Member Info for Looed

Lifeishard – You said: “if I am correct on Steve, he has the option to take us with him.”

Right now, only the JOLs, under the Court’s supervision, can decide what happens, not SN (or any former FRC officer). That’s why I said to tsbs1, "these (rare) outcomes require a formal, court-sanctioned scheme/merger/reconstruction put in place before liquidation or very early under court supervision."

Once liquidation began, SN ceased to have any power over the assets, the share register, etc., unless he (or another party) could persuade the JOLs—and then the Court—that a credible rescue existed that would reverse the liquidation (difficult but not impossible) and/or satisfy creditor claims and the JOLs’ costs.

Since then, whatever initiatives were explored appear to have run their course, and Deloitte now say they are waiting for the Court to list the final hearing. We are not aware of any live application seeking a different path.

On zenon100’s point about legal action: with FRC in liquidation and shareholders ranking last, the bar for any shareholder claim is very high, and any recovery would flow to the estate for costs and creditors first. Though I can see that SN might try to resolve matters with former FRC creditors who could potentially challenge transactions.

In short, it appears that TXN, aside from using branding and marketing elements of FRC, is a wholly separate legal entity which is why the liquidation has not been paused and this entity has no legal obligation to former FRC shareholders.

(As you are using a search engine or AI, perhaps you can run this reply through it and ask it to provide a counterpoint that offers up a different course of action.)

Life - I am not sure what search parameters you used but make sure to include something like "share registry of a compulsory liquidated Cayman entity" or words to that effect when you search, not a general "can a share registry be moved" type question (which is maybe why your earlier post to tsbs1 references UK / Australia and not Cayman). You need to be very specific regarding the company structure, domicile, current legal position and so on when searching or your results will be too general and possibly more UK focused (if you are searching from the UK).

Lifeishard - I guess we have differing concepts of "good"

Lifeishard - https://keyfactsenergy.com/directory/1735/

Hi WHamBoy, From Deloitte’s own updates, they have paused the process at times to let specific initiatives run their course, and then explained those pauses via statements on the Deloitte FRC page. Right now, they say the only thing outstanding is for the Grand Court to list the hearing, so the case isn’t presently “on hold” by the JOLs.

Also, as the liquidation is unfunded, it limits what the JOLs can do as they can’t incur new costs (beyond essentials or with court approval) unless there’s external funding or a credible prospect of a return for creditors, (which explains the earlier pauses).

Given Deloitte say a hearing is expected, once it’s fixed it ought to show on the Cause List. The Cause List is frequently updated as cases are scheduled or vacated. If the hearing is formally listed then it should appear here - https://judicial.ky/hearing-list/grand-court/

Deloitte have provided the following update:-

“We are still waiting on the Court to schedule a hearing of the dissolution application. Once made, the dissolution order will be published on the liquidation website.”

(With regard to TXN etc.) “As the liquidation is unfunded, any further taken steps by the Liquidators will be limited to those necessary to effect the dissolution of the Company.”

Tsbs1 — If you have access to any AI engine you can run various scenarios through it and see what options might exist. Generally speaking, such (rare) procedures typically need a formal, court-sanctioned scheme put in place before liquidation (or relatively early in the process of court supervision). I expect it would need creditor approvals as such a move would likely be blocked or set aside if it looks to be a method of defeating or prejudicing the creditors.

As for process, Deloitte have paused steps toward dissolution when necessary and as explained in their updates.

Deloitte’s continuing statements (and I will soon post an update from them) confirm that they control the company’s books, records and share register.

Hi B-2-0 - I agree this looks separate from FRC. I’ve seen no evidence, not yet anyway, that SN/TXN is operational in Georgia (no SAOG/GOGC notice, no PSA/assignment, no local registration in the TXN name).

SN didn’t comment to Reuters. The line they quoted, “For companies like ours… stable bilateral relations are critical”, is just generic corporate boilerplate, not proof of activity. It’s like saying “shareholders like me make smart, informed choices”: true in general, not necessarily about me.

One small but salient point: both TXN entities currently show “No Right to Transact Business in Texas” on the Comptroller’s site. That’s a curable admin forfeiture, but for now it makes the “companies like ours” phrasing read more aspirational/branding than operational fact. (Caveat: the Comptroller site can lag if/when a reinstatement is filed.)

