Member Info for Madpunter

50. Less than a week prior to the voluntary liquidation, on April 24, 2019, FRGC applied
to the arbitral tribunal (the “Tribunal”) to substitute FRUS for FRGC in the Arbitration. Subsequent
to the voluntary liquidation, FRGC provided more information to the Tribunal and renewed its
substitution application. The Tribunal did not accept the substitution of FRGC, and instead proposed
that FRUS join the Arbitration. FRGC rejected the Tribunal’s proposal and purported to transfer the
Counterclaim from FRGC to FRUS. This happened one day prior to the introductory call between the
FRCC Directors and the Liquidators, and yet during that call, the FRCC Directors did not make any
mention of the Arbitration.
51. Under circumstances where FRCC’s principal asset is 100% of the shares of FRGC, and
FRGC’s primary asset and income was derived from the PSC, the terms and circumstances of the
Farmout Agreement and purported Assignment are key to the Liquidators’ investigation.
52. This being said, the Liquidators’ efforts to obtain additional information regarding the
PSC, the Arbitration and the Assignment have largely been ignored by the FRCC Directors. In some
instances, it is arguable that the FRCC Directors have deliberately omitted material information from
the Liquidators.
iv. Entry into Voluntary Liquidation and the Liquidators’ Initial Investigation
53. Following FIC’s default under the Note Agreement, on May 1, 2019, MaplesFS, as
collateral agent for the Parity Lien Debtholders and in its capacity as sole shareholder of FRCC, passed
resolutions placing FRCC into voluntary liquidation and appointing the Liquidators as the JVLs (the
“Resolution”). A true and correct copy of the Resolution is attached as Exhibit 5.
54. On the same day, I notified the Cayman Islands Registrar of Companies of our
appointment as JVLs. A true and correct copy of this notice is attached as Exhibit 6.
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55. Within days, I notified FIC, FRGC, the FRCC Directors and Maples of the voluntary
liquidation and our appointment as the JVLs.
56. As noted above, since our appointment as the JVLs in May 2019, the Liquidators have
encountered difficulty obtaining information and documentation in relation to FRCC’s affairs,
principally due to the failure of the FRCC Directors to provide satisfactory responses, or any responses
at all, to the Liquidators’ reasonable requests.
57. To date, the few documents that the FRCC Directors have provided are incomplete,
vague and lack documentary evidence to support the conclusions therein. Moreover, it appears that the
FRCC Directors have actively withheld information from the Liquidators.

