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lol you couldnt make this ****e up you really couldnt
pmsl
...is now known...
Filtered.
For the sake of clarity, when I talk about FRUS, I mean the Georgian registered Frontera Resources US LLC (405339637). At the arbitration, I believed that SN was arguing on behalf of FRC (the parent company) that all the rights and entitlements from its other subsidiary Frontera Georgia Corporation was transfered over and we know the MOU has been signed.
For the sake of clarifying another matters, I've made it clear I don't know anything factual, because SN has not updated us in 5 years. This is exactly the reason why I'm now pushing on the door of Deloitte. I see this as a logical step to find out what's happened to my investment. I've explained the benefits of this, as I see it in my post yesterday.
The main point I tried to put forward is this. I do not understand how the Georgia registeted "Frontera Resources US LLC" is not at risk, and as Looed puts it "put of reach". If it is a wholly owned subsidiary of FRC, the parent company now in liquidated. My frustrated question to Looed, which I apologies to him/her for if it came across badly, I was tierd. Is still fair and valid.
The two different statements that have been made by Looed are confusing. The asset cannot be under the FRC structure on one hand, but as a wholly owned subsidiary be out of reach on the other. If FRUS is still a subsidiary of FRC (the parent company), it would now be under the control of Deloitte. This just does not make sense!
So who is the new parent company? I'm hoping Looed will answer this simple question and enlighten us. Interesting, last night I found an old post on this group called "restructuring" in 2020. Its interesting because SN and Co also registered another company with exactly the same name in the USA. "Frontera Resources US LLC" company number (Texas, File Number 802558654). This could easily be confusing, or be used to cause confusion. Why two companies, and which one is Looed referring to?
To be clear, we are all to my understanding invested in FRC, and FRC owns all of the subsidiaries that hold our assets in country. FRC have funded the development of Block 12, and achieved the commercial discovery. How these assets been moved out of the group structure is beyond me.
Do they now sit under "Frontera Resources US LLC" company number (Texas, File Number 802558654) as a new parent company. If they do and we are not a part of that, then that's a massive concern. It would effectively mean that the board has used FRC to raise $500m USD from investors through the stock market, but transferred all the ownership rights elsewhere at the last minute.
Emblaze1, you could actually be on to something there, the desperation from them now is surfacing. Our leader ( aka Paul Newman ) is pulling off the greatest “Sting” of them all with Dustin ( Robert Redford ) and the rest of their team.
We are truly watching the greatest game of business chess ever played, I strongly believe our leader will be very soon calling our check mate.
Keep the faith real holders, our leader fights with us and for us.
Therefore, the benefit of risking failure to Frontera, is only to the enemies of Frontera, IMHO.
As Looed points out, under the terms of the MoU, if FRUS fails to adhere to the terms, the GOGC gets Block 12 and we all lose out. Why then would Tenners take this possible risk, as there seems to be no benefit? The only possible benefit I can envisage is TW et al, who were suspected of shorting FRR, might not be chased for money if Fronters fails. Also, it may reduce the chances of being investigated for racketeering and a possible extradition to meet Mr Big.
I'm with you toatie I think Tenners and Phil have hidden agendas for all we know Tenners cod be Zaza, definitely here to cause trouble. Looed and others posting history has kept me still hoping for some sort of out come. Following Tenners is like shooting yourself in the foot as far as shareholders are concerned. Keep up the good work Looed and others you know who you are.
Imho i think tenners is here just to cause bother and get those that are not sure, sitting on the fence to believe Him well me i believe in looed as he has never once sent us down the wrong path and has always came up with great research to try and keep us all up to date with what is going on with frr,so either believe looed or tenners its as simple as that,and i will just ignore tenners now as imho he is just Trouble.
Ok, I took that, 'FRUS is a separate entity from FRC' from Tenners post as being information from Deloitte seeing as that was what he was talking about and seemingly presenting it as. That I assumed was part of the new information he had gleaned. If that was not so and is just his thinking or thinking based on Looed's previous post then I agree Tenners should have made it clear in that post that was the case. If Deloitte have not specifically said to Tenners that FRUS is a separate entity/company entirely separate from FRC and no relation to FRC then Tenners needs to make that clear.
