Member Info for Looed

ah i see the confusion - it was ****nal221 who mentioned that price not you, apologies.

I said I have no idea on price, "zero and a wild guess" are my actual words. You mentioned 2.5p and I am saying well sure it could be that or any number but we need more clarity on our / company position before any discussion on price.

How is that not clear?

armoured_bear – in all honesty, share price is the one thing i never think about. even before the de-list, frc was a company that was saddled with debt, that hasn’t produced a thing in years, and had no license to operate. we await confirmation that they have been able to ratify the mou offered to them in 2022. then there are all those legal costs.

if they intend to take us with them into a post frc-c world then that is great. if they can fulfill the conditions of the mou and get an operating license, then that is fantastic. but that still means a lot of things need to happen to get this show back on the road. if / when we see how they plan to manage a return we can maybe start to think about a price, but right now it’s between zero and a wild guess.

i just saw ****nals post and i think a few people have mentioned 2.5p, so yes it could be that number, but we really need more information to have certainty.

No problem Bezzy,

I hope we can find the answer to that question sooner rather than later.

Hi Bezzy,

I am afraid the short answer to your timeline question is – no idea.

As we don’t really know what is in play it is hard to estimate anything, though I agree with you that some kind of resolution must happen soon if Winding Up FRC-C was a big part of any plan.

I know it's early morning in the UK, but I reckon the post at 07:33 gets Post Of The Day.

You "can't teach stupid" so it's lucky for us that we can easily ignore and filter stupid out.

Thombola - I suggest you read the message again, it clearly mentions shareholders.

Nothing wrong with action plans but they really do need to be grounded in reality. After all these years I haven’t seen anyone put forward a viable plan. As always, many of the people supporting “calls to arms” are happy to say “do it!” without them having to get their hands dirty. Bothered, but just not ‘that’ bothered, I guess.

The only interest the liquidators / lawyers will have in you is to calculate how much they can squeeze out of you in fees.

“Reverse the liquidation” What does that mean? You are going to pay Mourant $1.3m (plus costs) as a starter? I am sure Mourant will be delighted and all you will have is a still empty shell with a line of secured and unsecured creditors to deal with.

I think it was Thombola who asked about comms with liquidators (sorry for late reply). I expect the comms the liquidator is referring to is their closing statement where they report on their process, disbursements (if any) and their fees.

“Write to the court en masse” sounds fun, but it is a pointless exercise. You cannot just write to court, even if the case was still in session, which it is not. You need to retain counsel, explain your case, persuade them to accept and have counsel Petition the court. What is the case?

No one underestimates how fraught nerves are – but these “ideas” are dead ends and a waste of time. Did anyone even google Cayman law as a starting point to collect information that might be relevant?

I need to correct myself - the company case against Mourant was settled.

WhamBoy – I don’t think the website is necessarily linked to Cayman. The domain name and the company name are likely trademarked and owned elsewhere. The website has never made any reference to the Cayman Islands. Still, worth watching just in case.

The company – Frontera Resources Corporation – is, or rather was, licensed to operate in the Cayman Islands, but Frontera Resources Corporation is also licensed / registered in other jurisdictions, so it is likely they can keep using the name. The company continues to have the FRC name and several other entitles registered and able to conduct business.

ODR1 – I don’t recall any deal to pay YA via the Texas case – this was a summary judgement and has not been tested on its merits which the company is appealing. The company is counter-suing Mourant which might explain why payment was withheld.

Thanks Flyinhigh & Lifeishard - I always welcome a drink and once we get the big picture and can hopefully toast to a new direction for us all.

Monti - I am not sure what new ZM case you mean? I did talk about the fact the ZM case, which most likely thought concluded a couple of years ago only ended a couple of weeks ago and the drag this, and other acts by bad actors, slowed down the company plan. Is that what you are referring to? As for the other cases you mention, I guess that might well be one for the JOL's to figure out now. It might take a while for those cases to catch up with current events, so at the moment they are plodding along as normal. I am keeping my eye on them in case of any developments.

The game is in play and we now live or die with the company. That still has risk, but it sure beats being shafted while others run off with the spoils. We have to hope they where very confident when they hit the "GO" button.

For years we have had to endure theft! court cases! ZM! Green Capital! fake companies! Hope! criminal charges! and much more. With luck on our side we can soon leave all that madness behind. What a relief that will be.

Flyinhigh - Taiwan

Thanks Greyhorse. Lets hope there is more good news in the pipeline soon.

Thanks all, I hope you sleep better. Its 7am for me and I already need a drink!

The use of the word “shareholders” and “Frontera family” in that message is intentional and deliberate and should be a very clear signal to anyone wondering if we are, as Bezzy said, “on the bus” or not.

The day, event, or however you think of the endgame is happening right now. All you can do is buckle up for the ride and see where our chips fall. I hope we all agree, like the company or not, that the best course of action in the short term is to let the game play out. This has been meticulously planned with us in the mix all along. Just a little bit more patience please.

Madpunter / tsbs1 / Monti discussed SN. I think all three made very valid points. SN is doing all he can to right the wrongs of the past. I do believe he is committed to do right by shareholders. However, whatever emerges has to be different and there will need to be serious reflection on past events.

I think that will be it on messaging, for a short while anyway, and I hope can all agree that they have addressed the most immediate and urgent concern as best they can.

"Please rest assured that the company continues to work in the best interests of all its shareholders. Whilst we are unable to comment on current events, we will provide an update to our Frontera family soon."