44. The Liquidators did not learn of the Arbitration until late May 2019 when FRGC’s legal
counsel, Akin Gump Strauss Hauer & Feld (“Akin Gump”) notified the Liquidators of the Arbitration
and sought confirmation and an explanation as to which entity or person(s) had the power to direct
FRGC’s defense and participation in the Arbitration in light of the voluntary liquidation.
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45. FRGC has disputed the Georgian Government’s claims against it and filed a
counterclaim in the amount of USD $3.5 billion as lost profits for the period of 2012 through 2027,
based on certain alleged breaches of the PSC by the Georgian Government.
iii. The Farmout Agreement and the Assignment
46. The Liquidators are concerned that the FRCC Directors may have directed FRGC to
take certain steps immediately prior to the voluntary liquidation, potentially in furtherance of evading
the implications of the voluntary liquidation. These steps also impacted the Arbitration.
47. Pursuant to an agreement dated April 13, 2019 (the “Farmout Agreement”), just a few
weeks before the voluntary liquidation commenced and the Liquidators were appointed as JVLs, FRGC
purported to assign all rights, obligations and interests in the PSC to Frontera Resources US, LLC
(“FRUS”), a Texas limited liability company that is an affiliate of FRGC (the “Assignment”).7
48. The Liquidators did not learn of the Farmout Agreement until nearly a month after the
commence of the voluntary litigation, when they received information from Akin Gump. The FRCC
Directors subsequently provided a copy of the PSC and the Farmout Agreement.
49. The Farmout Agreement and accompanying documents provided information in relation
to the consideration for the Assignment. Based on the limited information provided, the Liquidators
cannot determine whether these transactions were arms’ length for fair value, or potentially a
questionable transfer of the assets of FRGC (and thus FRCC) to a related party, all concurrent to the
voluntary liquidation of FRCC. I should note there is a significant difference between FRGC’s
Counterclaim in the Arbitration of $3.5 billion and the consideration FRUS purportedly paid for 95%
of FRGC’s rights and interests under the PSC under the Farmout Agreement.
7 Frontera U.S. maintains a principal place of business and a registered agent in Texas. Nicandros is the registered agent.
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38. According to the most recent financial information made available to the Liquidators,’
which is the Frontera Group’s unaudited financial statements for the six months ended June 30, 2018,
the liability to the Parity Lien Debtholders in respect of the 2020 Notes is likely to be
approximately $29.4 million.
39. I have briefly reviewed documents which indicate that during April 2019, the Frontera
Plaintiffs initiated a proceeding against Outrider in California (the “California Proceedings”).6 Based
5 I understand that the copy of the FRCC Director Guarantee attached to my Declaration was obtained from the publiclyavailable
docket in the California Proceedings (as defined below).
6As I understand from a review of these documents, this litigation followed proceedings in October 2018, wherein the
Frontera Plaintiffs brought an action in the Cayman Islands against Outrider to prevent FIC’s default on the 2020 Notes,
which was later withdrawn. The California Court later sanctioned the Frontera Plaintiffs’ counsel, with whom the
Liquidators have been corresponding concerning the Cayman Liquidation, for failing to disclose the 2018 Cayman
Proceedings.
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on my review, the court in California rejected the Frontera Plaintiffs’ attempt to prevent FIC from being
declared in default on the 2020 Notes.
40. Finally, I have briefly reviewed documents indicating that, around this time, Outrider
sued Nicandros and Mamulaishvili in court in Texas for breach of the FRCC Director Guarantee.
ii. The Arbitration between FRGC and the Georgian Government
41. The Liquidators are largely uninformed about an arbitration proceeding that could
greatly impact the Cayman Liquidation.
42. For some time, FRGC has participated in the Arbitration, which was commenced by
JSC Georgian Oil and Gas and the LEPL State Agency of Oil and Gas (together, the “Georgian
Government”) related to a production sharing contract (the “PSC”) for an area in the Republic of
Georgia known as “Block XII.”
43. According to the limited information provided by the FRCC Directors, FRCC receives
a “royalty” related to oil and gas interests. During a May 2019 conference call, the FRCC directors
stated to the Liquidators that this royalty payment currently produces an annual revenue of “hundreds
of thousands and [could] possibly [scale] up to millions over time.” The Liquidators do not have
information that could confirm or rebut this assertion. Critically, since the commencement of the
voluntary liquidation on May 1, 2019, FRCC has not received any proceeds from this royalty.

28. First, as set forth below in detail, FRGC, the wholly owned subsidiary of FRCC, is
involved in arbitration in London, United Kingdom (the “Arbitration”) that could materially increase
its assets or liabilities, render it insolvent or non-operational. It is axiomatic that this could significantly
impact the value of FRCC’s shares.
29. Second, FRC and FIC (as such, the “Frontera Plaintiffs”) are or have been involved in
multiple proceedings, including in the United States and the Cayman Islands, in which they have sued
Stephen Hope, the principal of FIC’s largest creditor, and his entities in order to prevent the Frontera
Plaintiffs from relinquishing the FRCC Shares it pledged under the applicable promissory notes.4
C. Events Leading up to the Voluntary Liquidation and Supervision Order
i The Note Agreement, the Default on the Notes and Guarantee; Related Litigation
30. In summary, the voluntary liquidation was the eventual result of a default on a note and
guarantee.
31. In or around 2011, Frontera Resources Holdings, LLC (“FRH”), a subsidiary of FRC
exchanged existing notes issued by FRC and then issued promissory notes to mature in August 2016
(the “2016 Notes”). Outrider Master Fund L.P. and its related entities (“Outrider”) acquired and then
managed some of the 2016 Notes.
32. Immediately prior to the maturity of the 2016 Notes, FRH filed for bankruptcy in Texas
and FRC filed a proceeding against, among others, two entities related to Outrider.
4 The FRCC Directors have provided the Liquidators with no information concerning these proceedings, even though the
Frontera Plaintiffs’ filings make it abundantly clear that the FRCC Shares are considered a highly valuable asset.
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33. I understand that Outrider and FIC settled this proceeding after FIC agreed to issue
roughly $23 million of 10% Senior Secured Notes Due 2020 (as amended, the “2020 Notes”) to
Outrider and other noteholders (the “Parity Lien Debtholders”).
34. The 2020 Notes were secured by FIC’s shares in FRCC. A true and correct copy of the
Note Agreement is attached as Exhibit 3.
35. After a near-default by FIC in early 2018, FIC and Outrider amended and restructured
the Notes to require Nicandros and Mamulaishvili to guarantee certain of the interest payments owed
under the 2020 Notes (the “FRCC Director Guarantee”). A true and correct copy of the FRCC
Director Guarantee is attached as Exhibit 4.5
36. Ultimately, FIC could not meet its repayment obligations under the Note Agreement
and, on or about August 30, 2018, defaulted on the Notes.
37. Nicandros and Mamulaishvili also defaulted on the FRCC Director Guarantee.

