Member Info for Looed

Hi ODR1 / Arsenal221 – Thanks for your comments.

For an aggressive corporate raider, OMF do seem to be remarkably patient!

We cannot tell from the Proposed Order if it has the backing of FRC or not. Nor does it say this request is because of any “feet dragging” by either side.

FRC did just launch their $280M claim against Mourant so perhaps this proposed delay is linked in some way to that action?

With regard to the new FRC v Mourant case, the court has denied a request to move the case from the 61th District to the 161st District. It does not say who / why this request was made. That proposal isn't showing in the system.

It could just be a simple procedural matter between the courts, but the 161st District is where the FIC v SN, ZM case sits.

After a period of relative quiet, the chess pieces are being moved again.

I should have added that we did see some evidence in the Texas case that OMF had some financial issues, so this could also be related to that and delays on there side related to their ability to progress the case to the previously agreed timetable.

WHamBoy - I don't really follow this case too much, the Texas cases keep me busy enough! But this is the 5th request for delay. I expect the judge will agree as per the previous requests. OMF want money so will have to balance doing a deal and picking the right time to go after the company when it is actually in a position to pay some / all what they might owe. So on the one hand it could be read as a positive, one the other it might also point to yet more delay in the company dotting the i's and crossing the t's on any potential deal. For OMF they must see delay as beneficial for them and their chances. Pure guesswork WhamBoy as I really don't follow this one closely.

I can now see the document - This is a proposed order, so not yet approved by the court.

OMF have requested a delay. All the procedural dates change with the dates for a 3 day bench trial moving from 13/12/22 to 11/07/23.

"Before the Court is the Motion to Amend Scheduling Order of Plaintiff Outrider Master Fund, L.P. (the “Motion”). The Court has reviewed the Motion and it is therefore ORDERED that the Motion to Amend Scheduling Order is GRANTED. The Court enters the following amended schedule:
Discovery Deadline
October 21, 2022
December 2, 2022
Deadline to file Dispositive and Daubert Motions
January 13, 2023
February 24, 2023
Deadline to file Non-Dispositive Motions
March 24, 2023
May 5, 2023
Joint Pretrial Order
April 28, 2023
June 16, 2023
Final Pretrial Conference
December 6, 2022
July 5, 2023
Bench Trial (3 days)
December 13, 2022
July 11, 2023"

Outrider v SN et al

"Motion to amend by Outrider Master Fund"

The company website has the new corporate address - https://www.frontera-resources.com

The email address is info@frontera-resources.com

I don't advocate a mass email event, but frustration is understandable to say the least, and for those that want an avenue to try and be heard, this is an option.

The company is headquartered in the US but it is a Cayman Island registered corporation. I think that is part of the reason no one can come up with a viable plan for shareholder action. That is why I always suggest people email the company. Emailing is a verified way to directly connect - to "take action" - with the company. Just because they don't reply doesn't mean they don't read what gets sent in.

I know it's not much and obviously no one likes to be ignored, but it does seem to be the only option for those who want to try to interact with the company.

Same as Q2, "less than US$5K" spent during Q3.

https://disclosurespreview.house.gov/ld/ldxmlrelease/2022/Q3/301408487.xml

Just to give some context regarding the original Mourant v SN ZM case, which has been going on for years,

Mid July 2022 - Judge dismisses SN Motion to Stay Proceedings pending the outcome of the other cases involving Outrider

End Nov 2022 - Court will hear a Motion for Trial on Merits

Hi Lifeishard - I think we need to see how the initial filings and motions from each side are presented to better understand how this case fits in.

The Petition states that FRC retained Mourant to provide legal services in relation to a civil action by a certain “corporate raider” (you know who) in the Caymans.

During proceedings, Mourant asked for a guarantee of payment in order to carry on representing FRC. After accepting the guarantee provided by the company, Mourant broke its promise and withdrew its representation. FRC claim this action caused monetary losses of “not less than US$280,000,000”

In other words, this case involves breach of contract and FRC seek damages in excess of US$1m including FRC’s “actual damages”. I imagine if FRC can prove breach of contract it will be for the court to determine final damages and costs.

I expect we will soon see a motion from Mourant and their version of events.

Mourant is already suing SN, ZM in Texas for repayment of a foreign debt.

Now we have a corporate action instigated by the company – FRC v Mourant.

The case was filed yesterday. The Petition by the Plaintiff (FRC) has been filed but isn’t available for viewing yet. Hopefully we will be able to access it over the next few days.

Turbovb2 – They are separate cases and are related to past events in the Caymans / the liquidation of FIC. These cases involve Hope and / or various parties trying to get money from SN / ZM for services rendered while they were directors.

Then there are cases in Georgia. These should include criminal charges against ZM / others if the company followed through on its ‘promise’ to prosecute ZM and his associates. It will be almost impossible for us to get info on these criminal cases as they are rarely made public unless the company / Georgian Prosecutors Office make a statement.

There are the ongoing civil cases in Georgia against ZM / various corporate entities, but again, it’s almost impossible to get details on the specifics of these other than we know that a hearing is about to take place.

WHamBoy – We did get a holding message via JimSlade not too long ago. That message specifically referenced the ongoing cases. It is also possible there are other cases ongoing that we cannot access via public records. So yes, it is possible that it could be a few more months before we get a more detailed response rather than the recent holding message.

The next bit of news that might tell us something should be available at the end of this month when the Q3 lobby report is filed.

Just to clarify, there are ongoing cases of which Mourant is the one with the next scheduled court date. There is YA, FIC, Hope in the US as well as actions in Georgia, the latest in Georgia happened las week.

Hi MontiBurns - I haven't heard anything. All we have to go on is the message that JimSlade shared which talked about them "continuing to make progress". They were very bullish in documents submitted in the Texas case regarding the 5 year extension but any replies were wither redacted or not submitted for public view.

There is a hearing end Nov in the Mourant v SN, ZM case – repayment of a foreign debt. To some extent SN is working with the Plaintiff on this one, presumably to make sure any judgement against SN / ZM doesn’t fall solely on him.

Lots of chatter in the Georgian media discussing energy security and independence but mostly in relation to Georgia’s role as an energy carrier and transport hub. I think this is due to recent visits from nearby energy suppliers i.e. Azerbaijan.

It's almost impossible to get info on court cases in Georgia. As this involves FEGL and an insurance company, at a guess it could be connected to issues from the oil spill issue a while back.

Phil_2018 – I echo the excellent comments by MontiBurns, WHamBoy and Lifeishard. The best way to keep updated is to keep checking the BB. If you can’t do that on a regular basis then just read back a few pages and you will soon be all caught up.

Phil777 – the company website is https://www.frontera-resources.com where you can find contact info.

Do you have a date on that article as I believe its from late 2020.

if you google the case you can find 1 or 2 updates from early 2021

Thanks JimSlade, thats great that they responded to your comms.