Member Info for Madpunter

Posted by Madpunter on the 20th November :-

Vulture Funds
What sort of people invest in vulture funds like SH's Outrider Master Fund? Take a wild guess? Are these the sort of people who would let a witness like Troy Rillo at YA testify and bring down OMF, resulting in them losing their investment? If YA think this may be a possibility they had better remove Troy Rillo's photo from the team page on their website. Now look at my post from the 6th November copied below :-

Posted by Madpunter on the 6th November :-

Troy Rillo
Lawyers want to win cases, therefore, when a client has 'smoking gun' evidence that will win the case they will want to use that evidence. If FRR have that evidence with Troy Rillo from YA, they may not want to use it due to an agreement made when the CRS was made with Troy Rillo and YA. FRR just want to drop the case, but without prejudice, so that they don't have to pay fees and the possibility remains of taking SH/O to court in the future. This could even be by the ex-shareholders of FRR after a deal with the super majors, or by a FRR as a shell company after selling Block 12 and the Moldova license. Why would ZM, SN and the shareholders want to take SH/O to court if there's a buyout of FRR? Well, if the figure was lower than was possible due to the time constraints because of SH/O, then I'm sure many would want to go down this path.

Conflicting case strategies. When a client and their attorney cannot reach an agreement regarding case strategy, it is often in the client’s best interest for the attorney to withdraw (see the first link below).

Strange, the only photo that's missing from Yorkville Advisors team is that of Troy Rillo (see second link below).

https://www.jacksonwhitelaw.com/criminal-defense-law/attorney-withdraw-case/
http://www.yorkvilleadvisors.com
https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=31

Posted by Jeremiah99 on the 20th November :-

StarRage
If you are so convinced of the futility of FRRs cause, why do you hang around to spread despondency? A family gathered around what looks like a terminal case will want to cling on to some hope of a recovery. You are like a passing hospital porter who stops to say"Ooo, he don't look good. Can't see him lasting the night. I'd give up and go home if I were you"

Posted by B-2-0 on the 19th November :-

Investor underpins psa ext
The recent comments by zm on the extension of the psa is the most important factor of the arbitration and negotiation, the court cases are an aside and no longer are of material significance and will be dealt with. The gg terms would only allow the extension on the full scale development of B12 with major investment. The political posturing has been facilitation of enabling strategic investment and realisation on the regionally strategic asset on both parts andfor the benefit of invested parties. B20

Posted by FinnFCR on the 19th November :-

New doc 19 appears today 19/11/19
17

Nov 19, 2019

Main Doc

Notice of Resetting (FORM, noticing) - Civil

Posted by Looed on the 19th November :-

I googled resetting under CA law -

"It appears that both sides are working on a disposition, a plea agreement. Therefore, they are willing to come back to another hearing in order to continue negotiating and are resetting the speedy trial rights for both parties."

Posted by Earsbern on the 19th November :-

Document 17, Texas
Document is as follows :-

Notice of Resetting

A proceeding has been set in this case as to (SN) as set forth below

Before the Honourable Frances H Story

Place: Courtroom 70
US District Court
Houston
Date: 12/02/20
Time: 10 a.m.
Type of Proceeding: Initial Conference.

That's it.

After about 100 posts by StarRage and those debating with him, regdik posted on the 19th November :-

Interesting those that think the shares are worth zero, obviously they have little or no experience of owning shares in a private company. These shares are not listed so have no listing value – hence the 0.00 price shown. The last closing SP should not be used as an assumption of value.
The current value of the company is unknown to us mere SH’s but ultimately will be based on their asset and in the case of FRR the value of the seismic reports and data (this alone is worth many millions to a potential operator). The licence will also have a value based on this data, time left and the sunk costs of +400M will have to be taken into account (if they sell/JV the block the new operator can recoup this). Yes they have debt in the region of 55Mil and owe wages to employees and lawyers but saying the value of FRR is zero is disingenuous.

I wish those that post inform for the consumption of this board make it clear that this is ether on personal opinion, assumptions or fact (backed with evidence). Not posting snippets or emotive headings and then wonder why others object.

Some good information on the SN submission is being drowned by some on here. Reading some of this looks positive to me but I’m looking forward to Oppsi’s and other valued posters take/thoughts.

