Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
From JimSlade's post of FRR's reply on 09/04/21 :-
Please know that Frontera is indeed aware of Mr. Mamulaishvii's attempt at illicit activities, and it is taking appropriate steps in Georgia and the United States to legally address this on behalf of all of its stakeholders. Since Mr. Mamulaishvili was dismissed last year, Frontera have progressed a cleanup and reorganization of the company's management team under the direction of Frontera's board of directors. Updates will be shared in due course.
Note the 'taking appropriate steps in Georgia'.
The latest news from Tbilisi seems to fit.
My state of confusion in this matter is as bad - possibly worse - as everybody else's, so please forgive any ignorance I now show. But is SN's FRR (that's the one in which we are invested) now (re)claiming money (from oil sales, etc.) and/or goods which have been illicitly taken by ZM's new organisation?
A well-thought-out and logical response, ODR. Well said.
Thank you so much for all your hard work, Looed. It really is greatly appreciated.
gotreal - It's simply unbelievable that any sizeable number of readers would recommend his gibberish. The fool has obviously roped in some ADVFN pals, or he's using spare id's. Just ignore.
Apart from the strange internal dissensions within Frontera (??), the company's primary problem is now Georgian politics. It seems that FRR's future is now dependent upon the diplomatic skills of the US state department and the EU. They need to come in strongly with the power of the almighty dollar and really throw their weight about. Let's hope they're up to it. If they're not, then Georgia's had it economically, and so has FRR.
Sorry about the bit from 'Brokerage services' onwards - I meant to remove that.
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So, goodbye to what was a very useful BB (especially before they 'improved' it!). Such a pity.
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"Thank you, landlord. His will be an arsenic".
Agreed Claws, an excellent article. Thanks.
Um - eh?
Well done, Zen/Raz - With a team as eminent and knowledgeable as that, and plenty of helpful noises now coming from both sides in Washington (where the money and influence comes from), maybe we really don't have to worry too much about local plotting in Georgia?
Avi8r/Phil - Really good posts. Thanks for bringing the BB back to reality.
Correction. the motion was filed on 11/02/21!
Just to remind everyone, this is the case where OMF are trying to obtain FRR shares from SN and ZM (from their personally purchased stock) due to FRR's non-payment of OMF's loan.
Doc 47 is a motion, filed on 11/07/21, to provide a schedule for this trial, as the original schedule was effectively ditched, I believe, some time ago to allow prior completion of the fiduciary trial in California, which was seen as taking necessary precedence.
As far as I can tell, the new schedule has been drawn up by the Texas judge. Neither OMF nor SN have opposed the new schedule, and ZM has not responded to attempted court communication.
The new schedule is :-
OMF's experts will be named by 16/07/21.
SN's " " " " " 13/08/21.
Discovery should be completed by 27/08/21.
Dispositive motions will be filed by 19/11/21.
Non-dispositive " " " " " 04/02/22.
Joint Pre-Trial order will be completed by 04/03/22.
Final Pre-trial conference is set for 21/03/22.
A bench trial is set for 28/03/22.
As the California trial is due for completion by 07/02/22, you can see that this schedule has almost certainly been arranged to follow after California's (my presumption is that if OMF lose in California, then OMF will probably have no grounds to proceed with this trial).
From Looed's find at 00.24 today (thanks, Looed) :-
"Also, noteworthy is the fact that this year it is planned to increase local extraction by about 11.08 million cubic meters. As a result, the gas supply forecast for 2021 will be more than 2.729 billion cubic meters."
With all the proposed gas pipe work being laid and proposed in and around Georgia, it's obvious that the industry is expecting more gas to be available in the foreseeable. If my maths is correct, 11.08 million increase on 2.729 billion cubic metres amounts to only 0.4% growth. So it looks as though Georgia is expecting a massive increase in gas flow from 2022 onwards to fill those pipes.
That, of course, must be the reason so many want control of what FRR is hoping to provide. If Georgian natural gas has an odour, it is the smell of money. It certainly attracts lots of attention.
I was never able to work out why FRR rescheduled the Fiduciary trial to 2022 - none of the explanations I could think of held water properly. Now though, it makes sense - FRR knew that all this dirty washing had to come out, and had to be got out of the way first.
The people who pay to keep Georgia's business infrastructure working (that's the EU and US) are at last making it obvious that they have had enough of the endemic corruption that blights investment (and everything else) there. Those responsible are now clearly under orders to clean it up. About time. Good - can't do this company any harm.
Ziggy - The NY case opened, I think, in December 2019. So if FTI are still digging, we're already into 'who knows' territory!
Oops. NC should be SN.