RE: Back in the day3 May 2020 06:43
Pt.2
4- Posted by garytrader @ 10:20 :- 4/5/19
The transaction proposed in November—new financing expressly senior to the Note—was approved after excluding Hope’s vote, but ultimately failed. The transaction proposed in April—a farmout agreement with a Frontera entity allegedly not subject to the Outrider Note obligations—was executed, thereby purporting to transfer all of Frontera Resources Georgia Corporation’s (“FRGC”) oil and gas assets in exchange for a 5% royalty interest and debt relief unrelated to the Notes and of highly questionable veracity. With respect to each of these transactions, Hope’s request for basic background and explanation was denied, and his vote as FRC director was excluded in order to achieve the requisite “unanimous” vote. Additionally, Outrider has learned that Frontera has approved a production sharing contract through operating company FRGC, which improperly grants unknown party Green Capital LLC a security interest directly in the operating assets, in violation of the OMF loan agreement. Despite numerous requests by Hope, both in his capacity as secured creditor and board member, Frontera has refused to provide meaningful basic detail regarding the Green Capital transaction.
5- Posted by 98kingm on Sat 4th May :-
So as the GG have agreed for the asset to change to another subsidiary, due to the Durham loan being agreed in principal. They then moved the asset so that SH isn’t able to gain control of block 12, knowning that he would then go after what he could. However, they also know that in order for him to take control of FRCC, then he would have to resign from the BOD’s or their would be a clear breach of duty’s! This would then allow them to sign the Durham loan, which would give them to ability to pay SH off completely and carry on the court case with little risk to the asset.
AND
As they already had the approval on all sides to transfer the asset and due to the injunction being removed on the 15th, they then transferred the asset on the 16th(the day before Maples enforcement notice). Once again, as I have said this is all just a theory from reading this board, so I could be totally wrong!
6- Posted by daniel1son @ 10:29 :-
https://www.dropbox.com/sh/6lw9qe59pv1dh8e/AADZUU2UqC1uFd72_O8iQA3Va?dl=0
Uploaded as 'Expedite TRO'
Hope is finally, no longer a Director at FRR after resigning last week.
THE DOCUMENT, FILED 14/4/19 STATES "HOPE RESIGNED THIS MORNING", SO IT WOULD SEEM THERE WAS TIME BETWEEN THIS AND THE START OF LIQUIDATION FOR THE REVISED BOD TO TAKE ACTIONS WITHOUT HOPE.
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