Member Info for Ivyspivey

Hi RB40
Yes think there was a lot of stuff Cairn were unaware of.
I spoke to Jo about 2 years ago when the spat between SN and KK kicked off and the famous letter was sent and then the meeting with Georgia PM.
The letter was not RNSd at time and I know he was not best pleased at being kept in dark.
However believe things had improved but feel that certain revelations in court discs were but if surprisevto them.
Purely my own thoughts

Disingenuous

Know you post here sometimes.
The question you asked at the end of your ii post is one I have pondered since the FRR tweet.
I have made my reasons clear why I think Cairn resigned but as they would have been closely involved with FRR over the W/end in drafting the court update and speaking to them in the last I do find the comment in the tweet that it was a total surprise to them and they did not give a reason a bit strange.
I am pretty sure Cairn would have mentioned it during their w/end conversations and yes it may have been a surprise to FRR but I am pretty certain they would have given a reason do the tweet does seem a bit dusenfenuosvto me.
As fir the court case let us just wait and see
ATB

Just looked in after seeing tweet.
Coggy ATB to you and all the others you know who you are.Have a great Xmas one and all and simply get drunk lol

Again unless I am missing something SB who I very much respect is mixing up the earlier attempts to raise money innApril which Hope thwarted.This money was for operational reasons and yes a stipulation of the Mortgage was to do end $10m and Hope May have prevented that.
However this finance is totally separate from the end of Sept loan note interest that caused the default.
The only thing we have not seen is more details is the e mail response to Hope saying FRR are working on it.
I hope they were nit working in a plan to default but hey ho

Actually, the more I read Hope’s emails (page 22) (https://1drv.ms/b/s!Ak7gVwQ3mttlkE-RaaeUFkt5Fr-j 3), demanding the payment of ‘my notes’, the more I am convinced that he was conflicted and putting his own company’s interest ahead of FRR. What’s wrong with that I hear you say? Nothing if he was not a Director oF FRR. Plus, the conventional protocol on non-repayments is by sending formal notice/letter stipulating the breaches in the terms and conditions of the agreement and the course of action a Creditor will be taking. This letter/notice is normally sent by the Legal Team or a Legal Firm rather than sending an unprofessional, informal email. What is also missing from the Pacer is the all important, official Board Minutes which would have been signed off by the Chairman and other Board Members. Now, Hope is saying he has not seen them but the Company’s Articles will define who can sign these off as ‘approved’ and whether majority or unanimous sign off is required (I bet you it will be majority). The fact he says he has not seen them after they were approved is not the Company’s fault; they will be recorded as fact. These minutes will evidence what financing proposals were discussed and why Hope declined them. Incidentally who are JCAM?

What FRR can also prove is that the management brought legit financing offers which would have avoided this scenario but were unfairly declined by Hope. Latest signed offer from the NY Fund as further evidence.

Now, whether the Judge agrees with the above, who knows. But a $56m claim hanging over his and Outriders head, will that risk force him to settle out of court? Well, that depends on what FRR are offering.

Still more drama to come…

Please see p22 e mail from Hope on 10th October.Looks pretty clear to me but I want to be wrong.

https://1drv.ms/b/s!Ak7gVwQ3mttlkE-RaaeUFkt5Fr-j

Hi Zubairs,
I really don’t understand where people are getting the idea that Hope thwarted the payment of the $2m or instead the 500m shares.It us clear to me from the e mails that he wanted the shares.
There may be other reasons for not wanting to give Hope the shares/ money to trigger the default but can someone please explain to me like Zubairs why did FRR not simply pay the money/issue the shares/ seek to raise the money and then take Hope to court separately.
I really want to be wrong on this but so far have not seen any suitable explanstionn of why we triggered the default and risked losing the total asset

Yes Prod
All the best for your old man.Much more important than losing money but as you say a Dogs Breakfast
ATB

Yep Daniel
Post rec.
Good to see Coggy still has SOH
Have a great Xmas all and see what 2019 brings

Sounded like it was this morning as he reflected on the court news not being good but said he stayed out commenting on these matters