Posted by Madpunter on the 19th November :-

An article on dealing with cyber attacks.
How to deal with Russia’s Hybrid Warfare?
https://www.georgianjournal.ge/politics/36115-how-to-deal-with-russias-hybrid-warfare.html

Posted by Madpunter on the 19th November :-

Furthermore, as SH/O was the LN holder that instigated the liquidation process for FRCC, then SH/O may have requested FTI to stall the process by looking into the transfer of Block 12. This could then allow time for the default in the Texas case, resulting in SH/O being paid in shares instead of cash. Hence the defence by SN which has resulted in the default judgement being denied. Also, ZM may have expected monies from FRCC via FTI to pay the wages owed to the workers in Georgia, after the settlement of all debts. If SH/O knows that the money is available in FRCC or one of it's subsidiaries, then now that the default is denied the Texas case may be withdrawn.

Posted by Madpunter on the 19th November :-

Tsbs - IMHO FRR have been advised by BP with their access to PALANTIR, hence my post from last month copied below :-

Posted by Madpunter on the 31st October :-

Arbitration
Assuming that my theory about the arbitration is right and the GG get the 5% RA when FRCC is liquidated, then ZM, SN and LB would have expected this to occur before the arbitration hearing in October. This hasn't happened and the timelines could have been calculated after FTI started the liquidation process of FRCC. Therefore, by dismissing Akin Gump in June (see extract from the court papers below) FRR could then request a six month extension to allow the process to unfold. As the extension is only to allow the liquidation of FRCC, (enabling the GG to get another 2.45% of the oil under the PSA and terminating the arbitration) and the case is now in the NY courts, it should be completed before the extension date. Assuming this series of events, then FRR would no longer require representation in the arbitration as the process is about to be resolved by the liquidation of FRCC. IMHO the court papers show a complex series of events to enable enough time for production revenue to meet FRR's obligations, remove SH/O and settle the arbitration. After reading those papers one would expect FRR to have had a crystal ball to be able predict the series of events, or in Tolkien language a Palantir. Doesn't BP have access to PALANTIR, who "amongst many, many other things, it seems they also help when" 'Prosecutors are building stronger cases against insider traders'(taken from Earsbern's post on the 28th October in the 9th post down of the link below). IMHO if Palantir has that sort of expertise, then creating this series of events wouldn't have been a problem.

67. First, the Liquidators were informed on July 9, 2019 by Akin Gump that it ceased acting
for FRGC in the Arbitration a month earlier on June 9, 2019.

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=27

We don't know if the process has reached the point where the 5% RA has reverted to the ownership of the GOGC. This may be why the licence hasn't yet been extended past 2027. Alternatively, it may be the GG using it as leverage in the political arena. IMHO this complex series of events over the last year has been planned for in the majority of circumstances.

Posted by Looed on the 19th November :-

Thanks Eastbern,

This is a cut and paste job on some of the terms you mention -

The doctrines of Res Judicata and Collateral Estoppel are affirmative defenses to claims or issues that have been previously adjudicated in Court and may not be pursued by the same parties. The parties are precluded from litigating those issues and claims a second time.

https://www.rjylaw.com/res-judicata-and-collateral-estoppel.html

Passage of time or laches relates to the passage of time and statue of limitations

https://books.google.co.uk/books?id=qrmsoRD0eLAC&pg=PA155&lpg=PA155&dq=passage+of+time+or+lachesl+in+california&source=bl&ots=Nv7RE-Fre8&sig=ACfU3U20z__TS4mm-bF-_UJNvbyeRAn-pg&hl=en&sa=X&ved=2ahUKEwi__NrJ6vXlAhUOTsAKHSBnA_0Q6AEwAHoECAcQAQ#v=onepage&q=passage%20of%20time%20or%20lachesl%20in%20california&f=false

Posted by Madpunter on the 19th November :-

Foreign Relations Committee
IMHO they're likely to discuss Russia's involvement in the Caucasus region.

Tuesday, Dec 03, 2019
9:45 AM – SD-419 Foreign Relations
Hearings to examine the future of United States policy towards Russia.

https://www.senate.gov/committees/hearings_meetings.htm

Posted by Earsbern on the 18th November :-

Docs 15 & 16 in Texas case (the 500m shares)
Doc 15 is 6 pages long and is SN's answer to OMF's 'original complaint' (believed to be doc. 1 - hereinafter OC).

Doc 15 consists of 46 paragraphs. Paras 1-39 answer the corresponding paras 1-39 of the OC, and often consist of a single sentence of admittance, denial or statement of insufficient information available to make a reply. Unfortunately you need to have the OC in front of you to follow the argument, and the OC is 119 pages long - I haven't looked at the OC, much less copied it, and as it is probably legal and technical and beyond my understanding, I don't intend to! (Oh, and copying all that - even for your consumption, dear readers - would, I'm afraid, be more than I could stand!).

