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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.
Thanks All.
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".
or
"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.
Thanks, Looed for the message you are a superstar. Our Frontera Community deeply appreciates your hard work. I am very confident all will come good in not so distant future.
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.
One thing is that the story has not come to an end & Frr still believe there is a way out of the complete mess. Most of which we should not be in anyway.
Thanks, Looed. Much appreciated. GL to us all.
Very Thankful Looed.
This is great for my sanitation !
I especially like to see them use the word "steal".
No pussy-footing around. It has been stopped by force - "blocked".
An NDA and MOU would not have been necessary if there was no Data to protect. And now we see, clearly, that the Asset is worth fighting for.
The Gloves are off !
Good Luck All
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?
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.?
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.
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 .
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.
but what happened to 5.8 m what was it used for
Unclear. FTI likely have an accounting. Probably for legal, arbitrator and professional fees in the arbitration, which approached $3MM, maybe some for the drilling program.
TSBS I think price they paid in consideration of the asset was only $125k , so presumably they forfeited their $5.8 claim as part of the deal......resulting in largest creditor put to bed.
ZZ, right, so they forfeit the claim plus pay another $125K, meaning about $6 million in total for an asset supposedly worth billions. They either got the bargain of the century or ...