21. Messrs. Nicandros and Mamulaishvili are also directors of the ultimate parent, FRC, along
with Luis E Giusti. Nicandros is the CEO and Chairman of the Board of Directors.
B. Summary of the Purported Assets, Investments and Liabilities of FRCC
2 See Frontera Resources, available at: https://fronteraresources.com/ (last visited 4 October 2019).
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22. The Liquidators’ preliminary investigation, publicly available information, and the
FRCC’s Declaration of Solvency indicates Nicandros and Mamulaishvili reside in the United States.3
23. As set forth in greater detail below, this Petition is necessary in part because the FRCC
Directors (and their counsel), acting on behalf of the Frontera Group, have been consistently
uncooperative with the Liquidators’ efforts to administer the estate of FRCC for the benefit of its
creditors and stakeholders. In fact, the Liquidators lack information concerning virtually all of the
relevant aspects of FRCC’s business, operations and balance sheet.
24. Specifically, the Liquidators’ administrative efforts have been materially hindered due
to the FRCC Directors’ failure to comply with the Liquidators’ numerous requests for basic information
pertaining to FRCC, its assets, material transactions to which it was a party, and its creditors.
25. The FRCC Directors, have failed to meet repeated deadlines to turnover information
essential to the administration of the estate of FRCC, in particular documents related to a pending
Arbitration (as defined below) involving FRGC, the purported assignment of the principal asset of
FRGC (which is the subject of the Arbitration), and purported liabilities of FRCC of more than $2
million.
26. Based upon currently available information, FRCC’s principal asset is 100% of the
issued share capital of FRGC. Information concerning the assets and liabilities of FRGC have not been
furnished to the Liquidators.
27. The FRCC Directors initially informed the Liquidators that FRCC was solvent and has
no material liabilities. However, an undated balance sheet provided at a later date reported liabilities
relating to “Notes” of some $2.2 million. Given the lack of cooperation, the Liquidators cannot verify
3 The “Taxable Entity” database of the Texas Secretary of State shows that Nicandros, in his capacity as registered agent
of FRC, FIC and Frontera US (as defined below), resides in Houston, Texas.
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the existence of these Notes, the terms and likelihood of their repayment nor the overall financial
position of FRCC.

11. At all relevant times, including at the time of our appointment as the JVLs, FRCC
maintained its registered office at Maples Corporate Services Limited (“Maples”), P.O. Box 309,
Ugland House, South Church Street, Grand Cayman KY1-1104, Cayman Islands. The Memorandum
of Association of FRCC is governed by the Companies Law. A true and correct copy of the
Memorandum of Association is attached as Exhibit 2.
12. Following its entry into official liquidation, Mr. Morrison and I changed FRCC’s
registered address to c/o FTI Consulting, Suite 3212, 53 Market Street, Camana Bay, Grand Cayman,
P.O. Box 30613, KY1-1203, Cayman Islands.
13. FRCC is an intermediate holding company and part of a group of companies which all
use the “Frontera” name (collectively, the “Frontera Group”).
14. The ultimate holding company of the Frontera Group is Frontera Resources Corporation
(“FRC”), a Cayman Islands incorporated entity that is registered to do business and maintains a
principal place of business in Texas.
15. FRC maintains an office at 1201 Louisiana St., Suite 2800, Houston, Texas 77002 and
its registered agent is located at 3040 Post Oak Blvd., Suite 1100, Houston, Texas 77056.
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16. According to its website, FRC is an international oil and gas exploration and production
company whose strategy is to identify opportunities and operate in emerging markets in Eastern Europe
around the Black Sea.2
17. FRC holds 100% of the shares of Frontera International Corporation (“FIC”), a Cayman
Islands exempted company that is registered to do business and maintains a principal place of business
in Texas. Prior to the enforcement action referred to below, FIC held 100% of the shares of FRCC (the
“FRCC Shares”).
18. FIC maintains an office at 1201 Louisiana St., Suite 2800, Houston, Texas 77002 and
its registered agent is located at 3040 Post Oak Blvd., Suite 1100, Houston, Texas 77056.
19. FRCC’s principal asset is 100% of the issued share capital of Frontera Resources
Georgia Corporation (“FRGC”), a Cayman Islands exempted company. As such, the situs of FRCC’s
principal asset is the Cayman Islands. As discussed in further detail below, FIC pledged the FRCC
Shares as security in respect of certain, defaulted notes issued by FIC.
20. The directors of FRCC are Messrs. Steven C. Nicandros and Zaza Mamulaishvili, both
of whom also act as directors of FRGC, along with Mr. Giorgi Zabakhidze (“Zabakhidze,” and
collectively with Nicandros and Mamulaishvili, the “FRCC Directors”).

