Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Would much rather sell to BP-Shell BHGE i doubt Block would have the money for such a valuable asset, and could possibly be out of the frying pan and into the fryer with them.
Thanks Looed, keeping the hope that “All thimgs bright and beautiful , all companies great and small”
GLA real holders
Hi Lifeishard - The new ambassador does have some form in merging US and EU interests on energy policy.
Block do seem have a good direct relationship with the GOGC and indirectly via their partnership with Georgia Oil & Gas Ltd. OMV Petrom is another O&G company that seem to enjoy a healthy relationship. Let’s not forget the company have also spoken of their now “constructive” relationship with the state agencies.
Given the proximity of Block to the original B12 there might be a case for the GOGC awarding some land to Block if they can successfully expand their own production operations (and if they would want it). Earlier efforts to sell the remaining asset, the "1%", at least those that we can see on the record, failed. For example attempts by the FIC liquidators to sell on / terminate the PSC.
Njames for 4p a share why not
GL all real holders
Maybe we can sell to BLOE.
Looed, many thanks for all updates, your latest is also good to read, the old II member T.O.T (piscator) found a nice facebook piece on how good a relationship bloe seem to have with the GG , with luck this will be us in the near future🤞is linked on how close the U.S are getting to Georgia?? I hope so
Good luck all real holders
The outgoing ambassador is on a farewell tour and recently gave a wide-ranging interview on bm.ge TV. They have now published the transcript and at the end of the interview the reporters ask about the the incoming ambassador. Whilst these comments / attributes don't automatically refer to FRC, they should certainly help should the company get back to business -
“And the Ambassador Dunnigan is one of our finest diplomats. She’s very experienced, she has a lot of experience in the energy sector which I think will be great for continuing our partnership with Georgia in the sphere of renewables, improving energy efficiency and also reducing Georgia’s dependence on Russia. I think you are getting one of our best. I know she is going to have a wonderful time here just as I have.”
https://bm.ge/en/news/this-country-cannot-be-stopped-us-ambassador-kelly-degnan-sums-up-her-term-in-georgia
That's looed for the explanation much appreciated
Bibzy7 - There are 5 cases on the books in the US and at least two of them need to be resolved.
Those cases are YA II v FRC and FIC v SN.
FIC V SN is a Hope-related case. Hope was for a while (and still might be) the financial backer for the liquidators in Cayman who are also bringing the case in Texas.
The FIC v SN case has now been set for trial in October 2024. You would be right to say that sounds a very long way off. What is important is that post settlement in the Hope cases, the relationships in FIC v SN can be seen to have evolved from adversarial to cooperative. For example, it is only post-Hope settlement that we now see joint motions being filed in this case.
This long continuance should mean the company can focus on other litigation such as the YA case. Outside of the ZM case (and possibly the YA case) none of the multitude of cases that have been followed to date actually made it to trial.
Other cases are Mourant Ozannes v SN which you would assume has been dealt with as part of the settlement in FRC v Mourant Ozannes. We might get clarity on this later this month.
There is a bankruptcy trial involving FRGC which you can also say is Hope related, but there has been no activity since April 2022.
The Yellow Jersey case might be important to YJ but isn’t impactful on the company relative to the other cases.
Sorry looed probably been covered but is this the last big court case to be settled hopefully so then maybe hear how they can go forward from here on in
To date there have been approx 66 filings in this second YA v FRC case and only 5 of them are from the company.
Morals and judgements made in London aside, the debt is “alleged” until the Texas court first recognizes the foreign judgement and then allows for it to be enforced. YA have wasted 3 years of the courts time with pointless filings and ill-formed motions that went nowhere. By obtaining a Trial on Merits the company is accelerating the case, not delaying it. I assume there was no obligation to do so, but FRC gave YA the correct Statute to use.
YA’s new counsel has recently submitted a motion for No-Evidence Summary Judgement in early September which cherry-picks the Statute given to them by FRC.
If it gets that far, the trial in October will be on the merits of the filings of YA, which have, to date, failed to impress the court.
A UK court has twice ruled in favor of YA and issued a judgment in the amount of the debt plus interest. I think SN won't pay unless he knows the company is going forward as a viable business. If not, they will Chapter 7 (liquidate) FRC and walk away from the debt. If it is a going concern, they will settle with YA to move forward. So any settlement or payment to YA should be viewed as a good sign. IMO
Hi WHB
Totally agree with everything you says about Ya.
However we got into bed with them presumably knowing their methods .
Having challenged them over their actions in Sept 18 RNS the Company in Oct 18 RNS said …..
"I am very pleased with the way the Company has resolved its disagreement with YA. The settlement terms are mutually workable for both the Company and YA. As a result of this settlement, the inconvenient overhang of monthly conversion has been removed which should positively reflect on the Company's share price and market position going forward. The Company is moving on with paying down the remaining balance to YA by way of cash redemption and without recourse to the conversions as was the case in the past."
