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Thanks Lifeishard / WhamBoy – Yes, another case finally off the books.
Yes it is good to see that another case has settled out of court. The origins of Mourant v SN, ZM are in a signed document entered into the courts in Cayman that both SN & ZM would be personally “jointly and severally” liable for the debt plus costs. In other words, if one party failed to pay, the other party had to settle the debt in full. Mourant would get their money regardless.
It has taken 3 years to bring this to conclusion and you can see some of the original arguments used that are currently playing out in YA v FRC (recognition of a foreign debt, etc.).
Based on the more recent filings, you can see that M.O. and SN have been cooperating and SN has never, as far as I can see, denied the validity of the monies owed.
If you read the judgement, you can see that this deal must have completed some time ago, maybe the same time as the FRC v Mourant Federal case settled in June, for example a payment was due to Mourant on 1st September 2023.
WhamBoy – I think there are two possible advantages to this settlement. Obviously, SN honors his obligations and settles a debt. Secondly, it further reduces the risk of ongoing reputational damage to SN as the company looks to life after litigation. SN, like him or not, is very much part of the DNA of the company and he needs to have clean hands if the company is to move forward.
Thanks for this news Looed. This is, from memory, the details of the settlement that you outlined for us a month or so ago. Interestingly SN has agreed to pay a considerable sum to settle this case. Surely he would only do that if he knew money was coming to him further down the road due to some agreement to sell our assets. This may indeed be good news but as ever, we await formal notification. I’m hoping that once the YA case has completed, the company will then be in a position to talk to us all again.
Thanks once again for all your efforts Looed. It is much appreciated.
Thanks Looed, can I ask in layman terms, is this reading good like I think it is?? Another agreed settlement so only one more case to go?
Another batch of filings by YA. This batch attempt to show the courts the repeated efforts of YA to get FRC to comply with their discovery. YA have filed an "Emergency Motion to Compel" discovery ahead of the trial set for 6th October. No counter filing by the company in response to this as yet.
(Part 2 of 2)
5. Judgment is hereby entered against Nicandros in favor of Mourant in the amount of One Million Two Hundred Fifty Thousand Nine Hundred Thirty-Six and Sixteen/Hundred Dollars ($1,250,936.16) (the “Recognized Judgment”);
6. The Recognized Judgment will bear interest post-judgment at the rate of seven and three-quarters percent (7.75%) simple interest per annum commencing on the date of January 1, 2023;
7. Nicandros will ensure that a promissory note in the amount of the Recognized Judgment, including post-judgment interest, will be executed by entities subject to Nicandros’ control on or before July 10, 2023 (“Recognized Judgment Promissory Note”);
8. Nicandros and Mourant will execute simultaneously with the execution of this Agreed Judgment a Settlement Agreement that will include a requirement that Nicandros will execute a guaranty of payment of the Recognized Judgment Promissory Note;
9. The Recognized Judgment Promissory Note will provide for payment of the Recognized Judgment on the following terms:
a- One Hundred Fifty Thousand and No/Hundred Dollars ($150,000.00) will be paid to Mourant on or before September 1, 2023;
b- The remaining principal balance, of the Recognized Judgment Promissory Note will be paid in two installments;
c- The first installment of Two Hundred Thousand and No/Hundred Dollars ($200,000.00) will be paid on or before December 1, 2023;
d- The second and final installment of the remaining principal and accrued interest will be paid on or before February 1, 2024.
e- The Recognized Judgment Promissory Note may be paid to Mourant, without penalty, at any time before February 1, 2024.
10. Any payment due under the Recognized Judgment Promissory Note paid within seven (7) calendar days of its due date will be deemed timely paid;
11. If an uncured default (meaning a default that has not been cured within seven days of its due date) occurs under the Recognized Judgment Promissory Note, Mourant will have the right to file this Agreed Judgment with the Court;
12. Nicandros, subject to Mourant’s fulfillment of its obligations under the Settlement Agreement and this Agreed Judgment, waives any right to appeal this Agreed Judgment;
13. If the Recognized Judgment Promissory Note is paid in accordance with its terms, Mourant will return this Agreed Judgment to Nicandros within ten (10) calendar days of receipt by Mourant of the final payment;
14. All court costs are taxed against the party incurring same;
15. This Judgment is final and disposes of all claims of Mourant and Nicandros; any relief requested in any party’s pleadings and not specifically granted herein is denied.
(Part 1)
On this day Plaintiff Mourant Ozannes (Cayman), LLP (“Mourant”) and Defendant Steve Nicandros (“Nicandros”) appeared by their respective attorneys of record and announced to the Court an agreement to settle all matters between them arising out of the matters in the underlying litigation.
As evidenced by the authorized signatures of both Mourant and Nicandros and their respective attorneys of record appearing on this Judgment, Mourant and Nicandros represent to the Court that they entered into this settlement freely, without coercion and with full understanding of the consequences of the execution of this Agreed Judgment.
THE COURT, WITH THE PARTIES’ AGREEMENT, MAKES THE FOLLOWING FINDINGS OF FACT:
1. On or about February 12, 2020, Mourant, Nicandros and Zaza Mamulaishvili entered into an agreed judgment styled “Summary Judgment Entered By Both Defendants By Consent,” In The Grand Court Of The Cayman Islands, Cause No. 118 of 2019, styled Between: Mourant Ozannes and (1) Steve Nicandros, (2) Zaza Mamulaishvili (the “Caymans Judgment”).