6. I am familiar with the Model Law on Cross-Border Insolvency, adopted by the United
Nations Commission on International Trade Law (UNCITRAL), and approved by a resolution of the
United Nations General Assembly on December 15, 1997. I also understand that the Model Law has
1 Unless otherwise noted, this Declaration describes Mr. Morrison and I as “Liquidators” even during the period between
our appointment as the JVLs and the issuance of the Supervision Order roughly four months later.
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been adopted in the United States as chapter 15 of the United States Bankruptcy Code, 11 U.S.C. § 101,
et seq. (the “Bankruptcy Code”).
7. Pursuant to the law of the Cayman Islands, court-appointed liquidators, such as myself
and Mr. Morrison, are officers of the Cayman Court. As such, I make this Declaration as an officer
and fiduciary of the Cayman Court, and request an extension of comity for the benefit of all of FRCC’s
creditors and stakeholders, whose interests I represent. Mr. Morrison and I perform our duties as the
Liquidators of FRCC in and from the Cayman Islands, where we both reside.
8. On September 12, 2019, the Cayman Court entered an order in which it, inter alia, (i)
ordered that FRCC be wound up in accordance with the Companies Law and under the supervision of
the Cayman Court; (ii) appointed the Liquidators as the joint official liquidators of FRCC; (iii)
authorized the Liquidators to commence proceedings in the United States for recognition of the
Cayman Liquidation and to request our appointment as the foreign representatives of FRCC; and (iv)
authorized the Liquidators to take control of any of FRCC’s subsidiaries (the “Supervision Order”).
A true and correct copy of the Supervision Order is attached hereto as Exhibit 1.
9. For the reasons discussed below, I submit that: (i) Mr. Morrison and I are each a duly
appointed “foreign representatives” of FRCC in the Cayman Liquidation; (ii) the Cayman Court is a
“foreign court,” and that the Cayman Liquidation constitutes a “foreign proceeding” within the
meaning of sections 101(24) and (23) of the Bankruptcy Code, respectively; (iii) this case was properly
commenced in accordance with the requirements of chapter 15 of the Bankruptcy Code; and (iv) the
Cayman Liquidation satisfies all the requirements to be recognized as a “foreign main proceeding”
pursuant to Sections 1502(4) and 1517(b)(1) of the Bankruptcy Code.
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FACTUAL BACKGROUND
A. Location, Ownership and Management of FRCC and the Frontera Group
10. FRCC was incorporated on February 29, 2000 as a Cayman Islands exempted limited
company, registration number 97554.