Yes I know it was ZM ….but it was an official RNS so he was speaking for the Co.
No more has been said publicly by the Co on the debt .
Irrelevant of wether we like Ya or not we owe the money it seems .
My post was not to defend or support YA but to voice my feeling for the matter to be resolved quickly .
This was due to my fear that if prolonged further, with say Ya having to go back to square one , the case ….MAY ….be used by the Co as an excuse to prolong their blackout , even once all others have been settled .
I say that as we don’t have a definitive list of known litigations that in the Co’s view, requires the longstanding blackout to continue or delays any form of return to business normality .
Pyrotec said re YA
…..I think they will get something back if they are patient and let the company get back to doing business, What they are doing is slowing the start back date and so slowing payback date for all. ….
If that is true , then that reinforces my point , particularly his last sentence. Having said that , isn’t it the Co’s actions dodging YA thats slowing us up .
Suppose the big question is ….is it a case of won’t pay …or can’t pay
Should Ya have to start all over again and it was under the circumstances as detailed in the last para of my previous post I would be more than happy.
But part of me wishing YA to win soon ( assuming we owe the money ) is far from having any sympathy with them …..its about after over 4 1/2 years , wishing to reach the end of the overall situation we are in.
Looed, sorry for taking so long to reply but thanks very much for taking the time to provide such a detailed answer on 8/8 to my question.
Well said Pyro. Whilst instinctively one would struggle to disagree with what Ziggyzag has said, the reality is that FRR caught YA conducting underhand and from memory allegedly illegal dealings to the detriment of Frontera and by extension for all of us.
So I have no sympathy for YA whatsoever.
Remember , YA helped to slow the progress of the company.
Forward selling etc. They lend money and then they are like a greed fed monster looking to not only get their money back but absolutely smash profits by forward selling and even shorting stock. So they lend money to start a company but will effectively destroy that company if they can profit from it.
i think they will get something back if they are patient and let the company get back to doing business, What they are doing is slowing the start back date and so slowing payback date for all.
I suspect like hope was originally, they would like to take the asset and make millions for their investors.
Careful with Etoro. HMRC came after me due them knowing I’d been paid from outside the UK, Cyprus I believe. I managed a 10 bag on XRP back in 2019 but didn’t take profit until much later.
They’re desperate for more revenue
Going to be be seen as controversial below I suspect .
Whilst I support the Co’s aim to overcome all its obstacles , one part of me hopes Ya get a swift conclusion in their litigation , after all we do owe the money don’t we ?
Don’t want more years of hide and seek over this issue should they fail .
Unless of course all other stars align over the next few months allowing the Co to come out of the dark re comms and getting back to the task of exploiting their holdings ( whatever they are currently / going to be ) and realising some value for shareholders , with dodging Ya then becoming a side issue to a properly functioning company .
Etorro is free tades and no monthly or annual fees
If anyone, like me, carries out very few trades in year now and has a total, of less than £50k in value remaining in their accounts (frr nil) check out Interactive Investors Essentials account at £4.99 a month plus £5.99 per trade.
I assume you need to have at least one other holding that does have a value rather than just frr currently at nil.
Njames - this is from an FRC filing and seems to form the main part of their argument -
"The procedure for recognition — not enforcement or registration — of a foreign-country judgment differs from the enforcement mechanism of Chapter 35. Recognition of a foreign-country judgment is distinguished from enforcement of that judgment. Because a Texas “forum court” cannot enforce a foreign-country judgment until it is determined that the judgment can or should be given effect, recognition is a mandatory prerequisite to the right to attempt to enforce the foreign- country judgment.
Recognition of a foreign-country judgment is a prerequisite to having the right to pursue enforcement of the judgment of a foreign nation. RESTATEMENT (FOURTH) THE FOREIGN RELATIONS LAW OF THE UNITED STATES, §482(a). Recognition of a foreign-country judgment requires that a creditor seeking recognition of a foreign-country judgment must always file an action in a court of competent jurisdiction."
Cynical tsbs1 but true but also....
No-ones paying for that legal team for a laugh, only because they think that there will be a profit in the end.
Think frontera have proved beyond any doubt that you can borrow money and wriggle out of paying it back if you have the right legal team in place
@Looed -- gotcha, thanks. You wouldn't think it would be this difficult, but perhaps the original counsel botched it.
WHamBoy – that’s a fair assessment. There are a lot of filings in this case with about 90% of them from YA’s side which include motions for summary judgements, discovery, appointment of receivers and so on, and I don’t see any win for YA to date. They now have new lead attorneys so maybe this is their attempt to turn things around.
I don’t know how long it took to get the UK default judgements processed, but they have been trying for over 3 years to get this resolved in Texas. I think YA might now face the prospect (assuming the company gets its win) of going back to the drawing board and having to start all over again. I think this is why we are seeing YA throwing the kitchen sink at this before the merits of their original approach are discussed in open court.
Let’s see if / how the company files any response.