Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
This is indeed a good day, as the company stated we are progressing the strategic objectives legally and this is another objective achieved, along with the negation of the default, we are poised to move to the next phase of the maturing our strategic objectives. Well done FRR team, a fantastic result for the FRR family
I consider that I am bound by, and even if not should follow, the decision of the majority of the Court of Appeal in Dubai Financial Group. That requires that, having retrospectively validated service, I should set a time for the filing of an acknowledgment of service. It is implicit in CPR 6.15(4) that the period specified for filing an acknowledgment of service (or admission or defence as the case might be) should be after the date on which the order is made. CPR 6.15(4)(c) does not refer to a deemed date on which the acknowledgment of service should have occurred, and may be contrasted with CPR 6.15(4)(b), which refers to specification of the deemed date on which the claim form was served; and in referring to the period "for filing" it is using prospective language. This gives effect to the fact that it would, as the majority of the Court of Appeal in the Dubai Financial Group case said, be unfair and unjust for there to be no period after the defendant can know that there has been valid(ated) service in which he can enter an acknowledgment of service.
On that basis, the default judgment must be set aside under CPR 13.2, because it was entered at a point when the time for acknowledgment of service had not expired. I will set a time in which there should be acknowledgment of service, which will be 7 days from the date on which this judgment is handed down.
Disposal
Thus, the overall disposal of these applications is:
(1) I find that the service when initially effected on Mr Bono on 2 March 2020 was invalid;
(2) That service is retrospectively validated under CPR 6.15;
(3) Judgment in default is set aside; and
(4) The period for filing an acknowledgment of service will be 7 days from the date of the hand down of this judgment.
Another piece of the strategic puzzle is in place, a couple more pieces to complete starting with Tuesday, and very soon the big picture will be revealed
For the record I do not possess any insider information. Even if I did I could not divulge that information before it is made public. However it is my opinion there are many signs of strategic US-Georgia alliance making multiple major party investment probable. The recent rhetoric from both sides is further evidence of this. We are in the transitioning phase ie. the deal is done and it is of regional significance hence the silence. I am very confident that we will benefit from this alliance along with many Georgians and other European partners. This has been a long journey but I believe we are part of something historic. I believe the news flow will as stated, progressive over the coming months due to the significance of this alliance. And as for the shooters, time to get your big boy pants on...
Transitioning is a key post M&A deal process to allow for integration. The recent announcement from the newly appointed management team is a message of assurance that work is being executed. The new management team having been appointed as part of that process. The short term messaging pipeline is looking very promising indeed. The black swans are almost lined up gla b20
All non operating foreign FFR subsidiaries targeted by OMF et al terminted as planned, FRR US and additional Black Sea subsidiaries still active, ready for next stage - mission accomplished, ZM resigned from politically and case sensitive Georgian entities to facilitate deal. The negotiated deal serves all US, EU, GE stakeholders mutually as it is controlling the otherwise unknown. Turkey discovers $60bil O&G Black Sea asset, nothing is a coincidence, all the black swans are lining up. 20 years and more than 50% owned by Georgians, this the start of a new Georgian and Black Sea energy alliance.
I am off grid but was informed there is concern amongst the ranks. This is not surprising, nor is the silence due to the current political and commercial environment - I cannot provide any information but would recommend calm as the current rhetoric does not serve any purpose for the parties currently in discussions. The only purpose it serves is to fuel the cause of the trolls and cause tension, despite there being no impact from such actions. ZM and the company have faced unprecedented challenges due to the regionally significant asset we own and the implication but this is about negotiating a mutually workable solution, the US and Geo recent movement is part of a larger solution being pursued, this has been discussed more recently and will hopefully materialise in the coming weeks. B20
Yes, as am said there are a number of sensitivities precluding disclosure, arbitration has dealt with the non-appropriated asset. B20
In November gogc took 50%ownership of fig at the same time Frr transferred their percentage to an investor. At the time of the oocs the productive land not disputed was appropriated for the purposes of the oocs. The remaining land could not be agreed upon at the time as part of the deal and was segregated to freg, hence the award against Freg and not fig. The reason for the inclusion of frus in the arbitration is for retrieval of the funds holding the oocs settlement. Zm signed a goodwill agreement as part of the oocs (common with complex acquisitions). The oocs asset is not part of this arbitration, this was all about gogc portion of the profit for this land given the lack of proving up the asset. Zm said, we keep the o&g fields, we pay 200k and hand back the awarded assets. This was documented in January but the articles have since been removed. Read into the media what you like but the statements are political, however the commercial arbitration stands alone as the de facto law b20