If it helps, I made it roughly 13.5 paras which were mainly admittances, 22.5 mainly denials and 3 'insufficient info'.

I'll try and copy paras. 40-46 now (probably 2 fairly small postings).

Doc 16 is an order signed by the judge stating that, as SN has filed an answer, the court denies OMF's earlier motion for a default judgement.

Sorry about this, but I cannot copy paras 40 - 46. I'll keep trying. Don't know why - I'll keep trying.

OK - I give up on the copy.
Very broadly, I believe that 40-46 state that

SN denies all allegations not otherwise explicitly denied, pleads that OMF has failed to state a claim which can be granted, that OMF's claims are barred 'by res judica and collateral estoppel' (?), that OMF's claims are barred by the passage of time or laches' (?) and that OMF's claims are barred 'for failure to join FRC an FIC as indispensable parties'.

SN also reserves the right to amend (his) answers, including any affirmative defences after a close investigation of the claims.

SN also pleads to be awarded costs and legal fees.

That's it.
Sn's attorney is Robert P. Vining of Schouest, Bamdas, Soshea & BenMair, PLLC of Houston.

Posted by regdik on the 18th November :-

Never underestimate the political impact of energy on a nation.
Russia trade embargo on Georgia products (wine is a good example) was meant to put pressure on Georgia and refrain from moving too far to the West. If they bought most of their Gas from Russia I’m sure Russia would have threatened to turn off the taps as they did with Ukraine.
Now think of a scenario where in less that two years another major energy source could threaten Russian core markets and reduce a their influence over others and seriously damage their cash flow. Would you think they would sit back and do nothing.
The US and China are both cosying up to Georgia and its not just because they like a glass or two of wine. Remember these two super powers are playing in the bears back yard its not because they care for 5 million Georgians or future tourism or wine imports. Russia has already annexed Odessa so this shows potential intent. So US/China must know that this strategy is high risk and therefore demand high rewards.
If FRR figures are correct then Georgia would not only be self sufficient but a net exporter of energy in two years (only if a major invests 100’s millions). An access route to Turkey (and beyond) is sitting there ready to be tapped into so the cost to market would look extremely attractive. US and China would love to give Putin this sort of a problem.
Once regional security is in place then we may see the investment flow and maybe the box will be opened and allow to flow.
I just hope FRR are in the mix and that SH and employees are rewarded.

Posted by Madpunter on the 18th November :-

Mathew Bryza Interview
The interview is from September, but still relevant.

https://www.interpressnews.ge/en/article/103797-matthew-bryza-thats-a-big-problem-the-us-president-usually-is-not-listening-to-his-most-senior-advisers-saying-pay-attention-to-georgia

Posted by Madpunter on the 18th November :-

Georgia Today
Adam Kinzinger on Recent Developments in Georgia

Congressman and Co-chair of the House Georgia Caucus Adam Kinzinger stated the following assertion after learning of the protests outside the Georgian Parliament in Tbilisi.

“This morning, I was shocked to hear about the collapse of the promised reforms in the Georgian Parliament, after officials downvoted the move to a proportional election system. During my visit to the country last week, I was pleased by what seemed to be the inevitability of this reform package. This commitment was made to the international community, and most importantly, to the Georgian people. It is my hope that this situation can be fixed – and fixed very soon. When we look to this region, it’s important to remember that Russia is a failing country courtesy of its repressive governance. Georgia is not Russia, and the Georgian people demand and deserve better than what their Parliament showed them today.”

Mr. Kinzinger reasserted his support for Georgia and the Georgian people, he also spoke about the foreign threat the country faces in the form of the Kremlin.

“As Co-Chair of the House Georgia Caucus, I’m calling on Georgian officials to resume negotiations immediately and pass this important reform package. Georgians want a government of, for, and by the people. They want a government that is more aligned with the West and they want to be recognized as a NATO ally. Failure to deliver this constitutional amendment will be a gift for Vladimir Putin and will destroy the progress Georgia has made to reach complete independence and separation from an aggressive, encroaching neighbor in Russia,” the Congressman stated.

By Beka Alexishvili

http://georgiatoday.ge/news/18220/Adam-Kinzinger-Comments-on-Recent-Developments-in-Georgia

Posted by sonnyclimes on the 17th November :-

Georgia Today - Yet more US involvement
US Embassy Issues a Statement on the Detained Georgian Doctor

The U.S. Embassy in Tbilisi demands an urgent release of Dr. Vazha Gaprindashvili, a distinguished Georgian doctor, from the Tskhinvali isolator.

