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Looed, I don't know who has shares in FRUS. Do you?
Ziggy, you could be right. But from my perspective, in light of no other official news and radio silence from SN, its worth asking some very focused questions.
People talk about FRUS as if we are shareholders; its pure speculation. Neither Looed (who seems closest to the company) or anyone else can produce anything factual, its all conjecture. The last place where I know my investment was, is FRC. Finally, after all these years we have an in, so it's worth pushing on that door.
I guess we will have to respectfully agree to disagree.
Tenners - i think you are confusing people with the way you framed your 2-part post. So everyone is clear, can you confirm that your post (other than the last para with the email address) is your theory and is not information direct from Deloitte regarding the ownership of FRUS etc. I think Phil_2018 and maybe others think you are reporting news from the liquidator and it is important you clarify this point so folks can see the train of events.
Whamboy
i wouldnt worry and distance yourself from what tenners is doing it will have no impact on anything
i will be gobsmacked if he learns anything at all other than what the liquidators will publish for the creditors. And, there will be nothing untowrd to find of that im certain and they will wrap it up quickly when they realised theres no money to pay them
just watch
Tenners
Sorry bud , but the liquidator being a genuine person and now controlling the Co is not news .
Am I pleased that there is someone other SN etc in control , no I am not as it’s a liquidator
Agree it is any opportunity to communicate with them , but it will be one way .
you will not get any factual answers on “ whats happened to your investment “ until they do their report . That will happen as part of the process, possibly many months , years even , down the line .
We are still waiting for Maples , another professional and respected Company to wrap up the other wind ups , how many years later . What were / are they doing , looking into the asset transfer amongst other things
Until then it will still be a black hole re info no matter who’s in charge now . …..subject of course to anything we might hear from the Co directly or indirectly.
Tenners and Phil
As a shareholder I want to completely distance myself from what you doing. I believe it could be damaging to my interests and want no part of it. I will not debate this with you any further, so please do not reply.
Ziggy / Looed, thanks for putting your input in, I removed doubt by answering Goit, really look forward to reading his/her post on what we have missed
Phil_2018 - You asked for my thoughts. If I understand the post by Tenners is correct, Tenners has received a standard reply from Deloitte. The rest of his post is a theory on events as he/she sees it or perhaps hope it was presented to Deloitte.
I do not think Delottie have validated / invalidated his theory, just provided a contact point as per standard practice in a liquidation. The rest remains a theory.
Lifeishard....
The email is direct to the Deloitte liquidation team. It would not be fair to name the particular member of staff who responded. Just mark up any correspondence to Mr Grant Hiley and Mr Michael Green, they ard the appointed joint investigators.
I'm sure you are not a thicko as you say, and I'm sure you can work out for the points I've raised from my earlier message.
We arent in any different position to when looed gets a message and posts tbh. im more inclined to believe looed than a message from a liquidator as they presumably are only dealing with frc
frus has long gone from there
Tenners, All I asked was what questions you have asked directly, as again being a thicko like myself I only read your thoughts in a write up posted on this board? You haven’t responded to that or the name of the person, whom if is part of the Deloitte team dealing with FRC case, would surely welcome mail directed to them..? It is after all highly likely a set team will deal with said liquidation.
PS , I did say well done you for trying, just in case you missed that.
A bit like I have missed your positive news? At least Goit has not, so we await his/ her input on what I have missed and it seems Ziggy also has missed??
Ziggy/Lifeishard....
Ziggy, nothing new? Do you mean other than communication from a genuine person who is now in charge of FRC. Something I've not had for 5 years.
Its an opportunity for me to find out what's happened to my investment, and make enquiries with the company. I thought as genuine shareholders you would be pleased.
What you laid out is my belief though I don't believe SN is working against shareholder interests. Looed or Slade messages from company indicated what they are doing will either work for all or for none.
The choices are:
1. The prospective new license resides in FRC (via FRUS as a subsidiary). It cannot be "redeemed" without paying the Georgians 4 or 5 million dollars. Don't recall exact amount. Creditors are owed unknown millions. Between Mourant and YA alone is about $5 million. Who knows how many other creditors are out there? The company has no money to satisfy any of these amounts. No new money wants to come in having to pay off the creditors AND the Georgians to get this out of hock. Therefore, if left within FRC, the new license is never awarded and no one gets anything.
2. The prospective new license resides in FRUS as an independent company. Any new investment coming in only has to pay the Georgians to get the license awarded. The rest can be for drilling and exploration, not creditors. Old shareholders have to trust SN and the owners of FRUS to issue shares to give them a stake in the new venture. Any new investment will get the bulk of the equity ownership, but at least old shareholders will have something. This way they can also choose to exclude bad actors like ZM. I'm guessing Hope will have a large stake as well.
Phil
You say in your response to LIH
Lifeishard, there might not seem to be a lot of info on the face if it that Tenners has put but in reality if you read through it carefully there are many snippets of small but telling info that tells us a lot already.
Really not sure what you are getting at .