As you know FRC is a privately held Cayman Exempted Company (CEC). I am also a director of a P-CEC. Our company is slightly different to FRC, but we are bound by the same rules and reporting structures that cover all Cayman listed entities.

It won’t come as a surprise to know that Cayman always favors the company. But I will ask our agent if they have any advice to share given the current situation.

I don’t know if FRC have already done so, but we occasionally move assets etc. between our various entities and sometimes between jurisdictions as the situation demands and as Cayman law allows. We cannot see any hard evidence to say FRC did the same pre-WUP, but it is a possibility.

ODR1 – Your idea has a ring of logic to it, but you must remember that for a long time now, FRC Cayman has been nothing but a shell company. It has no assets or anything of value for you to bid for.

We know this to be the case because the GOGC already confirmed that FRC was obsolete –

“…SOAG & GOGC assigned all interest, rights, and obligations of Frontera…to FRUS LLC” and “SOAG & GOGC on behalf of the Govt of Georgia…signed an MoU…from Frontera to FRUS LLC”. The full version of this was posted by ODR1 a while back.

FRUS LLC is a US registered company that, to date, remains removed from any and all court cases. This is why Hope etc. fought so hard and the court cases run and run. Try as they might, no one can get their hands on the asset.

To answer a question posed by Montiburns – the company was aware of the WUP and took no action. However, they did continue to take action in some of the other cases.

So we wait for confirmation if the share registry also sits under FRUS or another entity. Any such move would have to have taken place pre-WUP and thus planned in advance.

We did speak overnight and negotiations continue to try and get them to say something. The fact they still talk I hope means something positive.

From the start of the ZM trial to today, the company have shown scant regard to events in Cayman. Let’s hope they can soon assure us that we can also feel the same way.

The Final Judgement (FJ) in the ZM case was delivered back in August 2022. There were a number of appeals that challenged specific parts of the FJ though these have long been disposed of and did not affect the FJ.

In February 2023 ZM launched yet another appeal, this time claiming that his conviction for contempt interfered with his human rights and, specifically, prevented him from travelling to the USA where he feared arrest and up to 10 months incarceration.

The Appeal Court Denied the Appeal stating that ZM’s “testimony” was flawed and contained inaccuracies. ZM re-appealed claiming that the inaccuracies (outright lies) were simple mistakes due to human error, skating over the fact he had repeated these mistakes more than once. He asked the court to ignore what he said in the original appeal but to go ahead and protect his human rights anyway.

The appeal court received ZM’s “appeal of the appeal” on 3rd January and on 4th January the Court both Denied and Disposed of the appeal process, seeing it for what it was – a waste of the courts time.

In just this one appeal, ZM submitted many hundreds of pages of “supporting evidence”, mostly in Georgian, all of which had to be translated and cross-checked. His only success, if you can call it that, was to frustrate and waste the time and money of the company, impede the legal team, and disrespect the court.

ZM continues to try and obstruct the company with ever-more desperate actions despite ever-dwindling chances of success. However, due process must be served to protect the integrity of the FJ and uphold the convictions against ZM. The FJ, aside from the soon-to-expire T.I., remains in full force.

It must be frustrating for this wannabe O&G businessman, who was forever flouting his American connections, to find he cannot travel freely to the USA and that the US appeals courts continue to uphold the rulings against him.

This is one example of the behind-the-scenes fighting that continues to this day on multiple fronts. As others have pointed out today following events in Cayman, the easiest thing to do would be to throw in the towel, but still they fight.

Please understand that anything involving ZM that is “in play” cannot be shared in case it alerts those working against us. ZM updates will be shared once an event concludes.

Thanks ODR1. I hope people understand that I am not going to reply to every question, Instead I am going to keep on at them for updates.

The ZM story I referenced will be posted shortly.

Hi Bezzy – There is nothing “needy” about your question and wanting to know if you / we might still be on the bus. I am sorry that I could not provide a more definitive answer.

That small shareable was the result of a lot of back and forth where I pled that the company cannot allow shareholders, at least UK based ones, to end their day without any form of feedback. The comms solely focused on trying to get a commitment from them that shareholders are still, as you put it, on the bus. I just checked the time stamps and I first messaged them around 8:30pm, I finally got the shareable at 10:33pm and I posted it at 10:47pm, all UK time.

I didn’t ask about the grand plan, didn’t ask what they had for dinner, I focused on one thing and asked in as nice a way as possible – “are shareholders shafted or not?”. They said what they could.

I can tell you that the WUP was not the only company related development that happened yesterday. The other events could of course be coincidence, but the timing would seem to indicate otherwise. I am discussing this with them and how, if my thinking is correct, it might positively impact us. But I need to dig more to verify and get their OK to share (that is if I am right). I will keep at them on this point.

You mention dark arts / smoke & mirrors etc. – this is very true, and much continues behind the scenes that shareholders are not aware of but that still needs managing in accordance with the law. I might share a recent event regarding ZM as an example of this in a separate post.

We might look back and thank Mourant for forcing the company hand and finally letting us see what is really going on be it good or bad.

If people want to say “it’s all over” that is up to them, it isn’t the first time we have heard that sentiment. But don’t just give up, understand your rights and what is and isn’t possible regarding Cayman registered entities before chucking in the towel.

Zeps – yes it does looks grim, but it’s not over just yet. We are in the eye of he storm now and just need a bit more time to see how the dust settles.

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.