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Excellent this summary Reg.
Just to keep a balance on the board
Aye lads and lasses you’re are all deluded did you not read the mortgage document page 54 the third line down and starts with a d = d for doom I can read and pick out thing others cant see. I’ve (like my mates) have written this off and so should you. You are all cretins for not listening to me or my alter ego’s. I think I will start charging you all for my valuable time.
You all put me into a rage do you not know I’m a star and have lost a fortune like poor 2Mil who cannot remember it was his dad who bought his shares and not his money. Its all your fault because of the stress of you LTH’s finding real facts and not good points like page 56 line 8 or was it 10 – sorry I post so much as its hard to keep track.
No animals were hurt writing this rubbish but we need to balance the good work of the FRR sleuths. I think I will vote for the shorters to keep them happy - not on your life.
Oopsi,cheers for your views .re link to mortgage.Pages 54 55 deal with the shares from memory , asset removal earlier .any chance you could post those two relevant paragraphs.from the claim . The mortgage details allow for the personal guarantees to settle the interest payments if frr dont cover ,whether by shares ,cash or a combination equal to the interest ammount. Has to equal the interest amount. Cheers
wait for it starrage will be along in a minute with his negative slant
Oopsi here is the link StarRage posted for the full mortgage document. It can be downloaded.
Tue 19:38
https://1drv.ms/b/s!Ak7gVwQ3mttlkE0NZ4nSR6kD3yg5?e=PkxNJo
To remove him from the BoD. Keep up Ian !
Can someone explain why Zaza is buying time, it was him who started this fiasco against Hope ???
Oopsi, Very much appreciated..
He would explain but signed an NDA
Yes, thanks Oopsi
I really appreciate your dissection of the mortgage and claim too?
There is a degree of comfort in the Hope wanting to get his hands on half a billion shares. Fingers crossed that’s a good sign for us PI’s...
Thanks for your post Oopsi. Reassuring.
This has always been a case for buying time and I wonder if FRR and the GG / GOGC have been buying time for the majors through a disguised method ie arbitration ! Zaza has always said his relationship with the GG was very good !
ODR - Star is busy with his own legal case so please give him time to reply. He may have one or two more on his hands between now and Feb !
Many thanks for sharing your expertise Oopsi.
The most positive point you raise, re the option of using the shares to settle the debt, is, I believe, the opposite of what StarRage had interpreted.
StarRage: do you agree with Oopsi's interpretation?
Thanks OOPSI, more intrigue and reason for investors and lth to be optimistic.
and for shorters to be concerned
a good scenario all round
ATB
The other intriguing point is why did SN not respond to the claim when first filed and risk default judgment being entered against him when he could have filed a defence in substantially the same form as he has done now. Why wait so long before entering a defence (especially given the personal risks involved)? Something has changed (as with the Californian proceedings). The question is what?
I have made a mental note for some time to go back through the Equitable mortgage as well as the claim filed against ZM and SN. It’s certainly been a topic for discussion of late. I have had a little time today to go through the claim filed by Outrider. Unfortunately, the copy of the Equitable mortgage I have is illegible, so I have had to rely entirely on the claim (in itself not a bad things as it puts the claimant’s position at its highest). I have also read Zaza’s defence which was kindly put on the board this morning.
The defence is simply a bare denial defence. It puts the claimant to proof without advancing the real substance behind the defendant’s arguments. It is, in my view, a pretty poor document which is based on defences of delay, estoppel and res judicata. As the defence does not provide any detail, it appears that the basis of the defence are that the claim shouldn’t progress because of the delay in bringing it, because it has already been determined by a court (not that I am aware of) and/or that Hope has said he wouldn’t enforce against it. The defence also uses the “not in default” argument which from recollection was put forward in the Cayman courts. Without any further explanation in the defence, these appear to be weak arguments.
However, a bare denial defence has all the hallmarks of buying time and it looks like it has until Feb 2020. The fact that Steve filed a defence was unsurprising given that his personal wealth is based in Texas and therefore at risk. Bit more complicated for Zaza as he and his assets (I suspect) are abroad and any US judgment would need to be enforced through the Georgian courts - good luck with that! By the time enforcement comes around, ZM may well have moved his assets around. So ZM filing a defence is in some senses a positive and also buys him some more time.
There has been some debate about whether Hope is seeking shares, cash or a combination of both. The claim makes it clear that he is permitted to seek any/or a combination of these (I can’t verify this against the charge for the reasons given above). Even accepting this, the claim makes it absolutely clear at paragraphs 23 and 34 that ZM/SN can get rid of this claim if they provide the 500,000,000 Pledged Shares in Frontera. Arguments about the legal interpretation of the charge miss the commercial point which others have raised on this board. Why don’t the guarantors just hand over the pledged shares? It’s the easy way out if the shares are worthless and the company defunct. You get rid of the claim in its entirety. There is no issue of judgment being entered against you and the even more worrying prospect (especially for Steve) of risking your personal assets, home, pension etc.. Why would you want to take that personal risk if the shares have no value?