The specific situation of whether FRUS is a part of FRC connected in any way is of course very important and makes a lot of difference. To my mind it sounds strange to have an entirely separate company and then transfer stuff over from FRC as that would cause a chasing up of those transfers by the Liquidators, etc. It would make more sense in such an instance to set up new agreements, etc to try to avoid the transfer issue but even then issues would remain over whether SN acted in the interests of FRC/had a conflict of interest, etc.
If FRUS is still an entity of FRC it will be interesting to see where SN is going with this. I would find it surprising that the Liquidators can't at some point follow through to the US and the courts there to try to claim if FRUS. Otherwise companies everywhere would be doing the same, transfering their assets to another part of the company in another country and leaving their liabilities in the original part of the company to be liquidated. Wilko's, Woolies, etc needn't have gone under.
As a reminder and per GOGC, – “SAOG and GOGC, acting on behalf of the Government of Georgia, on the one part, and Frontera Resources Corporation…and FRUS (wholly owned subsidiary of FRC) signed a Memorandum of Understanding (MoU) setting forth their mutual agreement regarding the assignment of the rights, interests and obligations to FRUS”.
“Mutual agreement…to FRUS” in and between the parties, not out to a separate entity.
We all know that FRUS has always been beyond the reach of creditors which made it the bespoke vehicle to park the asset and why such a move was so opposed by other parties.
Monti and Njames state that certain monies need to be paid to ratify the MoU. This is 100% correct. But also keep in mind that to even get to the point of having an MoU, the company would have had to provide the GOGC with an acceptable operational and technical plan and, very importantly, a credible financial package.
Further, the position of the GOGC is clear. If FRC (and its subsidiary FRUS) are unable to fulfill the terms of the MoU then the GOGC will continue to work the area themselves. There is no fail-safe clause involving separate entities.
Tenners, the thing I am really confused about in your postings was that you said FRUS was separated from the FRC Group and this entity was now controlled by SN et al, where the asset resides and where all our hard earned cash went in to. You were presenting this as a matter of fact but I assume you arrived at this conclusion based on Looed’s previous posts where he mentioned that despite the best endeavors of Hope/OMF and ZM/GC, they could not ‘get to’ FRUS. From this you deduced that FRUS’s shareholding was reconstituted, but is this not supposition on your part?
Instead of asking Looed about FRUS, you can simply request Deloittes to clarify whether FRUS is a wholly owned subsidiary of FRC and what is the status of the Georgian PSA. My own deduction from the information we have (albeit on the face of it only), is that an MOU was signed with GG to renew the PSA but with a new unrelated entity (probably related to SN but not FRC Group), hence our reliance on SN to bring us in to this new company once the reorganization was complete. But PSA renewal is also dependent on repaying the GG for the Arbitration Costs and probably for the unpaid workers in Georgia. This was chunk of change owed at c.$3.6m. Who is going to pay for this? All I can see is lots of creditors and financial liabilities in FRC. I would be surprised if any creditor managed to recover any thing after the liquidator has added his expenses. Also, from my own experience, the level of forensic investigation in to these type of situations is depended on the money available in the company or extended by other stakeholders like creditor or even shareholder (action) group. If there is no cash, Deloitte’s will only do the basic necessaries.
Now, while we are all now legally exposed, I am reassured by Looed’s and Jim’s posts that we are in the same boat with SN, but minus ZM, Hope and YA who have all caused untold damage to FRR both financially and from time perspective. How many cases had SN and team had to fight? US, UK, Cayman, Georgia. All this cost money and time and who paid for it all? Definitely not FRC.
As far as approaching Deloittes, all I would say is ‘not in my name’. I think the best you could achieve here is some basic answers but even then, not sure how accurate they could be given the complexities, spanning over a long period of time. I think you just need to sit back and let this process take its natural course, and in time, we will get some answers. Furthermore, there are some really big creditors in FRC with more resources and legal know-how than us and who are probably doing the job you are attempting to do given the amount they have at stake like YA. Once the liquidation process is complete, you can request a report from Deloittes.
