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Thanks Looed. It seems likely to me then that it was in Mourant’s interests and our interests to move YA out of the way by forcing the liquidation, knowing that we could then go back to Deloitte to offer a compromise deal. YA obviously wanted too big a chunk of the pie.
I certainly haven’t written this off yet and am hoping the company’s efforts and your efforts will ultimately prove to be rewarding for us all. Thanks for all your hard work.
WHamBoy – the JOL’s represent creditors collectively, however they do not take their instructions from individual creditors. They will collate data from company records and direct from the creditors, but any decisions will be made in relation to Cayman company law and regulations.
Also, not all creditors are equal. So, any disbursements will depend on their creditor status, not on how much a particular creditor might feel they should be at the front of the queue.
The JOL’s will need to balance the fact that they have found liabilities not assets against the costs of maintaining long running and extremely expensive litigation.
Looed, I am amazed at your persistence here fair play and thanks. Personally Havnt believed a word from the company since the arbitration and long since wrote this one off . Sooner peeps are put out of their misery the better imv.
Thankfully crypto has been kind since this car crash.
Hope clarity comes soon so peeps can move on. Really has been long enough, with not one of those rns reach official messages promised at delist .
Thanks Looed. I took your message yesterday as being a positive, and whilst we are still very much in the dark, we seem to be nearing some kind of resolution.
Can I just ask a question please? Now that Deloitte are in charge, do they have to listen to all creditors before making decisions, or can they effectively ignore YA now and move ahead with getting the best possible deal for all? I’m presuming it’s the 2nd option, but I honestly don’t know!
The company did not release the Deloitte statement to me as some have assumed. I had messaged to say the Deloitte page was ‘live’, went out, and had a reply waiting on my return so posted both.
If you had googled Frontera Resources 24-ish hours ago the Deloitte page would have been the first thing that popped up, at least it was in my part of the world.
In court news, on 13th Feb FRC advised the court and Yellow Jersey that FRC-C was now under the control of the JOL’s.
Deloittes are dealing with the 5% of the 1% that was left for the vultures to scrap over, so nothing that’s going to effect the outcome of the 95% of the 100% of the 1% simples
A lot of negativity today over the 1% yet this is the only area we’ve ever worked, so the 12tcf and the 202tcf figures are all from data from the 1%
So ias these are the figures are for the 1% , we don’t need the other 99%
Soss613, read Monti’s 8.16 post for a possible lift in your spirits, it may help, I truly hope it does.
there is no more negative in Looed’s updates over positives, not that I can read, then again I no one can remove my faith this is not over and that our leader fights for us.
Your choice alone and everyone’s choice to look all the time at the negatives, it’s been negative since we delisted, yet for myself personally not the last couple of yrs.
Seems less and less holders see the past couple of yrs in getting updates from Looed as not good and genuine, yet none of us can claim to being named in a court of law, being part of what could turn out to be invaluable information supplied to our leader and his team, who on this planet would put this amount of personal length of time in “ WITH “ the same said person still giving us updates thoughts, answering question after question from us on this board.
Can I ask any real holder do you not really think Looed could sniff wrong doings from our very own “S”a”N”ta..?? If Looed could and did sniff out a rat in ZM??
Madp, I would really like to here what you think on todays update if possible?
And this is my first S.O.S to the old man of the sea.. T.o.T. Your thoughts and input into this would also be good to hear.??
Keeping the faith as always 🙏
GLA real holders
I do believe we are in the final stages of a slow death today is the day that really convinced me and a few others we are being strung along for whatever reason God only knows but it is not for our benefit I can kiss goodbye to my investment.
Loving Monti’s write up’s today 💪👍
Added to my character list of the boat trippers.
Smellysausage - aka Billy Bibbit
Billy is a shy patient. Billy has a bad stutter and seems much younger than his thirty-one years. Billy Bibbit is dominated by his mother, one of Nurse Ratched’s close friends. Billy is voluntarily in the hospital, as he is afraid of the outside world.
Nothing anyone can do or say can effect this unreal game of business chess.
All things bright and beautiful, all companies great and small…… “Just Like Ours “
GLA real holders
3 X 15.05 ? Same thought? Few are
still short.
Saucy, simple language does not waste time.
I like to explain my thoughts in rhyme.
Some folks think I am mad , they are wrong.
I have never been more switched on.
Sounds like sausage is sarah1234. I sincerely hope not, but seemingly at the same IQ and crass level.
Lightstep?
“Just LOLS”.
