Member Info for CF73

Tweet put out in order to explain that there was no known reason for the NOAMD to resign and to send the message the Company is still here fighting.

Sorting a NOMAD is important otherwise news releases will not be possible and, in due course, in order for resmuption of trading.

Don't see it being a problem for a new NOMAD being found. But let's get this sorted out of court ASAP.

Good luck all genuine folks!

The affidavit does not need to contain all of the evidnece provided. However, whatever the evidence that was provided to the court, in totality (what we can see in the affidavit and what's not included but that may have been presented), was sufficient to enable the granting of the injunction with relative ease.

Agree that those extra 10 days would have been easy to secure.

Hope has had plenty enough time to prepare a defence but needs another 10 days??!

Remember Zaza said that they would not be going to court unless they were confident of winning.

...if arranging the new loan enables immediate satisfaction of the issue of default on the OMF's loan, or its actual payment, in full or part, then with their contacts, I believe they would be able to bring some in. The new lender would lose nothing since it would be tied to certain conditions, namely the asset. The new loan provided, in explicit terms, the opportunty to pay down a chunk of any other debt (upwards of $20million).

Zubairs he opposed everything that was put before him and then went onto offer his own extraodinarily poor loan, one that would've seen him clearly take contorl of the assets. By making that offer, with the terms he outlined, he effectively showed his hand and made his intentions known, including acting against the company interests and for his own benefit.

If you read the affidavit, which I'm sure you have, you will see that it is quite clear. FRR had made a serious effort tofind a solution but that Hope was not living up to his fiduciary duties (that his behavious and actions amuont to serious misconduct!).

Have you read the affidavit Retiredby40?

Zubairs, we weren't being allowed to access funds to pay it back. That's the issue. Hope was preventing FRR from doing so.

Yes, defaulting on a loan is bad and judge will be taking into consideration.

But they have already not - and what has to be more critical - is that FRR had the opportunity to pay the $2million interest but we're being blocked every time and only allowed by Hope to consider the grossly improper, unjust and predatory offer he was putting to the company.

This is clear in my view. Using my very basic logic, FRRs complaint about not being allowed to access capital to pay the loan interest by a director who provided the loan, when there were opportunities if allowed, supersedes the claim regarding the default since there would be no default if the director hadn't acted in their own interest and had lived up to there fiduciary duties.

Cayman law is clear on this and I believe, based upon the affidavit, that FRR have methodically pieced together the case.

About why this is not clear to us, as in why is this still uncertain and worrying, well it would always be until the result. They cannot release anything until sorted (unless learn by other methods, as we have in certain instances). It was always going to be messy.

FRR were always fighting to keep those asserts and perhaps save the company. Whereas Hope was being disgracefully greedy.

The default is not our fault and was induced by a director not fulfilling their fiduciary duties and acting in their own interests

Best wishes regarding your father theProdigy.

Malcy not in a position to call it either way and I'd never expect him to be or to even try to attempt to pick a side given his own presence within investing and the markets.

His position is different to that of a normal PI and his advise is what I'd expect

pophead, the potential of this 'default only occured because Hope was preventing FRR from raising funds elsewhere and only providing the option of his own loan, which would have put the assets under his control.

Had they gone down this route, you could imagine everyone then saying how could they have allowed this to happem.

I am becoming increasingly confient that this will work to the beenfit of FRR, even at a minimum, we remove Hope.

There is a clue in a regualr troll's earlier pst where they commented that FRR should drop the 'silly counter claim'. I believe certain folks are aware that Hope is stuck for ideas (hence till the 18th Dec to file the defence), and the counter claim of $56million (counter to the attempt to default FRR) is very real and looming.

The general mention of a January listing of a subsequent hearing date signals to me that the judge prefers this to be settled soon and out of court

Good luck all!

This will be settled

...this, if it comes through, will be more than signficant...

...merry Christmas to all the genuine muckers here!!

Daniel, good post

Really hard to know which way this is heading as we don't have all the information. But the repayment of that $2million was prevented by Hope himself blocking FRR from getting the funds to do so and in turn offering a loan of his own predatory offer that was efffctjvtky giving him control of the assets. In that situation, it was made impossible for FRR/ AN & ZM. In this respect, Hope failed his fiduciary duties, very clearly. Everyone can see that through the affidavit.

With suspension and NOMAD resignation, it will naturally look bad. But at least whatever's being said here or anywhere else, it won't effect the SP and the market around the company. FRR can focus on the job at hand.

Tsbs, actually we cannot be sure why the NOMAD has had to resign. Others have suggested that they had unwittingly disclosed certain information to Hope; relatedly, it's also been suggested they are advisors to Hope and therefore a clear conflict of interest. Someone else suggested that they may be called as a witness. If Hope had been accumulating shares, improperly (with or without YA help), then very possible that NOMAD would know. If they were to be called as a witness, then they would need to resign as NOMAD, regardless of who was calling them to witness stand.

In this picture, rarely mentioned today, is YA. Why was YA able to be dealt with so easily??!!

Good luck all!

The affidavit shows a clear, simple and strong case against Hope.

When this considered alongside Cayman law and the specific stipulations around director responsibilities and duties, it's possible to see the case against Hope has been built with these laws particularly in mind (one of our trusted posters put something up the other day - if we could see that again?)

Glad that we're suspended. Gives us time to work it through

Clearing the decks at FRR was always going to be messy. But am confident.

Good luck all!

SimonT,

Does seem to me that he has a very limited defence against the case of his failings as a director of FRR and yes that the new date would've been as much about buying time.

His defence has to be filed by the 28th now, so that evidence and the strength of his case can be judged from then on. Don't think we need to wait a month.

Getting the new NOMAD in place ASAP would be a very positive step/ signal

ART was deramping and turns up at certain times to do this

Finn, in a situation like this, is easy to feel that there's no hope and better not hope in order not to build expectations.

But is my view we are heading to an out of court settlement

Tsbs, both ZM and SN are significant players with access to capital and influence. This will be sorted and is heading towards an out of court settlement