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Kdashian, were outrider to be offered all they were owed compared to the smaller % they are now seeing that they would get, could be possible they would stop it (if they could) but i think once the liquidations started its not possible to stop as it is the final step thats taken in winding up
I might be reading too much into this, or going down the garden path on this... But if FRR are able to prove the link between Zaza and GC, they can then, "in theory", provide additional evidence in the Cayman case to back up their original claims of misconduct by a director (however, this would relate to Zaza rather than Hope). With that finally proved, and FRR having a genuine ability to satisfy Outrider, would the Judge be willing/able to reverse the liquidation?
I feel like it is a longshot that requires a lot of hoops to be jumped through and boxes to be ticked... That said, i could also be completely wrong in my "backtrack" theory.
When they applied for the Dolphin block, FRR appeared to state in their letters that they had certified reserves in Georgia?
WHam, I would love to think you are right.
It's a crazy situation we are in and was this really what AIM was set up for?
The level of abuse is incredible, there are very few straight up Cos. out there. Any good news is almost always followed by a fund raise ( dilution of existing shareholders value ) within days of any upbeat RNS.
Traders market, not a place for SIPPS or any long term holding. Just get in and take what you can before it drops.
Lesson learned.
How did we find out about Dustin ?
There are bound to be little things they are happy for us to find..........to keep us , the share holders, off there backs.
WHamBoy,
The other thing for me is why as Dustin got back involved as we seem to have seen previously? If it’s a dead duck, what’s the point?
Bezzy
Whamboy the problem is they have not stopped the liquidation. Forget whether Zaza is this or that - that is irelevant and to some extent noise.
Its hard to see how the company unwind the Cayman liquidation let alone the facts on the ground in Georgia with the asset now in Green clutches. Green may yet find GOGC bars them but that just brings Uniserve into play and may end up with GOGC taking 100% of the block.
For FRR to get this back is going to require a major left field surprise (like a major deal or funding) or monumental political and legal effort. All when the license is all but expired. Is Steve up to that - how does that happen who would invest? Well the past two years have shown fight to save the 1% but they then lost even that to FTI. How this is being paid for to fight is also now a total mystery. The TRO is a start - but its not in the area that makes the most difference.
If its not the end then its an absolutely devastating development - FRR seem to be trying to get a grip via Zaza link to Green but I'm not sure thats enough (and like others I still don't quite understand the Zaza connection to that anyway other than the money from 2018) as with Cayman in Q4 2018 we saw restraining orders are not enough. You actually need a case at the end of the day.
FRR wanted the asset transferred to FRR US. That was blocked. They seem to want to unwind the developments in Cayman and Georgia which FTI have overseen and turn the clock back. FTI have done what they have as a result of the default and FRR inability to restrain them. Steve signed the papers in 2016 giving them security with the associated consequences. They are not even on the pitch in the Cayman case as FTI have simply bypassed them post the arbitration.
well ive written this off over the years even when we were still listed and we are still here posting
ill never be like rr ekxoc im sure of that one id shoot myself if i was that upbeat every day
The one thing I would add to this whole debate of "have we lost it all already?" is that FRR were very quick to email Looed last night to state that they had won a TRO yesterday. They didn't need to, but once he'd posted that we'd lost on the 3rd May, they emailed him to say that we'd won on the 4th. Unless I've missed some important new info today, as Oopsi stated earlier, there are 3 jurisdictions in play here, of which we seem to have one in the US and lost, for the moment at least, in the Caymans and Georgia. The new management team do seem at least to be heavily engaged in their efforts to save something. I am desperate for this to survive, and possibly not the best to judge the goings on in any of the court cases due to both my lack of legal background or my undoubted bias, and unlike those who invested relatively small sums, I don't feel that it is likely that I will ever make up for this loss if it does indeed come. Is this one last throw of the dice by SN and Bryce and co, or is there still something to play for? My feeling is that the new BOD still believe we can still get something back here.
Bugsy I'll keep coming back - the real problem remains they have drilled 4 major wells in 2017/18 and not generated any revenue. That is the real underlying problem. After 20 years and $400m spent they still don't know how to drill block 12 and failed to produce a bankable CPR or attract a partner.
Collectively they then lost leave of their senses by engaging in a war of words with their partner and regulator and default their main creditors. In the end the final wild claims of 2 majors and alternative funding and unrealistic plans that kept the pot bubbling right to the end is what I think is hard to fathom.
Steve I broadly blame for the drilling strategy and past failures leaving the company in a financial mess. Even now he seems to still think its one more go to unlock the block. Zaza was wheeled out as the PT Barnum for the final tour after 2016 when they played fast and loose with shareholders for a final desperate and disastrous time.
Whether people claim to have "seen through people" or not and when is moot - I defy anyone to have envisaged anything like what has transpired here. The board have collectively failed all their stakeholders. Given this company has purported to represent western values and aligned itself politically and effectively using Atlantic Council and US Chamber of Commerce and US Political backing they have failed not just your normal employee and shareholder stakeholders which is what makes this company highly unusual.
Mole - your questions @ 19:25 are quite pertinent to understanding this riddle.
GC's payment to FRR and what is was used for?
PS
Onus also lies on SN/FRR to prove that GC and ZM are related considering he has denied that claim. I truly hope SN and Team are not just depending on some of the search results we've published on this board to prove that!
