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Thanks Mole - here is the link that shows ZM's affiliations. Not sure if it helps. I don't think the deja files are here but I am still going through it.
https://www.companyinfo.ge/en/people/101949
Looed got a busy day of work again today so not got time to back check on my home pc at the moment.
The FEGL company can't be not registered it's been around since 1997. When you look at that site not registered on a lot of entries just means no entry recorded on a particular line you might be looking at .
That is however the entity that will get liquidated if we loose the PSA as it is the operating company for the fields in Georgia and the one that FRR have tried to move the 50% shares the group held into controll of FRR US rather than Frontera Caucasus which FIT gained control on default of the mortgage.
From memory was the nov document a request for an official extract from the registry by someone.
"I found a way to list of all the companies and affiliates under ZM on the site and this is that last entry." should read latest entry
Mole - in your message of 19th may where you laid out the company structure and discussed the FEGL set-up. We also decided FIG was FEGL. Can you recall if you reviewed a document from the Georgian registration site issued 15th November 2019 that showed FEGL was 50/50 split and status was now "not registered" Is this the same as what you reviewed - I am not sure I am reading it right:
Frontera Istern Georgia Ltd.
Limited Liability Company 204905674
5 / 4-1369; 07/08/1997
Vake District Court
Georgia, Dedoplistskaro, Gorgasali St., No15
Email Email:
The person providing the information is responsible for the authenticity of the additional information.
Information on the liquidation / reorganization / insolvency process
Trademark:
Legal form:
Identification number:
Registration number, date:
Registration authority:
Legal address: Additional information:
fegl@fronterarsources.com
it's not registered
Supervisory Board
Partners' Meeting
Governing body
Leadership / Representation
General Director - Zaza Mamulaishvili, 01024002412
Partners
http://public.reestri.gov.ge 1 (2)
Owner share
Fronter Rorsors Georgia Corporation, CR 72227 / USA /
Joint Stock Company Georgian Oil and Gas Corporation, 206237491
it's not registered
Seizure / Prohibition
it's not registered
Share manager
50%
50%
Commitment
Tax lien / mortgage right
it's not registered
The right to pledge / lease movable property and intangible property
it's not registered
Debtors Register
it's not registered
I found a way to list of all the companies and affiliates under ZM on the site and this is that last entry. I am not sure if it matches what was found using the old way via access codes and clicking on the entities etc - this is all on one page and the headers are all in english, so not sure if its different or the same.
You can access the original version of this document here - https://www.companyinfo.ge/uploads/docs/25254/252541-B19128943.pdf
Mole - thanks for checking - I can well imagine how many hours this has taken you.
Disappointed not to get a reply from B-2-0
The Batumei site has 3 FRR-related articles with the one B-2-0 shared being the first. The second faithfully recounts the GOGC position regarding its arbitration win. The third, posted earlier here has a very pro-Western take on things. At no point do they refer to "evidence" that shows the situation is not how GOGC et al are making out.
If the deal has already been done as the article claims then why isn't Zaza on TV simply stating that "we agree with the arbitration findings and look forward to our new working partnership going forward which will focus on the developed areas still under our control" Why not just hunker down and focus on that - if that's really the case.
I found lots of references to Frontera International in the archive but no FIG. Like you I can't find any reference to this entity other than the article. We have lots of examples of inconsistent translation tools - though I have run that section of the article through a few different sites and the results are the same.
Thanks for that Whamboy. I was looking for that this afternoon. Was there another place where a % was previously attributed to Green in the court documents. As I had in my mind 50% for some reason.
So its reading that again very carefully having spent hours looking at company docs I think you need to be careful about Green. In 2018 FRR were looking to fund next well with a production profit share on an operating asset. Green sounds like that they could have borrowed against a production share on a well not a classic farm in of the whole block. Again as an investor I wonder if they fall under 27.2 3rd party of the PSA in that case and needed approval by GG? That should be FRR US executing that transaction. But that would also make Green very unlikely to be a major in my opinion.
Again that does not point to me to a new or revised PSA on part of the block. Hence I would say it was still with Frr US unless Outrider could reverse the transaction. But with some sort of royalty split of production to Outrider 5% and an unknown % to Green (maybe 50%). Knowing FRR finances that makes sense (maybe they paid off YA or other debtors!) but would also explain why finances got even tighter in 2019 if they lost a significant portion of the production revenue the company had when they already struggled to balance books without shareholder cash each year.
That would work for me as I can't believe GG would agree anything with FRR.
Based on that you would not find a change to the PSA as it hasn't changed.
In terms of GG cancelling the contract that would be to the joint operating company that administers the PSA the company that is joint owned by FRR and GOGC in my opinion.
