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T/W warned investors and T/W was attacked instead by RR and his pumping friends misleading Muppet investors. ZAZA lost his credibility and RR has disappeared since which makes me wonder. Am I the only one?
Phil - If the creditors end up being paid, then what action can they bring? They're not meant to profit from the liquidation, just to be paid. Hence, if a liquidation covers all debts, then the surplus is shared by the SH's (very rare).
Not sure on that MP, I think someone like Hope/Outrider would have difficulty in even trying to suggest that a court deciding an admin error had been made in registering the asset somehow went against them. Once a court decides such it would be seen as the same in any case by the courts even if that might not have strictly been the case. Trying to get a court judgement of such reversed like that would be almost impossible O would have thought. ZM's appeal looks like it's on some court proceeding technicality so not necessarily something that need be thought of as a big issue to appeal on. It may not be completely far fetched that he may appeal to put on a good show of it but I'm doubting it as I can't see that it would offer him any further protection or SN/FRR from any further action from other parties such as Hope, etc.
Other issue of course is why is ZM appealing if it was all contrived? If it was contrived the result wanted has been achieved so pointless appealing. So I'm not so sure it's been contrived could be more Zaza seeing SN in a weak & vulnerable position and choosing to take advantage. Will see I guess but I rather fear I made a error of character judgement with ZM when I first saw him on video, perhaps SN & many shareholders also will have to be more careful in future it seems.
It's pretty strange that Zaza falls into the same situation as Hope over fiduciary duty, more do even MP, but I'm thinking it could be more by chance that it might help us out as a spin off than a contrived situation, I could be wrong I guess though there is still the issue of who took that missing oil.
Other issue is that court cases are still pending from Hope/Outrider, YA, etc over their defaulted loans. That's up in a few months time I believe so SN needs to sort something out since I can't see them being put off any more. I do wonder if we might be best seeing if there is a SM or anyone interested in a Buyout or significant investment to sort out this whole sorry mess. FRR are apparently bringing in some decent money but where it is going seems pretty unclear, not to pay off all our woes it seems and get them unloaded.
Yes it does make you wonder if it is all part of some grand plan...
I've never seen Zaza in the flesh but to those that did, with hindsight, did he come across as an accomplished liar and con man?
Apparently at one point during the recent court hearing somebody said he had a Union Jack mug on his table. Is that true? If so was it really a pi## take or was he trying to send a message "look I really am with you guys"?
Regardless this is going to make a great novel and film that's for sure, so many twists and turns it's beyond belief.
I agree MP. Something still doesn’t ring true. The ZM trial does t add up in the sense that his argument for owning the asset was flawed in several legal and moral ways that seemed too obvious to shareholders, FRR and the judge !
If SN wins the case against ZM and Uncle Sam convinces the GG it's in their best interest for Block 12 to be registered in FRUS, with an extended PSA, then all is OK, and SH's may get a return yet. Admittedly there are quite a few 'if's', but without ZM trying to steal the asset, what would have been the likely result? IMHO FTI would have done a deal with the next biggest creditor, namely SH/O, and Madagascar Oil may well have been the owner, and shareholder's would have been wiped out. As ZM has attempted to steal the asset, it has resulted in a number of court cases, resulting in more money spent on lawyers by insurance. FTI are no longer getting paid according to papers in the TRO case, hence the new cases and any cap on the amount available from insurance may be responsible. Also, before the arbitration result and the new court cases, FRR were in a bit of a catch 22, as funds were required to pay off creditors, but DD was likely to result in no funds due to the arbitration and/or liquidation causing doubt over the ownership of Block 12. No deal had been forthcoming from SH/O, but now the court has ruled that the transfer of Block 12 to FRUS was allowed under the PSA (admittedly only as part of the TRO and not the full case yet), but SH/O may want to deal now. If FRR can now obtain finance and clear all debts, would it be FTI's interest to still pursue the matter, especially as the lack of DD in the ZM/GC saga doesn't reflect well on FTI IMHO? If this all pans out will ZM sill be thought of as a thief, or a Judas? He may have sacrificed any future travel to the USA to enable a way out for FRR and it's shareholder's, of which ZM is a major shareholder. Ask yourself what you'd do in his shoes if a vulture fund owner was about to take the company you'd worked for and invested in for decades? However, I may be totally wrong and ZM may have seen an opportunity to steal the asset thinking that he deserved it more than SH/O. There are still many unknowns and the final result, plus the path to that result will probably be full of many surprises.
My opinion of ZM has certainly changed of recent The guy is acting like a major tw*t, acting like a tw*t won't help him as he is clearly in the wrong. His actions to take all through GC may have seemed like a clever smart arse move at the time and he has probably convinced himself that he is somehow justified through his manoeuvres that he should have the asset at the detriment to FRR shareholders but it's never going to work. Everyone else aside him, his solicitors and his family are going to see it for what it is a greedy, dirty, unjust grab for himself over anybody else. FRR aren't going to give into him as they lose everything. So he is just wasting his time and everyone else's when we could all be getting on with getting some money out this operation. All he is doing is hindering progress by convincing himself he is more entitled than anyone else who has put a lot of money in to reap it's rewards, utterly pathetic.
One thing about SN, he will pursue this to the ends of the earth until ZM is made to atone. If he wins a recovery, he will go wherever ZM assets may be found to enforce that judgment. As long as it takes. Ask that Turkish drilling contractor (name escapes) that drilled wells in 2007-08, was sued in arbitration in 2008, and enforcement of the judgment was finally successful 8-9 years later.
Counter-Defendant desires to appeal: (a) the trial court’s May 28, 2021 denial of Counter-Defendant’s Special Appearance under Texas Rule 120a of Civil Procedure and (b) the trial court’s grant of Temporary Injunction entered on June 11, 2021 and signed on June 14, 2021.