If there is one thing we have seen SN et al are good at, there are sure to be several more court cases before this is final final - machine OFF - final
Just hope they dont mention star wars again
You are starting to sound like RR tsbs1
Has it gone or not not? You lot lost me 20 odd posts ago. Is zaza being banged to rights? Has the asset gone? Or do we still just not know ?
Sadist of the chip fat fryer !
:-)
its not gone yet
He did.
It well appears that Zaza has outfoxed everybody, This smooth talking De Niro look a like certainly talked the talk,
A charming fellow of splendid abilities, But totally and utterly corrupt, He shines and stinks at the same time, Like rotten mackerel by moonlight, Puddy had the measure of him long ago..
TSBs Uniserve did very well out of shareholders in 2016. They conveniently were given per the post of the RNS alot of shares that they proceeded to trash the shareprice pre the original default with Outrider in 2016. They appear to be a broadly legit local service company - if like everything FRR hard to pin down. So they seem to have been a claimant into the liquidation pot possibly as they had unpaid invoices. They showed no loyalty in 2016 to FRR.
Green is the murky one I don't like of the two. Uniserve seem to have made an offer like Green in the carve up by Outrider and FTI of the assets in the liquidation pot. As they have operational experience but no money maybe they have more chance of passing the test fro GOGC. I expect FTI have got hold of funds from bank accounts and other assets like kit on the ground and may even have been able to take any production post getting control in the liquidation pot.
We simply don't know what everyone has now extracted or what terms be it cash or % of future production as a royalty. green previously offered 5% to FTI but that was part of a 50/50 involving FRR US. I find it hard to believe Outrider have not extracted some value here and left Green to walk away with it all.
tsbs1 (19:16):
Was just looking up Uniserve and their share payment:
"Further to the Company's plans that were outlined in the Shareholder Circular dated 10 June 2016 ("Circular") and adopted at the Company's General Meeting on 28 June 2016, it has issued 2,398,786,214 new ordinary shares of US$0.00004 each in the Company ("New Ordinary Shares") at a price of 0.127 pence in order to create strategic alliances with service providers associated with its operations in the country of Georgia. Specifically, 2,098,937,937 New Ordinary Shares were issued to Uniserve Ltd. and 299,848,277 New Ordinary Shares were issued to Craft 07 Ltd. (both, collectively, "Service Providers").............................
........................ As described in the June Circular, issuance of these New Ordinary Shares is in consideration of procurement of $4,000,000 of oilfield services by the Service Providers. This strategic alliance will enable implementation of accelerated and more technically advanced operations over the remainder of this year and next year at the Company's South Kakheti Gas Complex and Shallow Fields Production Unit assets within its Block 12 portfolio."
RNS 1st August 2016
Theoretically I guess Zaza's shares in FRR could be gotten at if they have trouble recouping the money, that's if they end up worth anything of course. Hopefully they'll get their hands on any money back.
So number 1 question is if Green really paid FRR $5.8M for an oil contract in 2018. Why was it not used to settle with Outrider the interest?
Where did it go? What was it spent on? It was not used to pay staff? Was it used to fund litigation or executive pay? The company was down to $50k in dec 2018 per Hope - we could not pay the New York funds arrangement fee at that time. So I'm puzzled. When was this $5.8m paid to FRR?
If the transfer was not fraudulent to Green then the money needs to be accounted for. What happened to production post December 2018 to present day? That should be another $3 to $5m a year. Was no oil produced or did either FTI or GOGC take it? The laid off workers suggest no oil till recently when the tankers were blocked. Why take an oil contract out and then produce nothing? Who was responsible for that contract?
Why on earth did Steve send covid relief money $2m to Zaza if they were not in control of the company at that point and not able to get production going?
This all starts to add up. Have FRR at any point since March 2020 been in control of any operations on the ground?
If Zaza has been playing a game of double talk about who he really represented in his inflamatory media campaign post the arbitration then I'm beyond disappointed at such an unprincipled stance.
So it's looking likely to that Zaza has tried a smash & grab for a quick gain. Still got to wait to the 14th May so not long to wait to hopefully see it all fully reversed, but this looks a good initial sign. I still personally think that Zaza is a potential flight risk as that's often the case out that way when someone tries a quick grab for it, so I hope the Georgian authorities have got it covered there.
I must say I am surprised, Zaza cane across as a nice decent seeming guy in the interviews he gave. Perhaps he saw it as the only way to recoup his family fortune he put in and desperation took over, out that way poor people don't live well. Still was his choice to make the choices he did and was wrong of him to try and make a swipe for it. I too wonder if those at the top of these companies try to make it that they get out ok even if things don't go well for the company.
didnt uniserve get paid in shares i thought they took a huge chunk of equity for their services. how can they get the licence if gc dont
everything stinks here zaza should be arrested as should steve nicandros for their total lack of care to their share holders and the nomad whether they resigned or not should be held to account
and for those who thought not paying the interest was a great idea maybe they should think twice next time
and mr hope must be feeling a complete fool as hes initiated liquidation proceedings only to see zaza get the lot
no doubt uniserve have zazas family at the helm in some way as if gc cant have it then uniserve have it fall in their lap
Its never looked good but its looking as bleak as it possibly can be