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Phil_2018 - The Outrider liquidations are voluntary which typically signifies an orderly winding down as opposed to liquidations forced by creditors (as Mourant did to FRC).
The settlement between the company and Hope should have neutralized any threat SH posed to the company though we may never know how generous / punishing SH found the terms to be. He might now be very thankful he was offered 10% royalty.
As for FRR - let's see how the next few days unfold, the WUP was known about for quite some time.
As recently shared by ZiggyZag, two Outrider entities were liquidated on 29th Dec 2023. The entities were –
1- Outrider Offshore Ltd
2- Outrider Master Fund L.P. (OMF-LP)
I don’t recall the first entity, but OMF-LP was the holder of the 2016 note that ballooned in value to around $42m. OMF-LP was also the Plaintiff in the OMF-LP v SN et al federal case. As we know this case, along with FRC v Hope et al was settled in April 2023 dispensing of all claims and disputes between the parties.
Tsbs1 - I got the message in the last hour or so, same time as I posted it.
"We are advancing and eliminating this in a controlled manner. Will advise further"
Well I didn't expect to wake up to that.
I am doing what I can to get a comment or update.
Let me do some digging to see what, if anything, turns up.
For context, the short message is the result of discussions mostly related to matters and events involving Mourant and Cayman Islands.
Of course, the message also covers all ongoing litigation which, as we can see, the company continues to fight / defend.
"Our legal clean up continues to be handled"
I find they are always very careful with their choice of words.
The entity on the Cayman docket is FRC, the parent company. No further update at this time.
Ziggy –
01/11/23 – FRC advise the court they intend to appeal the judgement.
02/01/24 – FRC lodge formally their appeal.
03/01/24 – Appeal court accepts the case.
09/01/24 – FRC pay the court costs to initiate the appeal process.
Master of my own domain (Seinfeld reference!)
The FRC appeal is now recorded in the Appeal Court system. There are some procedural matters that need to be handled between now and mid-February (agree or not agree to mediation etc.) so the court can determine its next steps. At some point YA will need to file their response.
FRC state the reason for this appeal is that the Summary Judgement in the original case was based on flawed evidence and witness hearsay.
Green Capital, as a corrupt enterprise, is probably under scrutiny for a number of reasons. This hearing could be FRC-related, i.e. investigating taxes and revenue related to illegal oil sales, but it could also be in relation to other GC activity.
WHamBoy - no update on this so I think the situation is as my last post regarding the hearing on 16th Jan. I do keep checking.
The right to appeal is just part of the process open to FRC / YA (had the court found for FRC). It will be for the court to decide if this appeal / motion for new trial has merits.
It could also be gamble for YA who might have to decide to wait it out or try to settle if their counsel think FRC might have a chance to have their motion granted and relitigate.
Last October, the court issued its Final Summary Judgement in favor of YA II. Last Nov FRC motioned for a New Trial in response to the Judgement. One reason for filing this motion was to extend the deadline for FRC to lodge an appeal.
FRC have now filed their appeal stating that they object to the courts acceptance of YA II's evidence regarding the default judgment in the UK. FRC again ask the court to grant their motion for a new trial.
I believe the court has up to 45 days to respond.
WHamBoy – your post regarding the 16th Jan deadline in the Mourant issue is basically right, but technically speaking, 16th Jan is the date the court has set to hear the Winding Up Petition. That means the company can settle before that date (as you point out), make another deal or come to the court to plead their side. That said, the company had said they would “extinguish” this issue before it gets to court.
Regarding the 15th Jan -
The Final Judgement in the ZM case decided a range of issues, orders and judgements. One of which was the granting of a Temporary Injunction against ZM in line with the non-compete clause in his employment contract. As the non-compete will soon run out, so the T.I. part of the Final Judgement will expire on Jan 15th. The rest of the Final Judgement remains in force.
The company have not sought to extend the T.I. We can see that to date, ZM remains unsuccessful in his / GC attempts to overturn the numerous violations and limitations imposed by the courts in Georgia. Earlier, we saw that ZM / GC had approached and had been clearly rebuffed by the GG when the parties attempted to appeal directly to the GG and state agencies. The MoU that ODR1 recently shared did not make settlement of cases involving ZM etc. a pre-condition to the proposed agreement.
Quite ironic that had ZM simply resigned, waited out his non-compete, maintained good relations in the US and Georgia and then started up his own operation he could have been both competition to FRR and a legitimate success in his own right.
The focus remains on if / when the company can fulfill the terms of the MoU.
Toatie / Lifeishard – well said on FSHG. The work involved in setting up the group, validating each member, establishing a database that is compliant with UK regs, the (pre-hibernation) monitoring of the email address, issuing newsletters, passing on messages to the membership, and much more. It was, and remains, a huge undertaking.
I am not sure about the WhatsApp group that harington mentioned but assume it is another FRC chat forum.
Cheers Jim, appreciated.
As the FSHG message says - "Just to confirm Jim has kindly forwarded the relevant detail and the FSHG team are entirely satisfied regarding it's authenticity."
Meaning FSHG will have seen the in / out comms that includes the relevant contact info from the corporate side.
Please remember that JimSlade has already had his messages verified by FSHG - as posted by DevonianExile regarding earlier messaging -
"Just to confirm Jim has kindly forwarded the relevant detail and the FSHG team are entirely satisfied regarding it's authenticity. We have thanked him for his efforts and would hope that the contact established proves to be a basis for future progress - for company and shareholders alike.
As previously communicated FSHG remains in hibernation - but should the opportunity arise we would be happy to use the database for the mutual benefit of both company and shareholders."