Well that is a blast from the past from the ADVFN board; but can’t recall the poster’s name. Anyway, interesting that you still hang around FRR BB - did you not get paid from your short? Why all the fret?
Incidentally what big words did I use, may be I can help with that too?
Law-defined such as the resignation of the BoD
===============
Correct. So everything else you (and SN) say might happen is complete nonsense.
Glad you answered your own question while googling and using big words.
I put it a whole lot simpler for you all. But mno.... you had to act smart.
Just LOLS.
Many thanks to Looed for passing on the message from the company and the link for the Deloitte notice.
Like others, until the GG has put out a tender to the B12 license, I remain hopeful that the data and the 1% license held have a lot of value although nothing with liquidity that could be sold easily.
I noticed 2 posters on the SYN board today (who had uncovered details of a joint venture before news gets announced this week) with an uncanny similarity to old names on the FRR board.
One is Muck165 and the other is BobBackwards - I wonder if they were Kickmuck and B-2-O in a previous life. B2O is an anagram of Bob.
Might be worth asking them if they know the score with FRUS:-)
Saucysausage - it is basic knowledge that once a company has been put in to liquidation, its affairs are the sole responsibility of the liquidators (see Companies Act). It is also mandatory to do an investigation of what’s been going on and if there is any fault from the management team. It would have been wise if you did a quick google search for yourself but anyhow, the important thing to note is that the process Deloitte is following is procedural and law-defined such as the resignation of the BoD. Also, if you review Deloitte’s Shareholders notice, 80% of the content is standard, generic template tweaked to FRC’s situation like uncovering of significant liabilities and no liquid assets. So please do not try to present this as only specific to FRC; upon liquidation, all BoD are required to resign. Obviously the twist here is the signaling of bringing FRC back to pre-wind up status but that may require all creditors to postpone their debt to say 3-years from the agreement (if there is cash from SN to partial settlement of debts). All conjecture at this stage so let’s see where we go from here.
I think Zaza may know a lot more , crooked ...t
Of course Deloittes are talking to SN and the board. Deloittes job is to find out all they can about the company and its assets. Who else knows more about that than SN and the board. If SN have a plan, it would be astonishing if they weren't prepared, and waiting for, Deloittes interview.
Deloitte statement is telling "all powers of the Company’s directors have ceased, and the Liquidators now control the Company. The directors shall have no authority or power to act in relation to the Company". Deloitte are clearly now in charge of any thing left from our investments.
-------------------------------
Ching Ching!
We have a winner! The only person on here reading the facts.
You'll all catch up. Some sooner than others Monti. LOLS.
Saucysausage - ‘stakeholders’ is a generic and a commonly used word to describe all parties that have an economic interest in a company
=================
Lols.
Keep dreaming.
Im with ODR I cant believe that we are exploring a route for the company to return to the way it was.
Something as ever isnt right as ever. If you get to the point where liquidators are involved ( for the second time) then the company is finished, there isnt a way out by cosying up to the administrators because if and its a massive if, there are assets Deloittes will absolutely ruthlessly want it to sell so they can take their massive fees out of it before leaving next to nothing for creditors
The next message fed to looed will be "we tried everything but couldnt save it"
Its hard to feel the slightest bit optimistic
I treat these messages said to be from the company (although we have no evidence of that) with pinch of salt. It was only last week we were told by Looed, "As Hope and other creditors have discovered to their cost and dismay, to date, FRUS has been ring-fenced and put out of reach."
Now, today, its “We are working closely with Deloitte to return the company to the pre-windup status quo for the benefit of all stakeholders, and we are advancing a joint formal plan in this regard... We are grateful for the positive and professional, collaborative relationship we’ve established with Deloitte.”
Someone is pulling someone's chain, and these comments have no credibility. The reality is that there is no collaboration. The courts have stripped SN and the board of any authority over the company, so to suggest any element of control now over FRC is nonsense. SN and the board will be made to cooperate with Deloitte or face the wrath of the courts.
Deloitte statement is telling "all powers of the Company’s directors have ceased, and the Liquidators now control the Company. The directors shall have no authority or power to act in relation to the Company". Deloitte are clearly now in charge of any thing left from our investments.
SN is now a bystander. The real questions are whether this is by crooked design, and what has SN done with the company assets? All the data, PSA assignment etc. It was also very interesting to read Deloitte specifically make the point "The Liquidators are also empowered to investigate the Company’s affairs and HISTORICAL dealings".
And before you all jump to Looeds defence, you don't need to. My frustration is aimed at SN and the board, not Looed!
I refer to the answer I gave a few days ago -
3rd.February 2024 16.39