Member Info for CF73

I see the judges second set of comments/ position as superseding his first (i.e. from when he initially seemed in favour to when he felt FRR had a strong chance in appeal) - in other words, he believed something to be the case until he was presented with further evidence and was compelled to change his mind.

Relatedly, you can see why Hope tried to rush the process Dec 2018. He knew that FRR would be able to bring the judge to their way of thinking. Hope's methods and means were eventually a source of concern for the judge. None of that's disappeared and would take something signficant to turn the Judge's latter position around.

More recently, Hope again going after our assets only confirms his breach of his fiduciary duties, that he has always only after derpiving the company of its assets.

We still await to know the outcome of the Cayman case. If we haven't been able to get a satisfactory result out of the Cayman case, then can see how the California case has bene desigend to do just that (although not a perfect situation to be in).

Posters on ADVFN continuing to throw everything they can at this.

I'm no an expert but the initial court findings is presented by the authorities (i.e. the Court), showing very clearly the direction of the case. It may not be rubber stamped yet but, looking at the wording, not sure how the final verdict could be hugely different, let alone against FRR.

If anything, this initial court finding/judgement is the logical conclusion to court docs and analysis earlier in 2019 when we saw those other court papers, where the judge discussed how Hope/OMF were sailing clsoe to the wind etc and explained that FRR's case on appeal stood a very good chance. So would take something significant and wayward to steer us off the course we seem to be on.

I'm posting the court doc summary below for reference.

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The Court, having considered the Motion for Temporary Restraining Order (the “Motion”) of Plaintiffs Frontera Resources Corporation and Frontera International Corporation (collectively, “Plaintiffs”), the opposition thereto, and having heard the oral argument of counsel and having found good cause to do so, hereby orders as follows:

1. The Motion is GRANTED;
2. The Court finds that Plaintiffs are likely to succeed on the merits of their claims for Breach of Fiduciary Duty and Duty of Loyalty.
3. The Court further finds that unless a temporary restraining order is granted, irreparable harm will result to Plaintiffs.
4. And, the Court finds that the balance of harms and the public interest favor granting injunctive relief to Plaintiffs.
Therefore, and with good cause shown,

While the court docs and verdict need confirmation/stamping, the fact the docs we are looking at offer no positive view of Hope or his case; or a negative view against FRR in light of this case; this I believe then is the course/trajectory we are on.

Whatever those earlier judgements in Dec 2018, these have long been superseded in my view.

Arsenal, thanks for your comments. If this remains not proeprly resolved to the point that FRR and its assets are safe, then best that we do not relist. Agree with folk that relisting should only be if we have secured our future, including our key assets and Hope is no longer in a position to move on us and is left playing for damage limitation.

...and with the restraiing order in place (and plain sight of California with no wriggle room for Hope), I wonder if we would be in a position to work towards relisting?

...FRR may well have a NOMAD waiting in the wings...

Immense thanks indeed to InvestmentBoy, Daniel1son and Madp.

Believe Hope will eventually go for an OoCS, even if he went for an opportunistic smash and grab in the US. Going before a jury when the verdict in Caymans is daming and in our favour would just be stupid.

However, if Hope has - as some suggest - been shorting FRR, while being a director no less, then he must be having some sleepless nigths, along with the other shorting scrotii. Bent barstewards!

I'd be happy for us to pay him 2 million and call it quits and then let the market take care of him on relist.

Let this be a lesson to all the W A N K E R S out there. Don't be like Hope or TW. Don't be a W A N K E R.

Thanks immensely daniel1son. This is heading in the right direction and brings some relief (even if we do need some further comfirmation).

...if some folks are wondering why we've had so little information and comms from FRR, the complex and sensitive nature of the case, with all that's at stake, should be sufficient to explain the silence. I expect to hear nothing until we are ready to be told by someone. Not great but it is what it is.

...and more to come....

Meant to have finhshed:

"On the surface, he [Hope] has acted more than improperly, including in front of the judge. But MANY of us can guess, it’s worse than this.

[Continued...]

Given the Hope’s historic effort to seize control, the above evidence of his most recent efforts should’ve been enough in my view. As others have suggested, seem the judge likely got caught off guard.

More latterly, we know the judge has rebuked Hope for trying to hurry the process in Dec 2018, looking upon his tactics very dimly. In turn, he stated that the strong cause for believing that the FRR case had good chance of success on appeal. Whatever judgements and views Dec 2018, these are superseded and replaced by the most recent position, in my view.

Don’t know what new evidence but it was helped. I also think having more to time to ponder has helped the respective judge.

