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Indeed, I do wonder if this is a case that the two have fallen out and are calling each other out on their wrongdoing/perceived wrongdoing. Should be interesting to hear the outcome. It at least seems to be moving fast so far, let's hope that continues and we can find out who's really at fault, maybe both for all we know. Might help to clean up the board and get someone in who is going to drive the company forward. Maybe that is why Zaza wanted a court hearing rather than arbitration, a kind of 'if you take me down I will take you down also' so wanted it to be out in the open to do that, one possibility I guess.
Hi Star, got it. Hopefully we get a hearing schedule soon for this case, at least for now it seems to be moving quite quickly.
Star I posted on this going time ago but in short for the purpose of PPP, payroll is based on a calculation of headcount over a 12 month period as well as some other factors, not merely headcount at the point of claim. Payment is allowed to overseas employees of American companies etc. As you say, if payments have been made for other things, lets see the evidence.
ZM claims the funds had been used to pay monies to SN, ZM and ZM's son. I don't see any documented claim by ZM or others that money was spent in ways outside of this.
SN has personally guaranteed the money. Straw clutching
ODR not so sure about your probable conclusion. unless the 'top-rated advice' the company received from the CPA was to lie to the govt and then later in court. The court filings state -
"FRC sought and obtained professional guidance from Aprio, a nationwide, award- winning, top-rated CPA and advisory services firm. FRC followed the advice given to it by Aprio in the use of the PPP funds."
You believe the company has indeed committed a federal crime?
Good morning Looed
Great sleuthing as always; thank you for sharing.
The conclusion is probably that they told the authorities that they spent it on payroll; it doesn't necessarily mean they actually spent it that way.
GLA
Small point, we already knew that FRC had received a PPP loan that between US$100K - $350K. The loan can be used for payroll as well as fund other business related payments such as utilities, health care, rents etc.
The court documents revealed that the company actually received US$239,582. The "where they said the money would go" part of the public record has now been updated and shows that the money was allocated in full to meet payroll requirements. So no need for funds - at least from this award - to support other parts of the business.
https://projects.propublica.org/coronavirus/bailouts/loans/frontera-resources-corporation-7436337100