“The U.S. Embassy calls for the immediate release of Dr. Vazha Gaprindashvili, a well-known Georgian physician and president of the Association of Orthopedists and Traumatologists of Georgia, who was sentenced by the de facto authorities in Georgia’s South Ossetia region on November 15 to two months of pretrial detention. Additionally, we again call for the immediate end to closures of the crossing points along the administrative boundary line. We reiterate our full support for the sovereignty and territorial integrity of Georgia within its internationally recognized borders. We once again urge Russia to fulfill all of its obligations under the 2008 ceasefire agreement, including the withdrawal of its forces to pre-conflict positions and the provision of free access for humanitarian assistance to these regions, as well to reverse its recognition of the Georgian regions of Abkhazia and South Ossetia as independent states,” the embassy stated in an announcement released on Saturday.

by Beka Alexishvili

17 November 2019 17:04

Posted by regdik on the 17th November :-

Facts emerging in the recient few months and I'm sure I missed load out.

FRR are still alive and talking with GG
FRR are pictured supporting Georgian exports (wine) with senior GG officials
FRR still have a claim against GG for 3.5Bi
Arbitration is still active and looking for a date that exceeds 2027
FRR have paid US based lobbyists a significant sum in the recient months/years
FRR have been supported by several senior Politian’s in recient months
FRR have not paid their employees and have made some redundant.
FRR have not paid their Cayman law firm and have moved the case to California which is under review to withdraw (with or without a lawyer)
FRR are shedding lawyers at a rate of knots and are seeking new firm which is a well known delaying tactic (as used by Trump several times).
Texas (Hopes case) is still having trouble serving papers on ZaZa and SN and are seeking court action to resolve.
US law has no authority in Georgia
US are active in supporting Georgia and are in the process of making a significant treaty law
Georgia has been subject to outside interference and cyber attacks
Georgia has been also meeting with a Chinese trade and investment delegation
FRR have moved their HO address to a new location associated with several interesting firms that deal in distressed companies retain assets.
FRR have moved 95% of B12 to FRUS
BP are ramping up in the region and the main AGT pipeline passes B12.
FRR have still not communicated with SH’s
FRR have a failed bid on the Dolphin Ukraine block and would have spent a significant sum on this

I have not included any information on court documents as these have not been tested in court so remain unproven.
I have not included any financial or production as this is speculation.

So what stands out

FRR are fighting to retain B!2 and extend the block licence past 2027 and have activity sort US political help. US have responded positively and have put into place (but not yet law) a treaty protecting Georgia’s sovereignty with full US backing. This is a big thing in Russia’s back yard. Georgia is on the silk road so of great interest to China and would not like any US influence in play. China are looking for new sources of energy.
Apart from Texas (Hope share grab) the CC seem to be slowing down with signs of negotiations going on. This has taken a year so have FRR successfully played for time protecting B12 from Hope whist the political situation and arbitration is sorted. The issues with staff indicates that a price had to be paid for this delay as FRR clearly focused funds into Political issues and not the coal face. The workers are like SH bystanders and both have been impacted.
This must be a very big box as the effort by those fighting to open it as been immense.

Outcome is unsure but the known facts indicate to me that a end may be in sight

Posted by Looed on the 17th November :-

INFO ON LOBBYING
FRR gets a mention in this lobbying report.

https://www.ethics.state.tx.us/data/search/lobby/2019/2019LobbyGroupByClient.pdf

There is an entry on pg 189 that FRR paid between US$0 - US$9,999,99 to Tyler Nelson of Cornerstone Govt Affairs Inc.

This listing shows considerably more substantial amounts being spent by FRR from 2017 to present day. Not sure if this one has already been posted -

https://projects.propublica.org/represent/lobbying/300927606

Should have made clear that the second link also refers to Cornerstone Govt Affairs Inc.

Posted by Ivyspivey on the 17th November :-

https://www.google.com/url?client=internal-element-cse&cx=017286230146969096498:h0rvm83ntz4&q=https://www.opensecrets.org/lobby/clientsum.php%3Fid%3DD000071040%26year%3D2019&sa=U&ved=2ahUKEwjvqfKi-vDlAhWG4YUKHWpwBD8QFjABegQICRAB&usg=AOvVaw2H6cm49gXlPRs07Q3TmyYm

Just type in 2020 cycle to get more recent payments

Or select 2019

https://www.google.com/url?client=internal-element-cse&cx=017286230146969096498:h0rvm83ntz4&q=https://www.opensecrets.org/lobby/client_reports.php%3Fid%3DD000071040%26year%3D2018&sa=U&ved=2ahUKEwjr5YKA-_DlAhVuzoUKHflrDm4QFjADegQICBAB&usg=AOvVaw3lR-0Ls9mj5nwpcVhzxYOi

