Member Info for Arsenal221

Will add in Frr favour.

It does look like a stay on proceeding will be heard tomorrow & on that, let's think on an OOCS.

pyro
Very good post & agree on what you say on the smoking gun.

Thanks

Thanks

If anything does come to mind would be great, if you can post it.

bugsy

What are your thoughts on what you have just posted?

Thanks

Hopeless, as he was believing he would have around that amount of ZM & SN.
So lets hope above is the case the Hopeless, is no more.

I have suggested before that you might be bi-polar Kalan because you blow so very hot and cold, switching from one to the other on a whim …but usually to reflect your open position at the time. The situation to me is far better now than when we were first informed that a legal case had been launched because now we have had the chance to see the operational evidence of the plain lack of fiduciary care … an absolute duty of care…required of a director to put the interests of the company and its shareholders above that of any other party…even to the detriment of himself. This, Hope plainly has not done and by that petard I fully expect him to be hoisted. I find it odd that you seem to have total confidence in Leon Coetzer of Jubilee Metals who has virtually no skin in the game there but have no faith in Zaza who has demonstrated his commitment financially time and time again and most definitely has a great deal to lose if this doesn’t come good.

A quick guide to Directors' Duties in the Cayman Islands

Fiduciary Duties Good faith Directors must act loyally, honestly and in good faith in what they consider to be the best interests of the company. The test is subjective, although the Court will test whether the director genuinely believed that he was acting in the company's best interests. The duty is owed to the company alone, and not to its shareholders, subsidiaries, holding company or associated companies. Proper Purpose Directors must exercise their powers only for the purpose for which they were conferred and not for any personal or collateral purpose. Confidentiality Directors owe a duty of confidentiality to the company and may only use or disclose information obtained in confidence in the course of their directorships for the benefit of the company. Avoid Conflicts Directors must avoid placing themselves in a position where there is an actual or potential conflict between their duty to the company and a duty owed to another person or entity. Declare Interests Directors must disclose any interest in any proposed or existing transaction involving the company. No Secret Profits If a director becomes aware of any opportunity while acting as a director, he cannot make a personal profit from it. Promote Success Directors must act in a manner likely to promote the success of the company and act for the benefit of its members as a whole. Exercise Independent Judgment Directors must exercise independent judgment, including when delegating matters and deciding whether to follow any advice obtained, and may not for example agree to exercise their powers in accordance with instruction from a third party. No Fettering Discretion Directors must not restrict their ability to exercise independent judgment on the company's behalf. For example, a director cannot agree with a third party to vote in any particular way at a board meeting. No Misapplication of Property Directors must not retain for their own benefit or pass to third parties property forming part of the business of the company. No Exceeding Authority Directors must not act beyond the powers allocated to them. Company's Governing Documents Directors must act in accordance with the company's articles of association, constitution and shareholder resolutions.

mourant.com 6
a-quick-guide-to-directors--duties-in-the-cayman-islands.pdf
119.46 KB

Just scroll down through the headings

The Frontera MOA is also very specific - directors should exclude themselves from voting on an area of conflicted interest. The only people who can change the MOA are the shareholders via an EGM/AGM

regdik
Excellent post

Excellent post

Thanks
On that then as it was near on a year back would think there would have been talks on it of which brining it to an end.

When was above 1st mentioned by ZZ/FRR?

Very good post from SB & agree on what he says on Hopeless.

Even though this is a 10p% crap position for Frr to be in of which some is down to frr themselves. I am still thinking that there is a good future of which only time will give a 100% answer.

On side of $400M + spent would add interest on that, but at same time GG does have a fairly high % of the reason why Frr is in this crap, so would seriously think on on the arbitration Frr getting a good bit more, if that is what it comes down to.

Pyro
Quickly read post & an excellent one.
The arbitration is by an independent source?
On the above being right Frr must have a good chance on a very good looking pay out by GG. Especially on what Pyro mentions & amount & time Frr have put in.
On adding to last For have been in talks with BHG & BP of which must add something..

Dev under legal heading has a post. Can somebody copy on here.
Thanks

Main thing