late here now but go on...when the OOCS was signed and the controlling entity setup FRR transferred their share to an undisclosed investor (and it's not GOGC because they own 50% of the company), this settlement is with respect to the unused areas which the resident SM's is no doubt interested in given the geology - GOGC have got the opportunity to take the majority of the undeveloped assets to market - synergies are very prospective. JR is right just sabre rattling, hands shaken and Georgia moves on to be part of the alliance in bringing energy independence to the region and Europe. Stay safe all B20
10 months ago ZM signed a goodwill agreement as part of the OOCS, a separate company was created to manage the OOCS contract, the goodwill agreement is part of the OOCS and honours the outstanding claims being made by the GOGC against FRR, and to be explicitly excluded from the OOCS and protect the contract stakeholders. The Arb has settled those claims, and particularly in relation to the significant $100m claim which has been rejected. The payment to be made is for the outstanding taxes $200k and for the reimbursement to the GOGC for FRR's portion of the costs - split 50/50 as the GOGC paid the fees upfront. FRR have acknowledged the handing back of the unused land and as part of proceedings and withdrawn their counterclaims and bringing proceedings to a close. GOGC are threatening to terminate the PSA relating to the land in question and request that FRR honour the Arb resolution. GOGC will no doubt be seeking certain resident SM's to engage in negotiation of their newly acquired land I am sure. Most importantly I trust everyone is safe and well in these very challenging times, stay safe B20
My reading of US case law is The foreign case has delivered a scheme of arrangement to satisfy the creditor requirements, and therefore the debtor has applied for and been granted injunctive relief i.e. Deal done in arbitration, creditors to be paid, case closed. Gla B20
B12 split, FRR Western to hold alll currently proven assets, Eastern to be returned to Gocg ( Basin edge, shallow fields). FRR Western jointly owned by FRR/GOGC, however, FRR transferred holding to investor (BP as part of deal. 2020 the alliance is initiated). Bushido B20
The recent comments by zm on the extension of the psa is the most important factor of the arbitration and negotiation, the court cases are an aside and no longer are of material significance and will be dealt with. The gg terms would only allow the extension on the full scale development of B12 with major investment. The political posturing has been facilitation of enabling strategic investment and realisation on the regionally strategic asset on both parts andfor the benefit of invested parties. B20
I don't usually post anything outside of fundamental research and obtained knowledge. So will continue to do so, I am aware very aware that the shorters have in their employ an organisation of posters who infiltrate various media forums - this is very well known and has not gone in noticed. All I can say is remain focused on the events taking place and the fundamentals B20
i will say first and foremost what I discuss here is in the public domain. The deal is ground breaking for FRR for many reasons. Succinctly it requires a duration of more than 7 years to payback - this is not evidentially a loan, it is a farm in or otherwise capital investment from a foreign counterpart. Most importantly is the approval for the extended period, although no duration is given it aligns with greater strategic investment and development program of the Black Sea energy alliance. FRR workers will be greatly rewarded for their dedication in realising this historic Georgian moment. Georgia ???? we salute you. B20
The translation is confusing the news we have all hoped for. The negotiations have made it possible to sign the deal to allow the investor to recover the investment. This is an investment into FRR!!!!!!, allowing for development and production beyond 2027. Nearly all negotiations ended positively but the crucial part is the banks are satisfied to progress with the deal - asset security threat has been removed! The message does not suggest the tax rebate has not been paid, or that the employees have not been paid. I will simply say ZZ was willing to provide bridging finance of 5m. The deal will be strategically significant for Georgia, the wider region, and the investors. I understand your doubt and mistrust, but ZZ has always been aligned with the above stakeholders and in the process averted a hostile take over and secured a life changing deal for the long term investors. ZZ and FRR Team you deserve this success. B20
Asset to be transferred to Frr Georgia, Frr Texas holding company, new share capital injected from 3rd party farm in, existing share holders receive shares in Frr us. Other Frr companies liquidated and debts settled. Resolutions passed - it is time to fly after 20 years, get strapped in for take off B20
To survive an attack from a formidable enemy who has infiltrated your ranks extreme tactics are required to survive and conquer. Fortunately the enemy and motive were identified early, and a strategy implemented with a number of escape options possible. This has been the key to winning the war, casualties are inevitable, but that is the price to pay. Hope took the bait and resigned, providing the preferred escape route, leave the vulture to look for his next victim. It's game over for Hope, FRR flock are going airborne. It's not the beginning of the end, but the end of the beginning. Who dares wins B20
Been off the grid for a while but wanted to tap back in to remind the LTH of the significance of B12 nationally and regionally. I have been part of this journey for many years now, and having overcome significant challenges in the process, recent events are the final pieces in the puzzle for FRR. FRR is no longer a speculative investment, it is now on the verge of becoming part of a transformational energy alliance for the entire region, in ultimately developing an international supply of both O&G for many years to come. As a LTH I have never been more assured as to the outcome of recent events. I was fortunate enough to have bought a tranche on the Friday before the suspension. As the share is suspended there is no longer the opportunity to get in, but more signifantly for those exposed to upcoming news and the potential impact of the gap traded, the way out. Live by the sword...B20.