DECLARATION OF DAVID GRIFFIN IN SUPPORT OF CHAPTER 15 PETITION OF
FRONTERA RESOURCES CAUCASUS CORPORATION (IN OFFICIAL LIQUIDATION)
FOR RECOGNITION OF FOREIGN INSOLVENCY PROCEEDING
I, David Griffin, hereby declare under penalty of perjury under the laws of the United States as
follows:
1. My colleague Andrew Morrison and I are the duly appointed joint official liquidators
and foreign representatives (the “Liquidators”) of Frontera Resources Caucasus Corporation (in
Official Liquidation) (“FRCC”), a Cayman Islands exempted limited company in liquidation under the
supervision of the Grand Court of the Cayman Islands, Financial Services Division (the “Cayman
Court” or “Grand Court”), Cause No. FSD 138 of 2019 (IKJ) (the “Cayman Liquidation”), pursuant
to Sections 92 and 131 of the Cayman Islands Companies Law (2018 Revision) (the “Companies
Law”) and the Companies Winding Up Rules, 2018 (“CWR”).
2. I respectfully submit this declaration (the “Declaration”) in support of the Liquidators’
petition: (i) seeking recognition of the Cayman Liquidation pursuant to 11 U.S.C. § 1517(b)(1) as a
foreign main proceeding; (ii) our appointment as the “foreign representatives” of FRCC as defined in
11 U.S.C. § 101(24); (iii) declaring the Cayman Court as a “foreign court”; and (iv) certain additional
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relief pursuant to the United States Bankruptcy Code (the “Bankruptcy Code”), as described in detail
below (the “Petition”).
3. I am a Senior Managing Director in the Corporate Finance & Restructuring segment of
FTI Consulting (Cayman) Ltd. I have over 19 years of experience in insolvency and restructuring,
including 13 years based in offshore jurisdictions. I have a Bachelor of Law (LLB) from the University
of Leicester, United Kingdom, am a fellow of the Association of Chartered Certificated Accountants
(FCCA), a Licensed Insolvency Practitioner (non-appointment taking) of the Insolvency Practitioners
Association (UK), and a qualified insolvency practitioner in the Cayman Islands.
4. Andrew Morrison is a Senior Managing Director in the Corporate Finance &
Restructuring segment of FTI Consulting (Cayman) Ltd. Mr. Morrison has more than 20 years of
experience in restructuring and insolvency matters, including 8 years based in the Cayman Islands. Mr.
Morrison is a fellow of the Association of Chartered Certificated Accountants (FCCA), a fellow of
INSOL International, and a qualified insolvency practitioner in the Cayman Islands.
5. I am duly authorized to make this declaration as a Liquidator of FRCC. I am fully
familiar with the facts of this matter and have fully participated in the Cayman Liquidation since my
appointment as a joint voluntary liquidator (“JVL”) of FRCC on May 1, 2019.1 Unless otherwise
indicated, all statements contained herein are true to the best of my knowledge and based upon personal
knowledge or my review of relevant documen

Posted by Arigarosa on the 30th October :-2

“Winter is coming, how are we warming up or what are we eating? We were hoping for this salary. We wait, but does our patience have a limit ?!

“My son is a student. What can I do to pay my tuition fee? It turns out that he should stop learning ..."

The answer to all of these concerns and questions was one: offer patience. “Today the company is in crisis. We will reimburse our salaries after overcoming difficulties. But today you are asking for money from a company that has no money ... then why would you not try and get more oil? There would be no crisis!”

This replica caused a lot of people's anger.
One part of the employees also stated that if they do not receive salaries, they will not refrain from picketing the railway, and they received a threatening response: "Whoever hurts the company will be severely punished"!

At the end of the meeting, the head of the company again asked for a deadline until November 5 and promised the employees that they would be able to solve their problem within 10 days. Even though most employees no longer believe his promises, he still has the final chance. Dissatisfied with the meeting, the participants left the courtroom and said they were not going to give up and would use all means, including legal, to protect their rights. As they said at their meeting, the back road is cut and they have nothing to lose! As for their punishment, Frontera Eastern Georgia has already punished them enough.

Posted by Madpunter on the 30th October :-
We don't even know whether the story is accurate or exaggerated. When the Ukraine bid was ongoing there was a lot of bad press , possibly of Russian influence. Now we have this story; a cyber attack on Georgia; a GOGC backed fund posting CV's for Levan; and all while a deal is being negotiated with the GG, BP et al, plus the court cases.

Posted by bedex on the 30th October :-
bugsy, if you type in Arigarosa it brings up blog, can't make head nor tail of it . maybe someone can.

Posted by bugsy-b on the 30th October :-
Bedders, He's the bishop in Da Vinci code, Although some spellings have an N in there..

Posted by zeps on the 30th October :-
The character's name is a loose Italian translation of "red herring" (aringa rosa; rosa actually meaning pink, and very close to rossa, red).
https://en.wikipedia.org › wiki › Re...

Posted by Madpunter on the 30th October :-

Posted by Arigarosa on the 30th October :-

Sisyphus' patience as a punishment

10 months of frozen salaries, canceled insurance, non-payment accumulated debt and increased bank debt, leaving many at risk of being left without apartments - a situation that Frontera Eastern Georgia staff found themselves in.

“We have debt in every bank, penalties are accrued and astronomical amounts have already been paid. This too is a violation of the law. We have taken out payroll loans, in which case the bank has no right to impose penalties on me, but ... I have been fined at TBC Bank for 5 months, that is, but if I had paid all my employees, I would have been denied this privilege. Last year Mamulashvili promised to pay us the fines, I kept his promise, went to the bank and made an extract. It looks like his promise turned out to be empty words, ”said one demonstrator.