Page 8 of the archive
3 May 2019
Posted by garytrader @ 10:20 :-
The transaction proposed in November—new financing expressly senior to the Note—was approved after excluding Hope’s vote, but ultimately failed. The transaction proposed in April—a farmout agreement with a Frontera entity allegedly not subject to the Outrider Note obligations—was executed, thereby purporting to transfer all of Frontera Resources Georgia Corporation’s (“FRGC”) oil and gas assets in exchange for a 5% royalty interest and debt relief unrelated to the Notes and of highly questionable veracity. With respect to each of these transactions, Hope’s request for basic background and explanation was denied, and his vote as FRC director was excluded in order to achieve the requisite “unanimous” vote. Additionally, Outrider has learned that Frontera has approved a production sharing contract through operating company FRGC, which improperly grants unknown party Green Capital LLC a security interest directly in the operating assets, in violation of the OMF loan agreement. Despite numerous requests by Hope, both in his capacity as secured creditor and board member, Frontera has refused to provide meaningful basic detail regarding the Green Capital transaction.
Posted by daniel1son @ 15:06 and 15:46 :-
Claim, counter claim. Lawyers spinning each sides tale.
FRRs case seems strong. Then Hopes case seems ironclad. Both sides legal teams (obviously) omitting any detail that doesnt paint their clients in a great light.
FRR will have made their current team aware of Caymans, so there must have been a basis to start proceedings in Cali. Hopes team has decided not to include any information about his conduct in the latter stages of Caymans, and rests a lot around the judges initial judgement in Dec (which we all already know).
Great lawyers, spin compelling cases.
The most interesting bit of info, is that Durham doesnt seem to be in play. There seems to have been some sort of Farm In AND a deal struck with Green Capital LLC (would suggest its the more polished, website!).
Anyway, other than Zaza and SN starting to play very dirty, there isnt much in there that we didnt already know.
It'll now be down to the judge and TRO. Although, that is also looking increasingly like a side show, with the new maneuverings.
We sit and wait... still.
https://www.dropbox.com/sh/6lw9qe59pv1dh8e/AADZUU2UqC1uFd72_O8iQA3Va?dl=0
Realise doom prophets are gloating, so have added the d9c ror transoarency purposes 'Hopes response'.
Just remember, Doom Prophets are only going from this, nothing from them the other day when we released ours!
There are all sorts of games being played out, lets see what the next doc brings.
Posted by AJamesW @ 17:54 :-
This lot?
http://www.greencapitalllc.com/
Was there a deal with Durham something too or am I imagining that?
Correct zib
Wasn't it Green Capital LLC?
Wasn’t there 2 one for c60m and the second for a higher sum of c150m can’t quite remember. Sure one was called green something must be in the archives
No I think your thinking of the New York fund for the $60m - name escapes me without looking agan. That fell through due to either FRR not paying the fee and/or the Outrider litigation which had an injunction in place which Kawaley in Cayman unhelpfully left in place right up to March 2019 or they just walked away due to the ongoing arbitration question of title/general melee. However, they could indeed have come back.
Hard to tell. There seems to be a further transaction to parties even FTI (Outriders liquidators) do not know who they are or whether they are connected persons. Its hard working this one out as its become very messy and some of what is going on with a private company is hard to prove!
Reverend Green in Block 12 with a wrench.
LMOA
Wasn’t Green something the name of a hedge fund we were planning on getting money from?
Thanks Mole - your time and hard work on all of this is appreciated.
Looed/Phil
I've spent too much time in last 24 hours trying to make sense of all this.
On the transfer:
para 27.2 of PSA talks of transfer to 3rd party but 27.3 to affiliates and contractors. 27.2 would apply to a farm out but 27.3 could apply to FEGL to FRR US. The difference is a 27.2 transfer needs approval by state but a 27.3 only needs to be notified by company.
Back to FIG. I'm a little concerned about loose Journalism and the use of Frontera International. That name goes back a long way as part of the group structure from Bill White days! The article can be interpreted a couple of ways but I'd be concerned to hang too much just on that one sentance - as FRR have always had a joint 50/50 operating company with GOGC and that is the shares FRR tried to transfer. Is it the same or a different company turns on almost a single word.
We know from the Outrider court action FRR transferred to FR US its share. That transfer would be under 27.3 as I would say FRR US is an affiliate. They then set up a foreign registered branch. Then we know again they did a transfer to Green and left a 5% royalty. So last proven data points we have seen is 50% of Block 12 PSA is with GOGC and 25% FRR US and 25% Green with a 5% royalty to Outrider probably from FRR US share.
Depending on who Green was it seems likely it falls under 27.2 of the PSA. So where is it? Where is the paper trail? Mind in spite of looking I have not found documents for the other purported transfers like Varang either!
The set-up of the foreign branch of FRR US looks to have been approved again after some paperwork was provided.
So as of tonight I'm none the wiser who owns what in Block 12.
The Batumi article is interesting in gathering the GOGC position in one place. And it is not in conflict with arbitration outcome. The leap from there to now is material breach resulting in GG cancelling the PSA for block 12 with 3 months notice per PSA.
If there is an out of court agreement of some sort and the 1% is not at risk I'd like to see it and who Green is and what consideration was paid for their share to FRR. But I have to say to date evidence is illusive.