2. Zaza Mamulaishvili (“Mamulaishvili”), although having appeared in this case, is not known to be presently represented by counsel in this case and is not a party to this Agreed Judgment between Mourant and Nicandros
3. Mourant agrees that Mamulaishvili is not bound by this Agreed Judgment;
4. Mourant agrees that its claims against Mamulaishvili and all claims and defenses of Mamulaishvili as against Mourant should be severed into a separate case leaving only Mourant and Nicandros as parties to this lawsuit;
5. Mourant and Nicandros agree that the Caymans Judgment is a “foreign county judgment” as defined by TEX. CIV. PRAC. & REM. CODE §36A.002.
6. Mourant and Nicandros agree that the Caymans Judgment — as to Nicandros — is entitled to recognition pursuant to the requirements of TEX. CIV. PRAC. & REM. CODE Chapter 36A, the Uniform Foreign- County Money Judgments Recognition Act.
G. The Court finds, pursuant to the agreement of Mourant and Nicandros, that the Caymans Judgment — as to Nicandros — is entitled to recognition.
BASED ON THE AGREEMENT OF MOURANT OZANNES (CAYMAN), LLP AND STEVE NICANDROS IT IS HEREBY ORDERED, ADJUDGED AND DECREED:
1. Mourant’s claims as against Zaza Mamulaishvili and all claims and defenses of Mamulaishvili as against Mourant are hereby severed into a separate case;
2. The Caymans Judgment is entitled to recognition and hereby is granted recognition;
3. The Caymans Judgment is found to be conclusive as between Mourant and Nicandros to the same extent as the judgment of a sister state entitled to full faith and credit in this State would be conclusive;
4. The Caymans Judgment is enforceable in the same manner and to the same extent as a judgment rendered in the State of Texas;
What's another Year?
A Gold Storm is coming and Mapp is still with HL but expected
to leave. Moving shares is high risk. Accounts get lost on the journey.
Some get hacked. The Hackers are trained in countries which go begging
for finance to UK where many hardworking natives are in need of help.
Legal system is under influence of Stonewall, LGBT, etc. which means
normality and fair play has gone. What's another year?
Thanks Looed
At least it sounds as if we’ll get a result to this court case fairly quickly. It would be better if we knew that a positive outcome would then lead to genuine news for shareholders. Surely they are not intending to keep us all waiting for yet another year…
Very interesting angle
Did we get any more insight in to the global legal settlement that was signed between Frontera et al and Hope et al? Why? Well, it would be nice to know how FRC were going to repay the OMF debt because that would be underlying premises for the two opposing parties to agree.
When I compare the money owed on the CLNs against the YA case, I see the YA case as a relatively side issue.
At LSC, at the same time, when I start thinking about it, if the Hope and FRC legal dispute was settled via this global agreement, then the big remaining case (FIC, NYC Joint Receivership) would have closed by now.
Thanks in advance to any one providing some clarity.
It's currently on the docket for 1 day. Hard to say if the judge will decide on the day or take it under advisement. In the past YA motions have been decided on the day or not long after.
Looed
Do we know for how long the YA trial is scheduled to take place?
Thanks
Thanks for the continued updates Looed, heres to the one update from you that truly puts smiles on our faces 🙏
GLA real holders
FRC have filed their witness list which includes SN and the FRC attorney at Stratton Law Firm. So far, no other filings or responses to YA's latest data drop.
Great to see you as well Prod. I agrre we can still keep dreaming. I wonder if Looney going from Bp will have any effect? If Bp refocus on what they are best at which is O&G they might re look at us!!!! Pipe dreams maybe but a possibilty. Remember other big O&G are not really inteterested in be an "Energy Company" and if my memoary is correct Bp have all our data.
We really should get that "band of brothers" back together happy times and a few hangovers! Onwards and upwards to all.
I hope so Greyhorse.
Could do with a quarterly update from the company via Looed or Jim? Sorry memory gone blank
Mapp
One for you , sung to the tune of Harry Belafonte’s Jamaica Farewell !
My heart was down , my head was turning around as I had too leave my 10 million shares in de-listed town !
But I’m glad to say , I’m on my way , FRR will be back one day !
Nearer to the end - Stay strong Fronterians
All the best Grayhorse
You absolute legend me ol China plate. Great to catch up in the city for a couple of beers and some networking - and of course the customary frontera pipe dream discussion.
One day soon Dulwich, we’ll all be millionaires.
Until next time my friend. Slange Var
A best seller in the making and not published before she/he has gone?
Handwritten and unique. IHT exempt ?
I am banned any time and you may guess why?
"Sloop John B ". one more for tonight. RR has gone into hiding on a farm in Georgia?
ZAZA may own a few places available for special friends. Farming is good for some of
us getting away from AIM which is a casino for fat cats catching mugs.
A return of FRR is worth a celebration with a trip to Georgia.
Dulwichman: very interesting potential consequence; thanks for sharing your muses.
I hope you are keeping well.
Coggy, my best poems in memory are not on this board. Today is special.
Our Ukulele group is alive again. Shall wear my favourite top in bright colours
and sing "Jamaican Farewell". You tube. Harry Belafonte. Our choir of cheerful
Golden Oldies has a few more years left but I have signed the correct form to
leave in peace and not end up in a Nursing Home run by Hedge Fund Managers
and looked after by robots .
Lots of filings and re-filings by YA . Nothing much new that I can see other than they lay out the exhibits they will be relying on at the upcoming hearing, all of which must be included within the reams of filings already made by YA.
Let’s see if or how the company respond before the hearing in early October.
Lady mapp. When you pop your clogs, I'll trawl back through all your posts and pick out your best poems. Then I'll have them published. It's bound to be my second best seller.