Employees of the Georgian-American Oil Company in Dedoplistskaro have been working unpaid for 10 months. As they say, oil production is in a continuous state, but their salaries are still "seized". All employees of the company have an employment contract, which is automatically extended monthly. Although the terms of the contract, along with the employee's obligations, also include the employer's obligations, including the terms of pay, no one has been punished for breach. Employees of the oil company continue to work continuously and are patiently waiting for Sisyphus's goodwill - when they are paid their salaries ...

On October 23, 80 employees of Frontera Eastern Georgia met with Zaza Mamulashvili, CEO of the company and asked him to answer the question - When will they receive their 10-month debt? Or where does the money coming from the sale of their raw materials go into the company?

As Zaza Mamulashvili stated at the meeting, a dispute is going on in the court which needs costs. Although raw materials are being searched, their two accounts have been deposited (?!). One, a seizure of GEL 250,000, was recently lifted and employees received salaries, while the other reported a GEL 130,000 seizure. That is why their remuneration cannot be paid. According to Mamulashvili, the state creates another problem. There is a 5-point agreement that is being negotiated with the state. There are two points: exemption from VAT and excise tax (?!). As a result of the agreement reached with the state, their company will be transferred VAT amount, which will help them to pay their salaries without problems.

At the meeting there was a heartfelt heartache of people that were met with sometimes cynical and sometimes threatening ...

Posted by Madpunter on the 28th October :-
I would assume that either or both FEGL and FRCC would have accounts in Georgia and Texas. Therefore, if the money from production is in an account in the US, it would make sense to move the case to the US. As Block 12 is held by a subsidiary in Georgia, under Chapter 15 it would appear to outside of the court's remit.

Posted by seisprocessor on the 31st October :-
Madpunter,
The statement made by the liquidators (on behalf of FRCC) on Friday to the NY Court confirms at least that the Caymans Liquidation is going to be treated as a foreign main event, so that should mean that the B12 asset in Georgia should remain outside of the court's remit. I can't see any mention in the court documents listed of accounts held in the US, but I guess we just have to keep tabs on the issues raised by them as they get posted. I've copied the statement below for your reference. It's not possible to read the comment that Judge Michael Wiles has added on Monday however.
LIQUIDATORS’ NOTICE PURSUANT TO FED. R. BANKR. P. 9017 AND FED. R. CIV. P. 44.1
PLEASE TAKE NOTICE that, pursuant to Federal Rule of Bankruptcy Procedure 9017 and Federal Rule of Civil Procedure 44.1, Andrew Morrison and David Griffin, the duly appointed joint official liquidators and foreign representatives (“Liquidators”) of Frontera Resources Caucasus Corporation (in Official Liquidation) (“FRCC”), a Cayman Islands limited company in official liquidation under the supervision of the Grand Court of the Cayman Islands, Cause No. FSD 138 of 2019 (IKJ) (the “Cayman Liquidation”), pursuant to the Cayman Islands Companies Law (2018 Revision) (the “Companies Law”) and the Companies Winding Up Rules, 2018 (“CWR”), intend to raise issues pertaining to foreign law, specifically, the Companies Law, the CWR and related Cayman Islands insolvency law, in connection with their petition for entry of an Order pursuant to chapter 15 of title 11 of the United States Code, 11 U.S.C. § 101 et seq. (the “Bankruptcy Code”): (i) recognizing the Cayman Liquidation as a foreign main proceeding, or in the alternative, foreign nonmain proceeding, and the Liquidators as FRCC’s foreign representatives pursuant to sections 1509 and 1517 of the Bankruptcy Code; (ii) granting automatic relief pursuant to sections 1520 and 1521 of the Bankruptcy Code; (iii) granting other and additional relief pursuant to sections 1507, 1520 and 1521(a) of the Bankruptcy Code; and (iv) any other relief the court deems just and proper.
Dated: New York, New York
October 25, 2019
Respectfully submitted,
HOLLAND & KNIGHT LLP

Posted by Madpunter on the 30th October :-

Nice one bugsy. Probably the only thing of substance worth posting today. A red herring about unpaid workers (well spotted zeps); a fake CV; and a dubious message from kipper. I looked back at my filter list, as recently all on my filter list were removed. NJames and Kippermanbike were both on my original list and will now be reinstated. Add to that a unprofessional reply from Tim Thompson to the question of whether we have been scammed? "No, just bad luck too many issues going on." Why not just answer no? The rest of the sentence can have very different interpretations. Plus the reference to deleting Zaza's number. The result has been hundreds of posts over the last two days of meaningless interpretations etc, many by myself. The increased disinformation has one positive and that is a deal must be getting close.