Yes, ‘foreign’ in Texas just means non-Texas. However a Delaware parent can still have affiliates in Cayman / Georgia etc. just as FRC did. No evidence to say TXN has done so, at least not yet.

Thanks cazbraz - you too

Cazbraz - the answer to your last question is yes. The company shows as a "foreign for-profit corporation" though it does not say where it foreign-domiciled. There appears to be no Cayman entity with TXN Energy or similar wording that I can see.

In Jan 2024, an entity registered in Delaware called “FRC Resources Holdings Inc” submitted documentation, signed by SN, to change title to “TXN Energy Holdings Inc.” (the company Njames shared info on in his earlier posts)

FRC has a similar named entity but that is known as “Frontera Resources Holdings LLC” making it different to the above-named “Inc” entity. It is also registered in Delaware. You might recall this was the entity that entered and exited liquidation proceedings back in 2016 linked to Outrider issues.

In November 2024, a new, and seemingly separate entity called TXN Energy, Inc was founded with SN as director. It lists as a private company.

As Njames pointed out, this new entity is using FRC imagery and terminology as well as hijacking FRC links with Georgia as its own.

Investigations continue into these developments. Hopefully others, like Njames is already doing, will also look into this.

I believe the use of "1997" is meant to simply convey his long standing relationships and continuity and they have conflated FRC with TXN along the lines of "my company is called TXN and I have been working in Georgia since 1997", so they assume its been TXN the whole time. The TXN entities are newer. Investigations into these entities is ongoing so lets see what turns up.

This is the TXN Energy website - https://www.txnenergy.com/

You might note it has similar blurb to the former FRC website and lists the same office address as FRC.

Pt 2

Since Russia's invasion of Ukraine in 2022, Georgian trade with Russia has expanded significantly, with the nation serving as a crucial conduit for Russian exports. U.S. legislators have broadly accused the Georgian Dream party of distancing Georgia from the West in favor of Moscow, Tehran and Beijing.

But attempts to pass legislation to put pressure on Georgian Dream have struggled to advance, and frustrations among Georgia watchers are boiling over. A separate piece of legislation that would sanction Georgian Dream has stalled in the Senate after passing in the House of Representatives in May by a 349-42 vote margin.

Representative Steve Cohen, a Democrat, lamented that bill's lack of progress despite extremely broad support on both sides of the aisle at a public hearing in September. "It's amazing that it's happened, and why it's happened, I do not understand it," he said of that bill's fate.

PUSHING FOR MAXIMUM PRESSURE ON RUSSIA

The Wilson measure's path to final passage is itself tenuous given that there is no companion in the Senate. Nicandros' letter was provided to Reuters by a senior Republican aide who was concerned Nicandros was further diminishing the prospects of the legislation.

While some lawmakers have pushed for maximum pressure on Russia and its trading partners in a bid to force President Vladimir Putin to the negotiating table with Ukraine, others have favored a conciliatory line toward Moscow and its putative allies. Trump has himself veered between both positions.

Wilson said he would also pursue the matter as co-chair of the U.S. Helsinki Commission, an agency that frequently deals with foreign policy matters in the Caucasus.

"As Co-Chairman of the Helsinki Commission, a body with subpoena power, I will endeavor to learn more about the operations of this individual," Wilson wrote in an email.

The Georgian ambassador in Washington, Tamar Taliashvili, wrote in a statement that while Nicandros is a "trailblazer," her government has no lobbying affiliations in the U.S. Nicandros has donated over $200,000 to Republican lawmakers and affiliated political action committees and Hill committees, according to Open Secrets, a website that tracks campaign finance data. Reuters could not determine if those donations have had any bearing on lawmakers' votes.

Taliashvili, the Georgian ambassador, wrote in her email that bilateral relations deteriorated under former U.S. President Joe Biden, but had a chance to improve under Trump.