Posted by Aurora1 on the 16th November :-

Because of the size of the asset I still believe it will need 3-5 super majors to share the risk and to dilute the pressure from the bear and keep all happy
just saying
looking forward to 2020
cheers
Aurora

For example
https://en.wikipedia.org/wiki/Karachaganak_Field
look at the time scales and the volumes of gas/oil
I worked on this field many moons ago

cheers
Aurora

Or
https://en.wikipedia.org/wiki/Kashagan_Field
Interest in the Caspian Sea first began in 1992 when an exploration program was announced by the Kazakh government. They sought the interest of over 30 companies to partake in the exploration. In 1993 the Kazakhstancaspiishelf was formed which consisted of Eni, BG Group, BP/Statoil, Mobil, Royal Dutch Shell and Total S.A., along with the Kazakh government. This consortium lasted 4 years until 1997, when seismic exploration of the Caspian Sea was undertaken.

Posted by Madpunter on the 16th November :-

Aurora1 - FRR has had to deal with court cases, arbitration, attempted takeovers, cyber attacks (on Georgia), damaging media, a Georgian invasion and to try and stay afloat when the PoO nose dived. Now read the sentence from the Kashagan field link copied below :-

The machinations of nations and oil companies competing for rights to exploit the Kashagan Field play a major role in Victor Robert Lee's[41] espionage novel Performance Anomalies (copied from the link below).

https://en.wikipedia.org/wiki/Kashagan_Field

Yet people still criticise ZM and SN. We're not out of the woods yet, but the fairway's in front with a clear view of the green.

Posted by regdik on the 15th November :-

Speculation or Theory
Speculation based on no firm evidence
Theory based on more tangible threads of knowledge but no firm evidence

I now thing we are moving into the Theory mode as more and more threads are emerging.

Theory one
FRR are a bankrupted company that has yet to realise this point and are still racking up legal costs just for the hell of it and the BoD don’t mind getting a criminal record.

Theory two
FRR are clinging on to block12 using whatever means at their disposal and hopefully will sell the asset once firm ownership has been finalised.

What evidence support these theories

T1 – Unpaid lawyers, redundant unpaid staff and dodging court bailiffs are the most obvious.

T2 – The data on B12 was shared with SM’s. BH MoU, Ukraine bid, BP expanding operations in region, GG selling other blocks for prospecting, Block finding oil/gas, Redundant staff would indicate they are not going to carry on producing and GG still talking with the company are the most obvious.

There is also a raft of other speculation
Cayman lawyers badly advised FRR and hence their possible none payment (to date) as this seems to become a complete dogs dinner. Current lawyers filing to leave FRR (in good order) but will not divulge privileged information (only in closed session). Oppsi’s find of moving of the registered office with links to specialist asset protection/liquidation firms that have direct association with BP legal. GG still in negotiation/arbitration with FRR (proof of life). Hope going after personal redress with BoD rather than FRR seems to indicated the licence is slipping away from him.

Theories are stronger than speculation so I think this mess has moved on to either we have lost it all but BoD have yet to see this or we are crawling out of the mess and may emerge with something. Everybody bets are in place and the croupier has said NO MORE BETS (a long time ago) as the wheel slows down – will it be red or black.

Posted by Blownitalready on the 15th November :-

New Ombudsman
https://en.trend.az/scaucasus/georgia/3148729.html

Posted by erazzel on the 15th November :-

https://en.trend.az/business/energy/3148746.html

Any relevance?

Posted by Johnatansxx on the 15th November :-

Erazzel. Did you notice this one as well, I hope it doesn't become a trend..

https://en.trend.az/business/energy/3149244.html

Posted by bugsy-b on the 15th November :-

"Georgia's state energy company to issue 300 mln euro Eurobonds in 2020"

TBILISI, Nov 15 (Reuters) - Georgia’s state Oil and Gas Corporation (GOGC) plans to issue Eurobonds worth 300 million euros ($331 million) in April 2020, the company’s senior official said on Friday.

"Ogbaidze said proceeds would be used to refinance a previous issue maturing in 2021 and also to finance construction of a third power plant in Gardabani"...

A third power plant... Expecting some gas down there lads ?...

https://www.reuters.com/article/georgia-eurobonds-corporation/georgias-state-energy-company-to-issue-300-mln-euro-eurobonds-in-2020-idUSL8N27V53O?rpc=401&