Posted by bugsy-b on the 30th October :-
U.S. Deputy Assistant Secretary Meets Georgian Officials in Tbilisi
30/10/2019 - 18:30...
"U.S. Deputy Assistant Secretary of State for the Caucasus and Eastern Europe, George Kent, who is visiting Tbilisi on October 29-31, met with Georgian officials today.

According to the Georgian Prime Minister’s press office, at the meeting Giorgi Gakharia and George Kent spoke of “the key directions of the U.S.-Georgia strategic partnership, and a wide spectrum of bilateral cooperation.”

He was in Azerbaijan in May...
Sounds like George has an interest in oil and gas

"George Kent: "It increases not only Azerbaijan’s but also entire continent’s energy security"

https://ona.az/en/economy/george-kent-it-increases-not-only-azerbaijans-but-also-entire-continents-energy-security-3901

Posted by traxxas on the 30th October :-
RE:Levan CV
Of course, instead of viewing the PDF online. You can always download it, open it with Adobe, check its properties and see who created it and when. That'll give you a whole new avenue of attack ;-)

Posted by garytrader on the 30th October :-
Quite an interesting author, and a strange connection really..
Basically for those that are interested Levans CV was created by a fund manager at JSC. (The fund that owns the Georgian state oil co)

Posted by Madpunter on the 30th October :-
When FRR struck oil in 2008 do you think it was just coincidence that the Russians invaded? Do you think it is just coincidence that there's all the articles about the Georgian wine industry and it's main market in Russia? Ditto the cyber attack? Ditto the Ukraine arm wrestle. They were possibly hoping for a deal with SH/O's cronies before ZM and SN out-smarted them and transferred Block 12. This isn't a small takeover for a few hundred million, it's worth billions. FRR hasn't spent hundreds of thousands on lobbying, lawyers and accountants for nothing. You have to look at the big picture. This deal will impact upon the security, wealth and trade of the region, plus that of the surrounding countries. Russia will lose market share for it's hydrocarbons and so will Azerbaijan. One thing that is certain, nobody fights over an empty box!

Posted by Chris572 on the 30th October :-
you think the GG will sell Georgia's best asset to the greatest suppressor of their country?... destroying US-Georgia relations and NATO integration?

Posted by Madpunter on the 30th October :-
Chris - No, but the GG may take advantage of the situation to try and squeeze a larger percentage. Hence the return of Levan and the comments about 'savviness' and 'cooler heads'.

Posted by kippermanbike on the 29th October :-
Ex employee, who was offered another positon that FRR could not match. Zaza apparently has been very communicative since September. "If God forbid, Frontera succumbs to pressure, you will know it, everyone will, as the Georgian government will be screaming about it from the rooftops." (Make of this what you wish.) I am not going to quesiton my contact as he has been very open so far. Contact still believes in savviness of Zaza and Steve, and cooler heads in local government wil prevail.

Posted by Madpunter on the 30th October :-
IMHO there has been an alternative deal proposed by the GG possibly involving the Russians to buy Block 12. Hence the cyber attack and the tweet about possible US troops being stationed in Georgia. The deal with BP et al was probably finalised and just awaiting the 5% RA return to the GG via the liquidation of FRCC, hence no need any longer for Levan. Levan may now be required to negotiate with the GG again until 'cooler heads in the local government prevail', as the 'savviness of Steve and Zaza' will also be backed by Uncle Sam.

Posted by Gipps51 on the 30th October
Cyber attack
I would not dismiss Russian involvement in the above. They have done it before. Georgia have enough oil and gas to supply Europe for decades and are clearly looking West. This would clearly affect the Russian economy if the USA controlled the region . Germany and many other countries take Russian gas , I’m sure they would rather take it from Georgia if the price was right and the USA would make sure it was. The implications for Russia would be huge, too much to go into here.

So what would that mean for us , well for me it would not be a relist. What’s the first thing a lot of people would do , sell, sell billions of shares . Where could those shares end up , possibly in the wrong hands. Although not much of Block 12 has been developed and the super majors like these things derisked I think it’s possible that a full take over is possible just to control the area. We are all talking about BP , I believe it’s likely that another SM is in play here.

