Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I’m not about collapsing the company - they will have directors and officers insurance - and - the insurance company them self’s may even sue Hope post claim should there be good evidence....
Yes - the suit would be against frontera - as hope is on the board - and, by the company’s own official statement they have said a company director has been working against shareholders.
Pretty cut and dry right there.
If the company claims 52m damages the SH damages would be around the same - so in my case around £200-£250k but is settle for 50%
Hi Zib. The problem is the company has claimed that one of his own directors has worked against the company for his own benefit. That statement in itself is a good reason to sue the company as after all - he’s on the board of directors. I was speaking with a friend who’s an underwriter for D&O his opinion was it’s a fairly easy case to go for a settlement. Obviously there is potential risk to frontera should they not have the proper D&O insurance in place.
Has anyone considered approaching a law firm and raising a class action suit against the company? I’m sure FRR has D&O Insurance - so if the company has put out in an RNS that a director has breached his duties - and caused losses as a result there is a strong case for shareholders to sue the company for these losses too. If anyone is interested I will speak to some contacts to see if they will take this on no win/no fee
http://harneysoffshorelitigation.com/eggs-actly-breach-director-faberge-brand/ It’s quite interesting researching this - essentially a director is in breach if in any way they use their position to personally profit. I guess it all comes down to why frontera can actually claim hope did to breach his fiduciary duties? Perhaps it is the fact alone that the YA dispute seemed to be an error - and hope used this to call in the notes even though he knew it was an error. I would say that’s a fairly rock solid breach right there?
I’ve just registered for the cayman courts system so when it’s activated I’ll take a look to see if we are able to access the case docket
I think that’s the most likely scenario to be honest.
It’s a shame the case isn’t in the US as we would have been able to access the documents through Pacer.
Is anyone aware of a similar system for the Cayman Islands?
Yes as I said earlier there’s no way YA would have agreed to defer this debt if they hadn’t been caught doing something they shouldn’t. I do really hope it was related to outrider as it would absolutely nail Hope to the wall. At the end of the day the statements on ‘cast Iron case’ ‘frontera wouldn’t do this unless they were sure’ don’t ring true to me. Frontera has everything to lose if the notes are successfully called in. - outrider only has $7m or so to lose - however the fallout for hope and his firm would be substantial I suspect.
It’s in the RNS’s.... The talking about securities etc etc. Frontera Giles an injunction in the Cayman Islands to temporarily stop outrider from calling in the debt. This was extended again recently. As per the last RNS outrider has a hearing to try and overturn the injunction in December. As we don’t have access to the court documents in the caymans it’s diffixult to assess the situation further at this point.
Outrider have called in the debt going by what we have seen.
Obviously frontera can’t pay it - so they would seize assets - is bloxk 12
I could be wrong I would hazard a guess that hope - in some way engineered the YA default - which in turn triggered a cross default on his loan notes. It’s interesting to point out the YA went away firmly with their tail between their legs on that issue - I do wonder if they assisted frontera and provided information which in turn led to the court case vs outrider? It’s also worth pointing out that there is also a hearing to get the injunction lifted - do bear in mind if outrider is successful it’s game over here folks.
It just looks like frontera are trying to Subpoena hope and maybe some other people/organisations. However the court felt that they didn’t provide enough evidence to prove mr hope resides in this court district. I’m sure they can come up with evidence to support this and get the subpoenas issued. It is interesting as I wonder why hope isn’t wanting to participate in the case. I think a few felt that it was hope who triggered this action but it certainly appears that it’s frontera gunning for hopes blood
28 U.S.C. § 1782 Is used to force someone/legal entity to provide evidence in a foreign case/tribunal. I’m guessing MR hope has not participated in the discovery in the caymans....
It’s very unlikely that t39 is doing 4000 bopd. Also - I would question your 10x market cap vs revenue - for example BP last year had $240b in revenue with a market cap of approx $120b
All that being said - BHGE farmed in to a $550m deal on Oct 9th - their share price showed no increase. So it’s hard to say if this is related, however I would have thoughT that many senior players at BHGE would have been very busy with the negotiations with GE - now that deal is done maybe they are available to look at a commercial agreement with FRR
Well considering BH are buying back $1.5b of thier own shares they won’t want any massive increases before this offer is settled.
how strange you have nearly exactly the same amount of shares as me. I’m on 51.75m
To be honest I think it’s just a simple message promoting the fact that more and more oil and gas investments are being made in Georgia. I do wonder - without FRR would Schlum, block or Exxon be in Georgia? Food for thought
So many typos but you get the picture
You guys have to remember that uniserve was issues 2 billion shares at around 0.09/0.010p - the share price is low 500% higher. They essentially got paid £10million for £million quid a worth of work. I’m also assuming they are probably out of the picture now and not at the coalface as they once were with BH coming in. I would say it’s very likely to be them selling in 10/20mil blocks. It would take around 100 trading days, or roughly 6 months for them to fully unwind their position selling 20m a day.