That is my u derstandi g.
Check p22 and 23 of e mails

Yes Gary
That is one of things I just don’t understand why would they risk everything rather than the 500m shares.
We know that Hope would likely have used these and that would force SP down and that would make it difficult to raise
but is it due to sheer arrogance and an overwhelming desire to get rid of Hope once and for all.
In SNs affidavit he raised the spectre of SH litigation if the court case went adversely.
They may reap what they sow.
All down to next few weeks and too hard to call ATM

Mole,
Concur largely with your thoughts re Nomad.I recall someone said Nomad was not at October SH meeting but was not there so can’t verify.No matter.
Have spoken to Jo a number of times and thought he is reasonable guy and yes knew there were some issues with communication from FRR but thought that was due to keeping Hope at arms length and ZM wanting to keep things tight.
Jo always had faith in Levan in keeping corporate things right.It was a Liam I spoke to on Friday about the possible FSA investigation but he just give me the standard response whereas always felt Jo tried to give you a bit more idea of what was going on rather than just the we don’t know anything.
So I believe that they were made aware of some of the goings on as a surprise as a result of the court submissions rather any conflict of interest with Hope.
I know that SN/ZM will fight tooth and nail to keep a hold of the asset and hopefully this with the judges help will force all parties to come to an agreement.
It reminds me of a messy divorce( personally never been involved in a divorce lol) where both parties have to swallow their pride before reaching a conclusion and no one wins apart from the lawyers.
Bit like others do have serious misgivings about the way FRR have handled this.

Coggy,R8 and a few other LTH
Glad you see you are not immersed in Xmas spirit and still posting.
Obviously not the news we wanted but as others have said we just have to see how this plays out.No point in guessing what is going to happen as we don’t know.
Glad these are suspended and am prepared to write this off but still few things don’t make any sense.
However trust in ZM is at a low and a benefit of this process is he can’t hide behind NDAs etc.
Waitng for the balanced responses of the respected posters on here and always remember there is always a tomorrow and keep your sense of humour lol

I posted this last week.Ironic as it turned out.

Hope this is not Zaza with his Georgian Xmas presents.
This is for amusement purposes only-I am sure ZM will give us our presents soon

http://cbw.ge/startup/fuckup-nights-tbilisi-event-series-sharing-professional-failure/

Yes he got a few off but if he is left with plenty left then he can share the pain.
Have to laugh at anything this morning

So much noise that it is hard to sort out wheat from chaff.
Firstly glad shares are suspended as gives time for court process to proceed and is all to find out full information.
Get impression it was Nomad Resigning rather than FRR that led to decision to suspend rather than a joint decision.That is not good.I hope it is something like Nomad wanted the Company to suspend and FRR did not rather than anything more fundamental.
Or guess that Nomad just did not want all the hassle as FRR has held stuff back and I am not happy with that.
Trust in ZM is not good and release of YJ e mail last night and other stuff is just plain wrong imo
Discharging and then reinstating of injunction on appeal does not look good but may be due to other reasons like reaching out if court settlement or combining got both issues in one.
If it turns out ZM/SN risked the future of FRR on the default and have got it wrong rather than just deliver the shares that is a serious miscalculation.
W still don’t know how this will play out and perhaps the judges words will bring the situation to a head but FRR have a lot to answer for in terms of communication or lack of.
Will see how this ends up but in meantime there will be lots of toxic chat so try and enjoy Xmas as best you can
ATB

That concurs with my Nomad conversation on Friday but only about the threat of a FCA investigation highlighted by TW et al.
The whole debate has moved on from that and yes we appreciate they can’t comment on the court case or respond to specific LSE rumours.Equally imo they cannot ignore the legitimate issues raised and simply say nothing.

Thanks for insight.
Will see how it all plays out

You seem to be saying if TMs agreed deal fails its Jan vote and seems very likely then we simply have hard Brexit at end of March whether Parliament wishes it or not.
That Is fine by me but just expect the reality will be different such as another election/referendum/ extension of deadline.
Not arguing with you but for eg a hard Brexit must mean a hard border in NI something which the DUP is hardly likely to support