One also wonders what was dug up from the FIC and FRCC liquidation process and whether those findings are available to us. Recall the CLNs of c.US90M+ were issued by FIC, secured by corporate g’tees.
Bezzy, I smelt BS straight off, you did also, I reiterate my stance on not trusting all posters on this board.
I know which camp I am in, team Frontera 💪👊
I sit an await news from Looed, Jim or any of the super sleuths, certainly not the faff of Tenners and his posse
GLA real holders
Well said Bezzy. Spinning a standard business reply into something supportive of a particular theory is not news, it is self-validation.
Tenners – you would be more credible had you made 1 post with the contact info (which I am sure people who want to contact Deloitte will appreciate) and a separate post with your theory. Instead, you seem to have purposefully entwined the two as being “new news” that just happens to support your theory then sat back and preferred to confuse people rather than set the record straight because your theory was all that mattered.
As to your endless question (while you ignored multiple chances to set the record straight) Of course an entity can structured to be out of reach of creditors (do you not follow this BB?) and FRUS is a wholly owned subsidiary of FRC so yes it can be both.
Did Deloitte specifically, proactively request that other shareholders contact them, or is your thread headline your own spin merely seemingly to validate what you are doing? I suspect the latter.
Buzzy, the only news I've brought today, is that contrary to what others said about not getting anywhere with Deloitte, that is not the case and they have a contact email for those that want to know about their investment or share any concerns they have about what's happened South their investment. You would think considering we've heard nothing in 5 years, this world be good news. You are right about one thing, there are wolves in sheep's clothing on this chat.
Tenners,
Knock it off, will you!
I took issue with your posting on Sunday (repetitive "drip, drip, drip" of negativity). Today you've gone even further to deliberately mislead readers of this BB and make out your "news" was from Deloitte, when it was nothing of the sort. Even the title of this thread is an outright lie on your part.
You should be thoroughly ashamed of yourself! You won't be, of course, as I have absolutely no doubt that your intentions are of one of a bad actor and you certainly don't have the interests of the company or the shareholders at heart.
We can all see your postings for what they are now. I very much suspect you'll find a lot less engagement going forward as you're clearly here for malicious intent only. Jog on!
Bezzy
As expected, more diversion.
Tell you what Tenners, you answer my questions folks are clear on what is / isn't news then I will answer your question. Easy, right?
Looed, let me assist you.
Your post on 4th Feb
"Subsequently, and separately to the above, parties agreed an MoU assigning all rights to FRUS, 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 you are saying "FRUS is a wholly owned subsidiary of FRC". It can't be both?
So a simple, very straight forward question from people who trust you. Are you saying the rights have been assigned to "Frontera Resources US LLC", and this company sits under FRC (where our hard earned investment is)?
Try not to fog it this time, just a simple response!
Looed, you talk about diversion!
A straight answer to a simple question. Do you mean "Frontera Resources US LLC" the company that has the assigned rights to block 12?
Tenners - last one from me and purely for the avoidance of more confusion amongst folks. You named this thread "Deloitte want contact from shareholders" which might give the impression that Deloitte are proactively seeking engagement. However from the body of your message it seems that isn't strictly correct. It is more they are open to passive engagement which is standard procedure in a court ordered liquidation. Not quite the same thing.
Looed, you talk about diversion!
A straight answer to a simple question. Do you mean "Frontera Resources US LLC" the company that has the assigned rights to block 12?
Bezzy - All week with a matinee Wednesday afternoon.
Tenners – Allow me to give you a simple question in return. You stated that “SN has now abandoned the parent company, and some how kept FRUS LLC out of the group structure.” Which lead Phil and others to conclude “We now know for sure the rights to the hydrocarbons, block 12, etc were transferred to FRUS and not only that but that FRUS is (now) a separate company from FRC.”
Did the liquidator confirm this point, yes or no?
If it’s a no, I find it strange that you would allow Phil and others to carry on believing this to be real news.
Looed, it was just a simple question. Do you mean "Frontera Resources US LLC", the company that has the assigned rights to block 12?