If there is a deal then its beyond disappointing not to inform your stockholders and instead be trading politically charged barbs in the press while we try and work out what has happened. I'll keep poking about but not found a new legal entity yet to pin anything on.
I found this in archive p24 - not sure if its FIG but I am heading out to dinner so can't check - will be great if others can check. There is more info on p24 but sorry I need to dash
osted by Oopsi @ 09:21 :-
Weekend homework!!
I've been doing some digging this morning and it appears that Frontera are obliged to file company documents with the Minsitry of Justice which are publically available. Some are historic but for some of the entities there have been filings over the last few months involving the JSC. For example see the fourth entity on the link below. To access the documents click on the information icon and enter the code. There are quite a few docs and they need translating from Georgian but hopefully by putting it on here we can try and join up,some dots and maybe get some further information in these dark days.
https://enreg.reestri.gov.ge/main.php?value=Frontera&state=search_by_name
Phil - nice one. I think Ivy was also checking this (with me?) and in the end the entity was approved - maybe Ivy can recall better and if it was this FIG. It was a few months ago.
Can you / anyone try to check via this site - it has a section for checking companies but it won't let me in - maybe it can tell I am in Asia?
https://napr.gov.ge/pol
Sorry for the double post, computer mess up.
So is this a new company or is B-2-0 confused, is it the company Frontera transferred asset to to keep it out of Hope's grasp?
I'm sorry but there are so many company parts of Frontera I don't remember which is which, lol.
Yes this is the part as earlier stated that I think B-2-0 is referring to in the article he quoted:
Georgian Oil and Gas Corporation and Frontera are partners in another company. According to the extract from the November 2019 register, the corporation owns 50% of Frontera International Georgia Ltd, and the remaining 50% is owned by Frontera.
Frontera transferred another 50% to another company, but the public registry did not register the transfer of shares.
See details here
(In details click down box)
In April 2019, the Public Registry submitted a statement by Frontera [Frontier Rissors Georgia Corporation] to Frontera Rissoriz U.S. On the transfer of shares to LC. There was a demand that Frontera International Georgia register as a 50% owner of Frontera Research Georgia. L.C. ”, however, the registry first suspended the proceedings and finally stopped.
"The grounds for the suspension have not been eliminated, in particular, the consent of the Georgian Oil and Gas Corporation has not been provided." Obligations under the contract [[signed in 1997]], ”the registry decision states.
The registry states that the document was not submitted, which would confirm that Frontera Rissoriz Ltd. LLC has the financial and technical capacity to fulfill the obligations under the contract and Frontera Rissoriz Ltd. LLC "agrees to the terms of the contract in connection with the interest transferred to it and undertakes to fulfill them."
The Registry It also received a statement from LC and Frontier Rissors Georgia Corporation stating that these companies were affiliated individuals and had the right to transfer their shares under contract, although the registry did not share this either.
The companies also stated in the same statement that "Frontera International Georgia is a non-profit company designed and operated solely for the purposes of the contract."
Yes this is the part as earlier stated that I think B-2-0 is referring to in the article he quoted:
Georgian Oil and Gas Corporation and Frontera are partners in another company. According to the extract from the November 2019 register, the corporation owns 50% of Frontera International Georgia Ltd, and the remaining 50% is owned by Frontera.
Frontera transferred another 50% to another company, but the public registry did not register the transfer of shares.
See details here
(In details click down box)
In April 2019, the Public Registry submitted a statement by Frontera [Frontier Rissors Georgia Corporation] to Frontera Rissoriz U.S. On the transfer of shares to LC. There was a demand that Frontera International Georgia register as a 50% owner of Frontera Research Georgia. L.C. ”, however, the registry first suspended the proceedings and finally stopped.
"The grounds for the suspension have not been eliminated, in particular, the consent of the Georgian Oil and Gas Corporation has not been provided." Obligations under the contract [[signed in 1997]], ”the registry decision states.
The registry states that the document was not submitted, which would confirm that Frontera Rissoriz Ltd. LLC has the financial and technical capacity to fulfill the obligations under the contract and Frontera Rissoriz Ltd. LLC "agrees to the terms of the contract in connection with the interest transferred to it and undertakes to fulfill them."
The Registry It also received a statement from LC and Frontier Rissors Georgia Corporation stating that these companies were affiliated individuals and had the right to transfer their shares under contract, although the registry did not share this either.
The companies also stated in the same statement that "Frontera International Georgia is a non-profit company designed and operated solely for the purposes of the contract."
ProcessGuy. So that's a 150%.
No wonder we're all confused.
Where's MadP when you want him?
it's 11:20 in Tbilisi now, Let B-2-0 get his head down.. He may have his English ****er spaniel to walk in the morning..
ok so final question how do you know this b2o
Yes, as am said there are a number of sensitivities precluding disclosure, arbitration has dealt with the non-appropriated asset. B20