Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Unfortunately it’s a yes.
They granted the extension
Yeah I thought it was a interesting document, I wonder what’s behind it.
Problem is, the mortgage for the debt was secured on the shares, so actually OMF is the only shareholder now. (For FRCC/FRGC)
I think hope would argue that that company is insolvent.
Interesting point though - did you see the document signed by SN and ZM declaring solvency and staying all debts would be repaid within 12 months. Not sure how much weight the administrators would give that through really, without some kind of guarantee
FYI - I would read the below, you are wrong about voluntary liquidation.
https://www.investopedia.com/terms/v/voluntary-liquidation.asp
Respectfully it’s not about balance, it’s about material facts that have been released through the court documents.
I am a director yes, and have closed companies.
At the end of the day, we don’t know what the outcome will be, but as of right now the administrators are in, looking at what assets are available to settle the debts that hope has called in. In order for hope to get any kind of payoff they will need to cancel the farm out, which may require further legal action
I give up
You can.
What’s interesting though, what if the loan for $150m has come through from green star at the FRGC level, this would subordinate hopes notes haha!
One can dream!
Jesus Christ I cannot fathom how people can’t read the documents and see the events.
SN and ZM pre signed resignation letters which were left with the collateral agent, which would be issued in the event of a default.
These resignation letters were for the FRCC company, which owns FRGC, which owns the PSA.
Hope instructed the collateral agent, who issued the pre signed letters and SN and ZM were removed from the FRCC board, they still however are on the board of the parent company, FRC.
Hope then, as the ONLY director of FRCC appointed an administrator to wind up the company t.
No court did, it’s a voluntary wind up.
I’m assuming hope kicked it off as he was the sole director
Assets moved in April, document dosnt actually state a date.
Hope resigned 6th May I think.
Administrators appointed on the 3rd May? Ish
Mad I posted this earlier below ok this thread, it’s in the mortgage document around page 18.
There’s a whole section which states essentially any transaction requires full board approval.
Also the document explicitly states a farm in/out between another frontera owner entity is forbidden.
Have a look at the mortgage document again.
Also you are basing the liquidation and PSA reversion on SN’s previous affidavit, I would assume that as long as the GG agree to a PSA transfer it would be allowed.
Also worth noting, FRGC does not directly hold the PSA - this is actually held in a Georgian ltd company, who’s share capital is owned by FRGC
I’ve told you multiple times, the court documents on the pacer site
Can’t remeber the date but it was the same day he kicked out ZM and SN from FRI, and the same date he appointees the administrators.
I suppose he had to resign really to avoid any further claims of breach of fiduciary
FYI - earlier we were talking about conflicts of interest/hope being able to vote.
The below is from fronteras governance code -
Directors are required to leave the meeting where matters relating to them, or which may constitute a conflict of interest to them, are being discussed.
They may agree they approved the farm out without hope as there was a clear conflict of interest
He resigned from FRC, the top level company.
They are directors of FRC, hope is not.
SN and ZM are no longer directors of FRI, the company which holds block 12, but Hope is.
This has been talked about many times.
As part of the restructure SN and ZM signed resignation letters that would be served in the event of a default, this is what has happened.
In the court docs.
My point in highlighting some of these facts are that some people are posting stuff like, don’t worry guys, the assets safe!
When I’m reality the truth could be very different.
Not like we can do anything about it anyway, let’s see what the next move is.
The dates are something like 2 weeks apart, if you read the court docs it’s all there.