Morning ramblings .... WTFDIK

Posted by erazzel on the 29th October :-
Game of football??
http://georgiatoday.ge/news/16302/Georgian-Wine-Industry%3A-Implications-of-a-Russian-Embargo

Posted by Madpunter on the 29th October :-
erazzel - The date at the bottom of that article was 1st July and on the 10th September there were the following posted by
Chris572 @ 12:47 and 18:49 :-

SN and ZAZA raising their heads. picture of them both in the link

'According to Steve Nicandros, the founder of the company "FRONTERA RESOURCES", Georgia is an important partner for the United States, which has a great deal of success in terms of trade opportunities.'

https://www.interpressnews.ge/ka/article/563127-levan-davitashvili-ashsh-isa-da-saprangetis-delegaciebs-shexvda/

Really strange to see SN walking about a vineyard considering everything that’s going on . But I guess there is no such thing as normal with Frr

https://www.facebook.com/MEPAGeorgia/photos/a.287763591280618/2491094634280825?type=3&sfns=mo

https://www.facebook.com/MEPAGeorgia/photos/a.287763591280618/2491094824280806?type=3&sfns=mo

https://www.facebook.com/MEPAGeorgia/photos/a.287763591280618/2491095574280731?type=3&sfns=mo

https://www.facebook.com/MEPAGeorgia/photos/a.287763591280618/2491095087614113?type=3&sfns=mo

Looks like no stone is being left unturned and any loss of trade by the Georgian wine industry with Russia, will result in new markets in the US, Europe and Asia.

Posted by sonnyclimes on the 29th October :-
Georgia Today
US troops for Georgia?
'As Trump ordered the US army to leave Syria, discussions are ongoing as to where place the soldiers.

Posted by Madpunter on the 29th October :-
Sonny -- That looks like a very plausible excuse to station US troops in Georgia in case Putin gets annoyed with the sale of Block 12 to US and UK companies. Furthermore, it could also be a response to yesterday's cyber attack on Georgia, which is also possibly linked with the deal with the super majors. The Senate timetable looks interesting as well with a possible new Ambassador to Georgia and a briefing on cyber operations.
The nomination of 'Kelly C. Degnan, of California, to be Ambassador to Georgia' is to be heard in the Senate Foreign Relations Committee today. Then tomorrow the Armed Services Subcommittee on Cybersecurity is 'To receive a closed briefing on Department of Defense cyber operations.'
https://www.senate.gov/committees/hearings_meetings.htm
"It’s possible that the troops leaving Syria could be sent to Georgia and become an 'over the horizon' force to respond rapidly if ISIS reorganizes," Luke Coffey, American political advisor and US Army veteran, states.
“The USA could use the old Russian base at Akhalkalaki, which is only 460 miles (740km) from Raqqa. Georgia is more dependable than Iraq right now,” Luke Coffey has tweeted.'
By Beka Alexishvili

Posted by frog2 on the 29th October :-
Madpunters theory in my humble opinion could very well be correct. When the shah deniz and bp deal was announced wasnt there some russian jumping up and down especially on the georgian borders.G.l.a

Posted by Bigun2 on the 29th October :-
Yes Frog: 1 or 2 BP staff got kidnapped by Russian sympathizers I believe whom had got too near to the Russian/Georgian border back in 2001/2 if my memory serves me correctly

Posted by Madpunter on the 29th October :-
Tsbs and emblaze1 - I suggest you look at the article posted by bugsy-b (see link). What is yesterday's cyber attack for then? Why is the Georgia Support Act currently with the Senate Committee on Foreign Relations? Why is a new Ambassador in the offing? Why not place US troops on a ship in the Med near to Syria? Why is there a meeting on Cyber security? Seems like a lot of coincidences at the same time if there are no links.

https://www.bbc.co.uk/news/technology-50207192

Posted by NJames on the 29th October :-
Levan B. (General Counsel), George Kalandarishvili (CFO) and Levan Paitchadze (Chief Accountant) all list October 2019 as end of their time at Frontera.

Posted by Madpunter on the 29th October :-
Assuming that a deal has been agreed for the sale of Block 12, then until FRR win the Dolphin tender, the only asset is in Moldova. Any lawyers and accountants would have to be able to speak Romanian and understand Moldovan laws. Similarly, if the Dolphin Tender is won, the Ukrainian language and laws will apply. As precise wording is essential in law, it is beneficial to have lawyers and accountants who speak the local languages. Furthermore, when company's employ as many local people as possible, it helps to open doors when dealing with the local government departments.