"Concerning Mr. Steven Nicandros - he is an American businessman, widely recognized as one of the earliest trailblazers to introduce well-established U.S. enterprise to the South Caucasian region in the wake of Georgia's independence from the Soviet Union."

https://www.reuters.com/world/us/republican-donor-lobbies-favor-anti-western-georgian-dream-2025-10-23/

https://formulanews.ge/News/129676

Pt 1

WASHINGTON, Oct 23 (Reuters) - A political donor with business interests in the country of Georgia has privately lobbied lawmakers in recent weeks against legislation that would pressure that nation's anti-Western ruling party, angering a high-ranking congressional Republican and aggravating a growing fight on Capitol Hill over policy toward the major Russian trading partner.

A bipartisan group of lawmakers has been struggling to pass legislation to punish the increasingly authoritarian, Moscow-leaning government in Tbilisi, even as U.S. President Donald Trump has shown a growing willingness to pressure the Kremlin over its war in Ukraine, slapping major Russian oil companies with sweeping sanctions on Wednesday.

Among the efforts to hit Tbilisi is a measure sponsored by Republican Representative Joe Wilson that would largely prohibit the U.S. government from recognizing the Georgian government, which is headed by populist conservative party Georgian Dream.

Texas-based oil executive and Republican donor Steve Nicandros, however, sent a letter dated Sept. 30 to some Republican members of the House Foreign Affairs Committee thanking them for opposing that measure.

His letter, which was seen by Reuters, also encouraged lawmakers to take further steps to oppose final passage of the measure, which is awaiting a floor vote after clearing the committee.

Wilson, who sponsored the bill and is co-chair of a commission involved with policies on the Caucasus region, said he was concerned by Nicandros' efforts to thwart the bill.

Nicandros did not respond to emailed requests for comment.

In his letter, Nicandros, the chief executive of energy firm TXN Energy, argued that Georgian Dream was democratically elected, and that such a measure could push Georgia further into Russia's orbit and harm U.S. business interests, including his own. TXN Energy has operated in Georgia since 1997, the letter said.

"For companies like ours that employ people and invest in Georgia, stable bilateral relations are critical," the letter read. Nicandros' lobbying effort and Wilson's objection represent the latest episode in a long-running saga on Capitol Hill. High-ranking lawmakers on both sides of the aisle have harshly criticized the government in Tbilisi for deploying increasingly authoritarian tactics and serving as an economic lifeline to Moscow.

Thanks Sycric, thats the one.

I see the title of the thread has been cut off - these fields are in Western Georgia.

(the block number(s) haven't as yet been detailed in the press)

"a production sharing agreement (psa) has been signed between georgia’s state agency of oil and gas, the georgian oil and gas corporation (gogc), and the indian company hindustan silichine private limited. under the agreement, the company will carry out large-scale work to develop existing oil fields — deepening/re-drilling 7 existing wells and drilling 2 new exploratory wells using modern, high technologies.

the signing ceremony, held at the ministry of economy, was attended by first deputy minister nino enukidze, deputy minister and energy-sector curator inga pkhaladze, india’s ambassador to georgia subbu ramesh, company representatives, and invited guests.

“this agreement is another important step toward strengthening economic partnership and friendship between georgia and india. it will contribute to the development of georgia’s energy resources, attract new investment, and introduce modern high-tech solutions in the oil production sector,” said inga pkhaladze.

according to the deputy minister, this signing lays the foundation for a new stage that will bolster georgia’s energy security and create new opportunities for economic growth and regional development.

notably, the project’s investment package amounts to about usd 50 million over the next four years. upon signing, the company will pay usd 4.15 million to the state budget.

hindustan silichine private limited is an indian multi-business holding engaged in oil production and natural gas supply.

the psa was signed by giorgi tatishvili, head of the state agency of oil and gas; ekaterine sisauri, director general of gogc; and k****ish kumar nayak, director of hindustan silichine private limited."

https://commersant.ge/news/society/migratsiis-departamentis-tanamshromlebma-utskho-qveynis-30-moqalaqe-saqartvelodan-gaadzeves-shss-71532

Parties have filed an Agreed Motion to Dismiss Without Prejudice stating "The Parties wish to continue discussions toward a compromise of the claims. To allow this to occur, the Parties have agreed to dismiss this suit without prejudice." As this is a joint motion I expect the court will approve the order.