The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register 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.
PLAINTIFF’S MOTION FOR ENTRY OF DEFAULT JUDGMENT Page 2 4847-5320-0296v.1 balance was paid in kind. Moreover, for certain periods, an “Interest Increase Triggering Event” (as defined in the Note) would cause the interest rate to increase by eight percentage (8%) points per annum. 3. The Note was amended by that certain First Amendment to Note Agreement effective as of March 3, 2017; and subsequently amended by that certain Second Amendment to Note Agreement and First Amendment to Global Note effective as of May 26, 2017. Then, on March 30, 2018, Plaintiff, FIC, Nicandros, and Mamulaishvili executed a Third Amendment to the Note, providing for the deferral of certain outstanding interest payments (the “Third Amendment”). See Dkt. No. 1, Ex. B. The Third Amendment deferred the payment of interest for the periods January 1 – March 30, 2018, and April 1 – June 30, 2018, until September 30, 2018 (the “Deferred Interest”). 4. In connection with and as integral part of the Third Amendment, the Deferred Interest was guaranteed to be paid by both Nicandros and Mamulaishvili, who thereby personally guaranteed FIC’s “due and punctual performance” of the Deferred Interest payment; and, in connection therewith, promised to provide, as a continuing security, a total of 500,000,000 Ordinary Shares of Frontera (“Pledged Shares”) owned and/or controlled by them (“Individual Guaranties”). 5. FIC failed to tender the Deferred Interest on September 30, 2018. Following that date, Outrider made demand upon FIC for payment of the Deferred Interest. Under Section 8.1(b) of the Note, the failure of FIC to “pay any interest, fees or expenses or any of its other obligations” under the Note within ten (10) days after such payment is due is an Event of Default. Following such an Event of Default, the Note provides Plaintiff with certain remedies, including but not limited to the right to accelerate the remaining principal balance due under the Note and demand
PLAINTIFF’S MOTION FOR ENTRY OF DEFAULT JUDGMENT Page 2 4847-5320-0296v.1 balance was paid in kind. Moreover, for certain periods, an “Interest Increase Triggering Event” (as defined in the Note) would cause the interest rate to increase by eight percentage (8%) points per annum. 3. The Note was amended by that certain First Amendment to Note Agreement effective as of March 3, 2017; and subsequently amended by that certain Second Amendment to Note Agreement and First Amendment to Global Note effective as of May 26, 2017. Then, on March 30, 2018, Plaintiff, FIC, Nicandros, and Mamulaishvili executed a Third Amendment to the Note, providing for the deferral of certain outstanding interest payments (the “Third Amendment”). See Dkt. No. 1, Ex. B. The Third Amendment deferred the payment of interest for the periods January 1 – March 30, 2018, and April 1 – June 30, 2018, until September 30, 2018 (the “Deferred Interest”). 4. In connection with and as integral part of the Third Amendment, the Deferred Interest was guaranteed to be paid by both Nicandros and Mamulaishvili, who thereby personally guaranteed FIC’s “due and punctual performance” of the Deferred Interest payment; and, in connection therewith, promised to provide, as a continuing security, a total of 500,000,000 Ordinary Shares of Frontera (“Pledged Shares”) owned and/or controlled by them (“Individual Guaranties”). 5. FIC failed to tender the Deferred Interest on September 30, 2018. Following that date, Outrider made demand upon FIC for payment of the Deferred Interest. Under Section 8.1(b) of the Note, the failure of FIC to “pay any interest, fees or expenses or any of its other obligations” under the Note within ten (10) days after such payment is due is an Event of Default. Following such an Event of Default, the Note provides Plaintiff with certain remedies, including but not limited to the right to accelerate the remaining principal balance due under the Note and demand
PLAINTIFF’S MOTION FOR ENTRY OF DEFAULT JUDGMENT Page 2 4847-5320-0296v.1 balance was paid in kind. Moreover, for certain periods, an “Interest Increase Triggering Event” (as defined in the Note) would cause the interest rate to increase by eight percentage (8%) points per annum. 3. The Note was amended by that certain First Amendment to Note Agreement effective as of March 3, 2017; and subsequently amended by that certain Second Amendment to Note Agreement and First Amendment to Global Note effective as of May 26, 2017. Then, on March 30, 2018, Plaintiff, FIC, Nicandros, and Mamulaishvili executed a Third Amendment to the Note, providing for the deferral of certain outstanding interest payments (the “Third Amendment”). See Dkt. No. 1, Ex. B. The Third Amendment deferred the payment of interest for the periods January 1 – March 30, 2018, and April 1 – June 30, 2018, until September 30, 2018 (the “Deferred Interest”). 4. In connection with and as integral part of the Third Amendment, the Deferred Interest was guaranteed to be paid by both Nicandros and Mamulaishvili, who thereby personally guaranteed FIC’s “due and punctual performance” of the Deferred Interest payment; and, in connection therewith, promised to provide, as a continuing security, a total of 500,000,000 Ordinary Shares of Frontera (“Pledged Shares”) owned and/or controlled by them (“Individual Guaranties”). 5. FIC failed to tender the Deferred Interest on September 30, 2018. Following that date, Outrider made demand upon FIC for payment of the Deferred Interest. Under Section 8.1(b) of the Note, the failure of FIC to “pay any interest, fees or expenses or any of its other obligations” under the Note within ten (10) days after such payment is due is an Event of Default. Following such an Event of Default, the Note provides Plaintiff with certain remedies, including but not limited to the right to accelerate the remaining principal balance due under the Note and demand
PLAINTIFF’S MOTION FOR ENTRY OF DEFAULT JUDGMENT COMES NOW, Plaintiff Outrider Master Fund, LP (“Plaintiff”) and files this its Motion for Entry of Default Judgment (the “Motion”), requesting that the Court enter a default judgment against Defendant Steve C. Nicandros (“Nicandros”) and would respectfully show as follows: I. BACKGROUND A. The Complaint 1. Plaintiff initiated this lawsuit on July 23, 2019, with the filing of its Complaint (“Complaint”) against Defendants Nicandros and Zaza Mamulaishvili (“Mamulaishvili”), both of whom are individual guarantors under a Note Agreement (“Note”), as amended, between Plaintiff and Frontera International Corporation (“FIC”). 2. Under the terms of the Note, interest accrued and was to be paid quarterly in arrears each March 31, June 30, September 30, and December 31, beginning on December 31, 2016, and ending on the Note’s maturity date of August 1, 2020. See Dkt. No. 1, Ex. A. As set forth in Section 1.3 of the Note, interest accrued on the outstanding principal at a rate of ten percent (10%) per annum if the Note balance was paid in cash or twelve percent (12%) per annum if the Note