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ODR
Assume its financial issues they are working on as presumably any issues on the lines of / similar to points 105/106 attracting any action would be dealt with by relevant authorities .
its a bit rich fti going for the directors for more cash when they sold the asset for like ODR says a pittance seems like incompetence knows no limits in this world we have a window to.
Something just keeps failing to add up here
On the one hand frr keeps ploughing forward as if its an exciting viable company . Meanwhile the company is being slowly dismantled and broken up sold off
Its like a living animal being eaten alive
Thank you Ziggy.
So, having sold the asset (potentially incompetently for a pittance) in settlement of one creditor claim they're now going after the Directors to endeavour to find avenues to get all the creditors paid off. What a shambles ... as is the case with FRR with everything it seems.
ODR
ODR
No idea of the potential litigation areaâs but FTI have had over 12 months digging in USA since the NY court gave them the go ahead
Over 160 points in their initial doc to the court which included :
105. The SOA was required to be delivered by the FRCC Directors on October 8, 2019. As
of the date of this Declaration, the FRCC Directors have failed to deliver the SOA, nor has any request
for an extension been received. The FRCC Directors have also failed to deliver FRCCâs books and
records.
106. As such, the FRCC Directors have violated section 101(7) of the Companies Law.
143. Based on investigations to date, the Liquidators are developing a litigation strategy with
Cayman Islands counsel.
144. However, further investigation is essential, in particular with respect to the
unsubstantiated debt of FRCC, the Arbitration, the Assignment, the Farmout Agreement, and any
FRCC assets in the United States.
156. The Liquidators may also have potential claims against the FRCC Directors and/or other
parties arising out of the management of FRCC and/or in relation to the Assignment and the Arbitration,
all of which are the subject of ongoing investigation (the âPotential Claimsâ).
157. For example, the Liquidators may have potential claims against the FRCC Directors,
FRGC, and/or FRUS if the Assignment was not an armâs length transaction for full value.
You would think they have done a thorough job , maybe unearthed stuff that some of the directors themselves were unaware of .
Why are the liquidators commencing legal proceedings in the US against the Directors of FRC?
Three new orders have been published. One each for FIC / FRGC / FRCC. They seem to be identical. They don't cut and paste very well:-
The JOLS are hereby authorised to commence legal proceedings in the United
States against directors of FIC, Frontera Resources Georgia Corporation, Frontera
Resources Caucasus Corporation, and/or Frontera Resources Corporation and
related entities.
2.
The JOLsâ application for their decision to enter into the agreement with Munsch
Hardt Kopf & Harr P.C. for the purpose of commencing and conducting the
litigation referred to in paragraph 1 above to be sanctioned is granted.
The JOLsâ application for sanction to enter into the proposed funding agreement
in the form annexed to the Second Affidavit of David M. Griffin on behalf of FIC
(the âFunding
Agreementâ) is granted.
4.
The Second Affidavit of David M. Griffin and the exhibits referred to in or relating
to this application be sealed under O.24.6 of the Companies Winding Up Rules,
2018 and remain sealed until further order.
5.
The costs of this application to be treated as expenses of the liquidation and paid
out of the assets of FIC.
Dated this 4
th
day of May 2021
Filed the
day of
2021
THE HONOURABLE. MR. JUSTICE KAWALEY