It is possible now we are headed towards getting rid of Hope and OMF (including likely paying off some proportion of the loan) through the Cayman process. And with the case then established in our favour, with FRR and its assets safely secured, able to head to California to claim for damages. If this is what is happening (or are FRR intentions), the California case will not prejudice FRR prospects, including if we relisted.
Just to finish, Hope’s fiduciary duties is all over the place, from within an FRR context and also with regards to the case. At no point is showing that he is interested in preserving and safeguarding the company’s interests, only his own and that of OMF. On the surface, he has acted more than improperly, including in front of the judge. But may of us can guess, it’s worse than this.

Have just spent some time going through some previous court do, specifically, From the ‘First SN affidavit, Nov 2018,’


I found the following interesting. Am sure has been covered at length already but felt it worthwhile to put it out there again.

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Points 45, 46 & 47

45. The need to make this application has arisen as a matter of urgency. On 10 October 2018, Mr Hope emails FRC’s directors stating that as at close of business that day the grace period would lapse and that “his notes” (the Note) were due and payable in full. He demanded that Mr Mamulaishvili and I transfer shares to OMF in their role as individual guarantors. He continued “As a director, I formally advise the board that we need to make a disclosure to the market of the default first thing tomorrow morning”. FRC is listed and has obligations to make appropriate market disclosures. It takes advice from NOMAD on complying with its regulatory obligations and it was not any part of Mr Hope’s role to advise on those matters.

46. Mr Hope then followed up that email with a text to me in which he stated:

“Just called you. Carin is looking for Zaza/Levan apparently the shares will be suspended and investigated unless they can approve a statement to go out tomorrow AM at 7 regarding no new information at the shareholder meeting.”

47. This text is alarming. It suggests that Mr Hope has been sharing confidential information with third parties, which would be a breach on the disclosure obligations under listing rules. It also appears that Mr Hope was seeking to exert pressure on two of the directors to issue a misleading statement to the market the following morning.

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We can see a particular sequence of events here. Hope is moving fast to derail FRR. His email (point 45) shows he has started to well overreach his given roles and responsibilities. Indeed, it looks as if his actively encouraging the default and related notification.

However, his text (point 46) goes even further. How does he know Cairn is looking for Zaza/Levan regarding that Shareholder meeting? Who has he been talking to? Why is he going behind the Company’s back?

So, Hope’s comms around two potentially unrelated matters, a) Point 45: loan notes default and b) Point 46: Cairn apparently looking for ZM/Levan over Shareholder meeting, happen in quick succession, showing he is drawing on a number of matters to derail FRR, with the ultimate view of taking control of certain assets.

Leading in to Dec 2018, FRR were under a great deal of pressure and things didn’t looking too good. Complicating this, we an see that Hope attempted to rush the process using what have now been determined as spurious means. Personally, as expert as the judge will be, I don’t think they had enough time to process/ digest the case properly and were hurried in to an initial call that seemed to be in favour of Hope/ OMF.

[Continued...

Tsbs, the last set of court papers, at the end, a footnote, where it stated that there were ongoing discussions between the respective parties, to that effect.

This was at the time discussed on this BB in reasonable length. General conclusion on this BB was that this was a OOCS being progressed in parallel with the court case.

FRR unlikely to release any information until it's safe to do so. Meaning we have to wait for court papers/docs, write ups/ verdicts etc (fine with me as accept no other way right now)

Judge's most recent comments strongly in favour of FRR and against Hope (and can see why and how Hope tried to rush the process back in Dec - that's really gone against him now).

We know they - FRR and Hope - were working on an Out of Court Settlement (court papers).

Very possible that Cayman case proves and establishes the case in our favour. We come to a settlement to get Hope and OMF out. This then allows the company to work towards relisting and moving forward generally. Then, with the case already established and FRR and it's assets now safe, go after Hope and OMF for damages in California.

regdik, 11 of those tick-ups are mine.

Don't understand what some folks are expecting from YJ. They're a PR firm and are not positioned to provide sensitive information that hasn't officially been released earlier through official means and neither can they provide any information about the company that the company hasn't OK'd first - particularly in this current time.

Reminded of someone else's post the other day and which I agree with - even 'after the event', so to speak, is possible FRR rather have court release whatever verdict and papers rather than say anything immediately (ie, releasing news), in case it would prejudice proceedings, including going into the California case. Not great but is the reality.

Think some folks' expectations are too high and will only serve to cause them unnecessary consternation.

Today's RNS confirms no onerous unnecessary dilution. This is a massive positive for me.

RHA $6 million ring fenced for RHA. But all RHA profits go to PREM until the loan account cleared. So the sooner RHA up, running and profitable, the better.