Come and join us on 6 July and hear 4 AIM CEO’s speak. Brad George, Orosur CEO updates us on Colombia’s Tier-1 gold mine potential, Cliff Gross, CEO at Tekcapital explains how investors benefit from a special dividend. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
You will only have one login account. Registering with multiple accounts is not allowed. Any user found to have more than one account on this site will have all, and any future accounts suspended permanently.
Your email and password must only be used by you. If a post is made under your account, it will be considered that it was posted by yourself.
Your account nickname must not be the same, or contain, listed company names or board members' names.
While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.
You will not;
discuss illegal or criminal activities.
post any confidential or price sensitive information or that is not public knowledge.
post misleading or false statements regarding the share price and performance. Such posts are deemed as market abuse, and may be reported to the appropriate authorities.
post any private communication, or part thereof, from any other person, including from a member of the board of directors of a listed company. Such posts cannot be verified as true and could be deemed to be misleading.
post any personal details (e.g. email address or phone number).
post live price or level 2 updates.
publish content that is not your original work, or infringes the copyright or other rights of any third party.
post non-constructive, meaningless, one word (or short) non-sense posts.
post links to, or otherwise publish any content containing any form of advertising, promotion for goods and services, spam, or other unsolicited communication.
post any affiliate or referral links, or post anything asking for a referral.
post or otherwise publish any content unrelated to the board or the board's topic.
re-post premium share chat posts on regular share chat.
restrict or inhibit any other user from using the boards.
impersonate any person or entity, including any of our employees or representatives.
post or transmit any content that contains software viruses, files or code designed to interrupt, destroy or limit the functionality of this website or any computer software or equipment.
If you are going to post non-English, please also post an English translation of your post.
If you are going to post non-English, please also post an English translation of your post.
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium and Verified Members
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
ZZ, that's an interesting point. Was it a strategic error on Hope's//FTI's part or was it inevitable once the whole structure started being unraveled? You always want to have your security closest to the asset and in this case Green maybe had a secured claim against FRGC.
Njames, thanks for your response 19.16 , that was my understanding but like you very confused as to why Hope was not given asset, hence my question .
Looking again does the answer lie in that the door of opportunity was opened for Zaza when FRGC was put into liquidation in Dec last year and subsequent court supervision in Jan this year , with Green being the largest creditor of FRGC and presumably Hope having no creditor status .
The loan notes were issued by Frontera International, the security was the shares of Frontera Resources Caucasus, which in turn owned Frontera Resources Georgia. I believe all three are in liquidation. Maybe Easbern can confirm. The mystery to me is how Green ended up with the asset, not Outrider. Maybe some of the $5.8 million was still laying around and went to Outrider and the asset went to Green, or maybe ZM outfoxed Outrider as well. If the latter, that could explain why according to the court documents posted by Easbern for the California case, there seems to be renewed interest in settling between Outrider and the company. A united front against ZM/Green.
Ok , going to ask a silly question here .....Is Hope a creditor of the companies in liquidation ? I realise he held the asset as security against the notes and the default enabled him take control via Maples with subsequent liquidation , but is he a creditor of Co’s in liquidation or our FRR parent company re his $40 odd mill.?
Just seen the email from FSHG. Why are the company reaching out now? Anyone think they will try and tap us for money to keep this balls up alive with more promises under a different structure and jurisdiction?
Or they could be spinning the story in their direction, as every party in litigation does. The Cayman side can't be ignored. The chain of ownership between the asset (which is held by FEGL) and Frontera Resources Corporation (FRC) was broken when Outrider took the shares of Frontera Resources Caucasus Corporation in the default and put it into liquidation. If what the company is alleging is true, then Green Capital/ZM are dirty and shouldn't be awarded the asset, and the Georgian govt has stopped the transfer for the time being. But the Cayman court order specifies that it be awarded to Green if the government approves, otherwise to Uniserve or turned back over to the government. So I'm not sure there's any way to get the asset back in the hands of Frontera Resources without going through the Caymans. And it seems that would still have to involve some sort of deal with Outrider, who are now owed the full amount of the loan notes plus interest.
Appreciate that we are only seeing part of the picture, and subject to each party's spin, but the actual Cayman court orders and the arbitration award say what they say, so need to be countered by other equally authoritative evidence.
Ziggy / ODR - I suppose another way of saying that first point in the message would be "The company is focusing its efforts on the countries that are relevant to the business - USA and Georgia, and so we don't need to focus on other places".
"In this message we lay out what we think is important, and we won't focus on issues that might seem important, but actually aren't" Again, just my take, but thats how I read it.
Another point to consider is when the message says "we appreciate it is not easy....." which I think is a way of saying we are only seeing part of the picture. Not everything is playing out in public.
I am choosing to see all the submissions / filings etc from ZM for what they are - the historical record of a crook and a conman. He might yet have more tricks to bring to the table. Should he drop something that appears devastating lets take a breath and keep in mind our side seem well prepared and have matters in hand, at least so far. Hopefully today finally signals a small shift in our favor.
Next milestone that we know of would appear to be 14th May US time for the hearing in Texas.
I am off for a glass of the red stuff. Cheers all.
Looed , Many thanks for posting their message to us.
They say :
.. the attempt to convert and steal Frontera’s holdings has been blocked. ...
Presumably it refers to Green Cap action .
ODR points out the Caymans angle , on that crucial front it would be good to know exactly where we are re FTI in reference to .....WHO ......under company laws .....currently holds / controls the key asset that was in the liquidated companies.
Jens Stoltenberg told Georgia to prepare for NATO membership last Autumn. Why do you think it has happened yet? IMHO the parliament has to stable and NATO, the USA and the EU want to be sure of Georgia's alignment to the West, plus a commitment to the ADC and the EU's energy supply. There's no point in ease of business, if it's just as easy to have the GG appropriate the business. Foreign investment needs security. IMHO this is also why the EU membership and the US Georgia Support Act haven't been accomplished yet. IMHO it's all linked.
Looed: many thanks for sharing this reassuring message. It includes: "The company has an extensive and experienced legal team in the United States and Georgia that are focused on protecting the company's assets." Surely the main area of concern is what has happened in the Cayman Islands; yet they don't mention any legal presence there?