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And on
Looed Getting right confused now re your message about YA
Thought Ya debt was in liquidated FRC in cayman
Is it the liquidator continuing the case ?
Or is it a FRC registered outside Cayman where the debt lies ?
If so whats our ( shareholders) relationship with the FRC registered out side Cayman ?
All you people sound like big shots , we are all Wa..kers ,we trusted d.cks me too ,shut the crap up and stop war and peace , wait it out and none can afford the fight .
I suppose the liquidators now have to decide whether to pursue this on behalf of the FRC estate. I'm guessing they don't.
Whats with all the randoms coming out of the woodwork claiming they’re long term shareholders today? You get everything with this board.
Agree with tsbs1. Five years ago after the delisting, the shareholders could have claimed against the company and directors, even the Nomad, in the UK for false and misleading public statements. As an AIM regulated company they had certain disclosure obligations, and the Nomad had an obligation to ensure those were met. In fact there was a poster Starrage who claimed he had sued and gotten a settlement from the Nomad.
Good luck collecting on any judgment though. The company had no assets in the UK, and any judgement would have faced the same difficulties collecting as YA and Mourant, who are still trying to get their money 5 years later. That claim is surely time barred now; at the time many counseled that going after the company would only damage its prospects and others calculated that a suit would only mean lots of legal fees with little hope of a return. Fast forward to now and its hard to come up with a cause of action against the company. They have no legal duty of disclosure of anything as a non-regulated company. They are not taking anyone's money now and seeking to defraud them, rather they seem to be trying to somehow have a future in Georgia. Hopefully they take old shareholders along for the ride.
40k invested puts my 20k in touch , as i say leave alone and sit tight
Hi Looed,
Thank you for the update. Much appreciated.
Bezzy
Hi Celestialbody – FSHG is currently closed to new members and the email address is not monitored. Any messaging sent to the existing database would be flagged here in advance and copied here soon after sending.
As you might recall, FRC advised the court of their intention to appeal the recent decision in YA II v FRC. In that case the court awarded Summary Judgment to YA II.
Between 19/01 and 31/01, and in accordance with the court schedule, FRC completed the necessary pre-trial protocols (filing of docketing statements, supplying the court record etc.). FRC now have 30 days to file their appeal brief with the court.
Can you give me contact details for Deloitte please?
I’ve been following messages re Frontera shares with 40k invested. From the thread there appears to be little chance of any return …. how long is reasonable to wait?
The time to round up a posse and ride in to houston was 5 years ago
better to sit tight and enjoy looeds posts
So are the lights still on, I moved on some time ago but still looking in. Would be nice if they did an arnie, I’ll be back. 😉
Johnbell, to sum it up in two sentences, to which all can at least partly agree:
Yes it is game over. No it is not game over.
So is it game over, can someone tell me in just a couple of sentences. Thanks.
Never rub a sore D.ck i live by that rule , i have 10.5 mill , i understand both sides , GLA
Njames, I think your summing up is close to my way of thinking and fear. I have just read back over the arbitration decision. It was made clear that FRUS is a subsidiary of FRC. FRC was the parent and 100% owner.
If SN has moved FRUS from under that structure, at what price, was it for fair value and to whom. Lets remeber that FRC raised $500m from investors, and they confirmed a commercial discovery we believe is worth Billions (3.5b claimed at arbitration).
It could easily be another land grab from SN and any new associates, who want to sail off into the sunset. Can we put our faith in someone who dodges creditors, and treats shareholders with such contempt. There is no guarantee he has taken us original investors with him. That would leave FRC (and the original shareholders) left in the old shell and dissolved.
This is why I think it's important to ask those now in charge of FRC, Deloitte. I know others disagree.
However, what has happened to our investment, and the ownership of FRUS. Asking what SN has done with our investment and ownership of FRUS is a legitimate question. Deloitte will have the answers in light of his radio silence.
Nice to read a wide variety of interesting views today.
My take on contacting liquidators is that unless you are a) willing to spend tens, maybe hundreds, of thousands on subsequent potential legal action, or b) willing to organise some sort of class action to do the same but spread the financial load, then I don't see the point.
Hi All.
I have kept up to date with progress only by this BB. I have just under 1m shares. Could I enlist on to the FSHG? Happy to prove my holding. Just like to be informed if big changes are iminent! Thanks
I understand where you are coming from Tenners , this board is abit of fresh air compared to most and still alive even after all this time thanks to the obvious but also everybody that reads this chat. I still cant believe how much work has been undertaken by Looed etc. I feel l am part of a good group of strong people (99%). For me what ever will happen, happens and l cant stop it. I want to know as everybody else does but will it make a difference!! I am peed off but in a calm way , just waiting as been waiting for years. Bless you though
The only thing that makes sense given that it would be subject to clawback if the "asset" (ie, the license/PSA) was moved out of the structure within 12 months ahead of the winding up is that there is currently no asset, the license being expired, etc.. Thus SN was content to let the former parent company go into liquidation without objection or dispute. Whatever other minimal assets remain (desks, computers, etc.) can now be fought over by the creditors such as Mourant and YA.
Meanwhile, the MOU is with FRUS (if I'm not mistaken). That is likely he same Texas LLC that was mentioned in the arbitrator's decision (which also mentioned it was a wholly owned subsidiary of FRC) that the company had previously attempted to transfer the license to. We have verified that it is still in existence and in good standing in Texas. That company had no assets pending the award of the license once the conditions were met, which included paying off the Georgian govt the amount of the arbitration award. That company had to have been moved out of the FRC structure to other owners (SN and associates).
There will then follow a chain of events assuming the liquidators don't challenge the above: SN/investors through FRUS fund the payments to Georgian government, new license with a reasonable exploitation period is awarded to FRUS, company is recapitalized with new investment and former shareholders excluding ZM are given a certain percentage in the new company, divided prorata to their previous holdings. As an example--new money gets 80% of the new equity, old investors 20%, divided according to their former holdings. This would presuppose that the company got the last known share register from the registrar and were able to determine who owned what. That could be a messy process given nominee holdings, etc.
This doesn't excuse the company from not making any statement properly qualified over the last 5 years to shareholders, but is an explanation for what may be going on behind the scenes. I think what Looed called "strategic ambiguity" and Ricardo called liability avoidance are the primary reasons for the silence, but those could have been mitigated or accomplished while still providing broader communications.
That's a big no from me Tenners. I will stick with Looed.
Thanks but no thanks tenner, if you feel you need to then go ahead, I have been sat on my hands for 5 years and they will stay there till the end whatever that might be.
Like I said earlier, investors will have to make their own decisions, and I completely respect that. We can be reasonably confident that SN has moved the asset into his new venture FRUS, but there are then two schools of thought. Firstly, those who claim to be in the know. They believe (or hope) SN has moved the assets and protected our interests by moving the share register across too (based on the purported unofficial commentary from the company).
Second, those like myself, that have seen no evidence that SN has secured the interests of shareholders from FRC (Caymen), which is currently going through liquidation. I have no reason to hold such blind faith, or any reason to trust SN. He could easily just have himself and the interests of a few selected others that have registered shares in the new FRUS. Whilst original shareholders interests get wound up by Deloitte.
If the company is happy to send messages out to a select few, why not just let us all know? So with respect, I dont trust these whispers or the encouragement to not reach out to Deloitte who are now in charge of the actual company where our investment was made. We having nothing to lose. Any window of registering our views and finding out what has happened to our investment (however small) is now closing. In light, of the radio silence, I feel its worth every genuine shareholder in the original FRC reaching out to Deloitte, but people will have to make their own mind up.
All the best.