RE: court case state ?16 Jan 2020 15:47
I asked Symore on ii about the Texas case last week, this is his reply...
Chiltern - Hope went to Texas court to enforce the personal guarantees that Zaza and SN had issued against the CLNs. Why Texas? Because SN is resident there and so is FRRβs HO.
Anyway, their guarantees were also secured by their personal shareholdings in FRR of 250M shares each. The cash coupon due on the Notes was around $2m hence the claim for that amount. Makes you wonder why the Directors would put their personal wealth on the line for a company that was seemingly failing. People also conveniently forget that they converted around $26m of their PRNs in to ordinary debt at a hefty premium of 1p thereby automatically subordinating their claim rights below OMF. And what did Hope do for our company? Sweet fck all. But he now wants to take the high moral ground for acquiring a deeply discounted debt. On top of that, he was colluding with other shorters (incl. YA) and interfering with the NOMAD. There is also the allegation of market manipulation. Ultimately, he chose to put himself in the middle of distressed companyβs and if he ends up getting nothing, there will be no tears from my side. He is trying to loot FRR investors for his personal gain, and I just pray there is some dirt on him so he ends up with nothing. He will get his comeuppance (I like that word, comeuppance).
JMO