Is it Tenners thoughts on the matter you are referring to ?
or
Specific …..NEW….info / facts contained in his post ?
If the latter , they have gone over my head , please enlighten me .
Tenners, most of your email comes across to myself the dopey as just your thoughts written for us on this board.? A pretty standard reply that you even seem to answer yourself stating you may not get a response??
Sorry Goit, fill me in as I have removed doubt???
Tenners
Thanks for your post .Have to say though that after your teaser earlier to day I feel a bit flat .
There is nothing in what you have posted re the liquidators response than standard practise .
What is the new’s ?
You say ….You can ask questions about your investment …Yes agree, you can email as many questions as you want I don’t doubt
Have you asked any specific questions over and above the process they undertake?…… what was their response ?
I bet you we are not included in FRUS and SN is waiting for FRC to be closed down by the Liquidators with us being in the dark (in the closet, lol) with them telling us the 'progress is being made' (probably not in our favour though) that we just need to sit quiet in the dark a little longer so FRC can be wrapped up and us left with little recourse accept this time ourselves being part of a long drawn out court case trying to bring a case against SN, etc. I may be wrong but that is just what my senses are telling me at the moment.
Essentially that SN waited for the Licence Agreement to expire so then he could claim that the agreement had lapsed so he could legally sign a MOU with the GOGC with FRUS as FRC had no signed up interest since the License had expired. Of course it all gets made a bit easier for him once FRC gets wound up and if shareholders keep themselves in the dark while that happens that makes it easy for him. If Shareholders communicate with the Liquidators even if FRC end up continuing in some way that may raise problems for SN's plans with FRUS. While I would like to believe SN is not attempting to leave us high and dry I fear that may be the case. It may be that we end up with a lucky straw with Deloitte being assigned to the case and having his spoken up all hope might possibly not all be lost. Let's see what next comes out of the woodwork.
Lifeishard, there might not seem to be a lot of info on the face if it that Tenners has put but in reality if you read through it carefully there are many snippets of small but telling info that tells us a lot already. I would be interested to hear what Looed makes of the info Tenners has received?
Try reading his post again, before commenting and removing any doubt
@Phil_2018 -- you can't find out the owners of FRUS from public filings, but the directors are same as FRC--SN, Tyler Nelson and Luis Giusti.
Lifeishard... its not complicated. The email address is at the bottom of my post.
My further thoughts on this is as Looed said the other day the Licence Agreement the GOGC signed with FRC has expired and a MOU signed between the GOGC and FRUS. Is SN/GOGC treating that as a separate agreement with a separate company (i.e FRUS) to that of the agreement with FRC? I wouldn't mind betting that may be the case, that SN is treating it as FRUS being a separate venture with the GOGC. That of course would be a conflict of interest as he has not done right by us as shareholders of FRC, unless he has given us the same shareholding in FRUS in its stead to alleviate that. However the situation would still remain that the Creditors of FRC would no doubt see this as foul play and likely Deloitte/the Courts also. I doubt that is an above board move and there would likely be follow up there, moreso if us as Shareholders have not been given our equivalent shareholding in FRUS due to conflict of interest even fraudulent activities.
Possibly SN, etc may have convinced themselves that it is an above board dealing but I doubt Deloitte/the Courts will see it that way. All still more to find out on this me thinks. Handy that we now have Deloitte to uncover a lot of answers for us. Is there any way to see who the shareholders are of FRUS are in the US?
Tenners,
Is it possible you tell us all your info or are you keeping this to your chest??
Can you advise what you asked so we real holders might see something you haven’t asked, then we can email said person ( as yet name not known ) and ask them??
GLA real holders
Phil_2018, there is a lot of info gained here?An email address from Deloitte, or have I missed something again? It has been known
Lifeishard, it is not an automated response. It is from named people of their team.
A superb post Tenners! I agree with each and every point you make exactly. You were right in contacting Deloitte to find out and we were right that they would be far more open with us than SN, FRR, etc ever was.
There is a lot of information you have gained here and that is a big positive. 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.
So where are we as shareholders, it looks like Deloitte will be able to provide the answers once they find out more. That they have been appointed Liquidators by the Court in the Caymans suggests to me that it could be because a lot of wrongdoings are suspected.
As said yesterday I think potentially SN might be playing for time to get some money in and then pay off the Creditors as surely he must know that if he is trying to pull a fast one it ultimately won't work in the end and he will be caught up with.
I definitely think it is a good idea to learn all we can from Deloitte to be better informed. Once we are better informed we may get a very clear idea of what exactly is going on. If needs be we may even be able to have sway to help matters in our favour. If it turns out we may be better off with the company continuing then we might be better off with Shareholders making a further investment to raise the funds to pay off the Creditors or possibly the Creditors taking an investment share in the company in lieu of the money they are owed. If they know shareholders are interested then it may be possible to hammer out a deal to save the company for everyone's benefit. Who knows but I definitely think we have more to gain by showing interest and learning what Deloitte discover. Well done Tenners! :)