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Would it be in US courts?
Frus maybe US registered but the asset is Georgian, I would think it likely to be international like the arb.
I think there is a possibility of a deal between FRR and Hope /Outrider despite all the animosity.
They needed to await the arbitration decision and the action of GG before Deciding this.
Now GG have taken the action they have the prime thing is to secure the asset if possible. If it is currently held in a US subsidiary and if it can be accessed without threat of legal sanction by Hope and I am sure if it is in interests of both parties this can be done.
However if GG can secure the asset then they hold all the cards but if that will involve a long battle in US courts they may be willing to become to the table.
Thought you’d appreciate that post ODR :-) No other reason than we have never heard anything via a court case that Frontera had defaulted which I think we would have done if they had, and one of the reasons cash has remained so tight. Of course, they could just be a creditor of the liquidated company in which case they would be pursuing any claim through the liquidators, assuming their agreement was with FRCC (RNS doesn’t make clear). Just a personal view based on absence of litigation.
Sr , feckin ramper .
A number would choke on their burgers at reading that :)!
Please elaborate on what makes you think that?
ODR, funnily enough I believe they have :-)
Phil: we have no idea whether or not YA have been paid. Given what we do know (about not paying lawyers and employees and the pr company) it would seem unlikely that they were paid, but we don't know.
They may be something in that Aurora, the security was taken against block 12. I got the impression that on a default Hope could claim block 12 through Outrider and we would be left with a shell of a company facing bankruptcy. In that case though it looks like the license goes back to the GG. If Hope were to directly take over FRR if that is possible then do we remain as shareholders?
Starage points out Madpunters estimate that FRR would have the money to pay Hope through its oil sales. I would be very surprised at that. I got the impression that they only got enough money together to get rid of YA.
I'm thinking a deal is the only way. Further finance is a short term option but this company is really ready to be sold. FRR have proven up resources and is pumping oil. That in itself would make SMs go after it, the only thing likely to put them off is the GG stance. My thought is the GG know this and they are playing a nasty game off trying to hold FRR hostage till they concede to what they want. The GG know that there is oil there, they don't know precisely where (to drill) that could be what they want from FRR, but FRR are holding out against their threats as they know otherwise we will lose out.
Just a case of looking for movement in the coming weeks or as and when it comes I guess.
why was only the interest through frcc
Most of you believed Madpunter’s oil sale estimates. For those that did, then there must be $46m in the bank. So in August Outrider simply call in the debt. Remember, the $46m is owed by FIC, not the liquidated entity.
Im just guessing here like all of us however I cant see any advantage to hope to take down the company as he would not get to keep it as that would be seen by GG as not acceptable therefore he would be signing his own death over this. Whereas if FRR say to him the deal will be happening but not till November we need you to wait till then and you will get paid in full. I dont believe hope can take the company and then sell it
Aurora, Zaza can't go on towards August and the loan repayment and the court cases without being taken down by Hope/Outrider, he must know that. Even if he defaults on the loan repayment how long before Hope can claim the company, can't be long surely? A month or two when the final court phase is finished of perhaps if that.
So Zaza must surely have something up his sleeve. Something that he will likely need to come forth with between June to July if he is not already doing so to avoid that. So surely we are likely to hear/see something happening soon? He needs to beat both the GG and Hope and the dates to which are close together, late July & August.
All I can see that would defeat both would be a finance deal or a buyout, or similar. No news as yet has come forward on such. With the GG threatening to (illegally) revoke the license is such a deal possible? Zaza is staying in there and hasn't walked but he has a lot invested himself so till there's no hope he might do that anyway.
I do wonder if Zaza is pinned down until/if the GG lift the threat of taking the license. The GG seem to be after something that Zaza is refusing to give up and only political and domestic pressure might get them to back down perhaps.
I've no idea whether an OOCS was reached but the GG seem to have other ideas for now.
So I figure we'll either see some movement between now and end of July or we won't see anything and be doomed by either the GG revoking the license or by Hope claiming the company.
Scripts - I am fully of lyrics today so to paraphrase Missy Elliott - I am gong to "put your post down, flip it and reverse it"
(Whilst not disagreeing with you) you say "Just Imagine If after the Arbitration award, he came right out and delivered that response to shareholders. Would we be calling him a liar? - given the events that have subsequently unfolded."
Well I suppose I am going to disagree a little bit - Had we received a simple statement RNS-R (there is still time!) I think many here would accept that FRR had indeed prevailed even if actual evidence is light on the ground. The RNS-R would be reassurance enough. We would then see the subsequent actions taken by GOGC is a different light and understand that moves by GOGC are purely political and a last ditch attempt to undermine the very process they repeatedly say they will adhere to. I could accept we won (mostly) and also accept the fight is still not over. My mind would be far more settled and I wouldn't be littering the board with random lyrics :-)
As those astute chroniclers of life once sang....
It?s amazing how you can speak right to my heart
Without saying a word you can light up the dark
Try as I may I can never explain
What I hear when you don?t say a thing
The smile on your face lets me know that you need me
There?s a truth in your eyes saying you?ll never leave me
The touch of your hand says you?ll catch me wherever I fall
You say it best when you say nothing at all
this was what I wrote yesterday
"Dear Hope and outrider please wait 3 more months for full payment or take us down have our shares worth nothing and receive no more payments for anything ever. mmm I wonder what choice they will make ?"
tsbs, remember Zaza has invested a lot of his own money in FRR too, hundreds of thousands at least. I get the impression Zaza must have a play or so that he can make , that there is stuff he can still do. Otherwise he would have walked. I know from his interviews he is adamant and steadfast that the GG can't revoke the license and is content with that.
Starage may have a good point with the $46 million due in August. To my mind that means Zaza needs to get at least a finance deal ready to deal with that but more preferably a SM buyout. So he's going to have to make progress between here and July. Let's hope that something good like a SM buyout comes forth in that sort of time frame. So again win or lose I guessing probably not that long to wait this time.
Good luck getting your shares in your account tsbs. Can't see it happening that quick. Looking forward for all of us having our shares back again.
if its going on more than july then im out first thing tuesday morning when the market opens
And the $46m due August?
They've said on a few occasions that they will publish the whole 150 pages but FRR don't agree to it. Zaza said he is willing to make a joint statement which they don't agree. Let's get to July 26th and hand GOGC the court summons then wait for GD to be voted out, then game on.
ODR, I don't read that as necessarily meaning they wanted the full 150+ pages disclosed, though of course it could well have. All pretty murky when it gets political.
StarRage: from the GOGC website 7 May news item:
"In order to provide society with unbiased and objective information, the Agency and the Corporation offered Frontera to disclose the Arbitration award, which the company rejected."
ODR, Agree with first point - both sides need to agree. Not sure I've seen anything that say GOGC want the whole thing published though, is that an interpretation? However, I take your point, GOGC could be using it as a media ploy to paint Frontera in a bad light if that was the case.
WE will have to just wait a bit longer. I know what side I believe.
StarRage: that can only be published by Frontera if GOGC agree.
GOGC want the whole thing published. Frontera don't. Hence the stalemate.