but plan B was to take it from under the noses of the NY court, if the GD were still in power after the elections (likely to result in even more of a political backlash than taking it after the arbitration, hence the reason it was plan B). IMHO this will still be settled in Georgia and the US court cases are just noise.