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Zaza wouldn't pay the bribes so they froze him out...shocking.
Moral: don,t invest in countries with corrupt governments. I thought I'd learnt my lesson with GKP. Didn't realise the Goergion government was as bad.
I feel sorry for the honest normal Georgian people who just want to see a decent lives for themselves and families.
Excuse typos, folks, was posting from phone.
Am with Contra on this.
GD wanted to sink FRR, pure and simple. If anything, without our US contacts weighing in as they have, at this moment, we would be sunk already (and am not sure there was an earlier time to leverage this political support, as previously we were still running the gauntlet of whatever due process and then waiting on GD to abide by the outcome of the Arbitration).
GD chroncially corrupted. I wouldn't be surprised if they had something to do with the Arbitration Leak to TW and the shorting scrotii. Used to seem that Arbi.wrangly wuth GG/ GG was a wholly separate from Hope, TW etc, that they were two distinct issues. But am not sure so any more.
GD have made Georgia uninvestable. The Gerogian people are learning this, to their horror and embarassment (at least I hope).
Good bit of realism mole as usual .Is there a theory as to why it was a good idea not to return the unexplored land when due and avoid arbitration in the first place ?
Did Hope ever get paid any money to date on the loan notes he bought up? If not he could be looking at a massive black hole in his finances if the GG illegally expropriate FRR's oil & gas field. He would be stuck with the legal costs and no one to claim off plus massively out off pocket on what he paid for the loan notes without any repayment or interest. Wouldn't have thought he would be pleased with that scenario.
It is not hard to imagine a scenario where certain people in the GD who have a tendency towards corruption in order to accumulate wealth have conspired with others to pressurize Frontera . As examples, short selling nonexistent shares to depress the share price, then an attempt to take over and liquidate the company to capture the value of Block X11 with what aim?, to pass it over to friends of Russia in the GD?.
All this happened in one form or another. For Frontera to have survived this far, as well as the arbitration process and a continuing action against Outrider in California is little short of a miracle. They must know where at least some of the incriminating bodies are buried - Bring it on, let's get this done!
The people who have lost with Frontera are the investors. To the tune of $500m+. That list includes shareholders and bondholders - including Outrider who probably wish they had never tried to engineer a takeover here now by buying distressed debt. However, the $500m had hansomely lined the pockets of employees (till the coffers were empty at end of 2018), contractors, financiers (including YA) and professional advisers from Nomads to auditors and competent persons. Then it has provided a mechanism for shorters and the prophets of doom to profit.
The other big loser to date has been the Georgian state and hence its people. Whilst I suspect Zaza has little choice now but to fight a political battle this is not where we should be.
I have to say we have not seen the big reveal of the alleged interference and obstruction of operations by the GG yet. If such obstruction had occurred the place to argue was at the arbitration.
Whilst we can't be sure of all the circumstances around the arbitration Fronteras problems have in the main revolved around securing funds to drill the deeper wells and that in itself has been due to geology not in my opinion the GG obstruction. Georgia Dream are a recent phenonemon and whilst clearly via their leader having a closer association to Russia than the former UDM party would ever have contemplated its my opinion that the GG are being opportunistic in mugging Frontera via the arbitration having taken advantage of the weakness the company has endured since 2008 financial crisis and subsequent difficult commodity investment climate in small oil and gas. That is why we have not been able to explore to retain the 99%.
The other loss is potentially a political one. If you are going to play on the stage of international politics then it would be advisable to be operating in a well structured and disciplined fashion. For me Frontera has deviated from the path they should have been following. What should have happenned is that the investment in political and financial contacts should have resulted both in robust hands off support from US and either a significant funding offer from friends or insititutions sympathetic to the underlying objectives in Georgia or investment from a major. To date that has not happenned and Frontera as the finance remained tight instead came to rely on us - the small PI investors to keep them going.
The problem is that the Nov 2017 date and the other PSA dates have long been known. We find ourselves now 12 days from probable termination of the license of the company only real asset and still fighting our bondholder in court in US.
That is possibly our best avenue for recovering funds - but it turns out the company own insurance policy is being used to fund Outriders and Hopes defence!
If there is to be another act or an encore to this show then its fast approaching a moment of truth.
they aren't getting this shirt its the only one I have £3.45 from primark best shirt ive ever owned
so that's my money they can have/already got
Tsbs...They can take your shirt, take your money but they'll never take your humour!!!
tsbs1 - think of it as yet another way FRR continues to invest in Georgia and its people !
Phil_2018 - the minister that met with the Ambassador recently invited Zaza to meet to discuss options, although at the time Zaza said there had been no invite. Maybe things have progressed since then.
Not surprised our translator is on the lookout for frr stuff...hes the only one that's ever made money out of frontera :-))
WHamboy - yes its very quiet. Outside of our BB we also have the translator on lookout, so I don't think we are missing anything.
Hopefully RR's storm analogy is right. We are just entering typhoon season here, so we get to know a lot about how storms work. When the storm is raging and it suddenly goes quiet - don't be fooled, its far from over - It just means the next bands will probably be even more intense!
Haven't checked in here much recently as figured not much would have changed. Might have already been highlighted but according to this report the US ambassador visited Georgia a couple of days ago and met Georgian Economic Minister Maria Turnava:
https://ge.usembassy.gov/ambassador-kelly-c-degnan-makes-the-first-visit-to-georgias-samegrelo-zemo-svaneti-region-july-10/
Perhaps behind the scenes the matter of foreign investment problems including FRR were discussed? I can't see the point of publicity for investment in Georgia when there is a history of foreign investment being expropriated.
Only 12 days left to find out if the GG are bluffing or any agreement to come out of the woodwork. At least I assume the wait will be over to find out either way.
Whamboy. I don't believe any deal with GD will allow us to realise the full value of our investment, as Ivanishvili obviously has his eyes on it.
If Zaza does develop a political leaning, I think he would look after his very deep pecuniary interest in this firm as he would probably need it to further a career in politics.
There's either a storm brewing, or we're already out the other side.
Fingers crossed !
I don't think that Zaza has had any choice except to point out unequivocally how the GD were attempting to take control of FRR's property (as they have done with other foreign businesses). Anything else would have meant that the property would have been expropriated and we would have been left with nothing.
Now, even if the GD do go ahead with their threats, there is a strong chance that the next government will cancel the takeover, or failing that, as a last resort, FRR could take up the matter through the international courts.
When there’s no posts by Looed overnight things really have gone quiet! Hopefully it’s a sign that negotiations are still taking place. I understand all the emphasis on regime change by a number of posters on this BB, and it may well turn out be our best hope of success, but personally I just want a deal to be struck as soon as possible between the Georgians and Zaza that allows all of us to walk away from this with our heads held high and some money in our back pocket. I hope Zaza’s political ambitions don’t get in the way of that goal.