Member Info for Madpunter

Posted by R8pilot on the 23rd Jan :-

Georgian PM in Davos
“According to recent sociological surveys, more than 70% of Georgia's population supports Euro-Atlantic integration. The last five years brought real and very tangible results: a deep and comprehensive free trade area, a free trade agreement with the European Union and visa-free travel,” he said.

He added that EU and NATO membership is the only guarantee for Georgia's security and Georgia is ready to do its "homework

http://georgiatoday.ge/news/19181/PM-Emphasizes-Georgia

Posted by Blownitalready on the 23rd Jan :-

Political stuff
Some congressmen may be misled or they may lack accurate information, - Anri Okhanashvili, chair of the Legal Affairs Committee, told reporters when commenting on the letter sent by US Congressmen to Giorgi Gakharia. He said some congressmen might voice an opinion that lacks objectivity.

According to him, they will cooperate with these congressmen and their main task will be to provide everyone, including them, with accurate information.

“It is very important for our team to work with our strategic partner countries. Some members of Congress may voice other positions or versions that in most cases may lack objectivity. More efforts are needed in this direction, but one thing is to be emphasized - Georgia would not have been included in the US budget law as one of the distinguished countries supported by the US, if it had deviated from the path of democratic development. In addition, the US bipartisan document places particular emphasis on Georgia as one of the key partners for the United States”, the MP said.

https://www.interpressnews.ge/en/article/105488-anri-okhanashvili-some-congressmen-may-be-misled-or-they-may-lack-accurate-information

Posted by SIBGAE on the 23rd Jan :-

New Doc NY Bankruptcy
20
Jan 23, 2020
Main Doc­ument
Affidavit of Service

Posted by Blownitalready on the 23rd Jan :-

The Georgian government needs to take this letter seriously
https://www.interpressnews.ge/en/article/105483-michael-carpenter-the-georgian-government-needs-to-take-this-letter-seriously

Posted by Geela on the 23rd Jan :-

PART THREE
"We raise these concerns with the hopes of strengthening Georgia as a democracy and of preventing the broad bipartisan and bicameral support that Georgia enjoys in the halls of Congress from being negatively impacted," the letter said. "We hope that your government will work with the United States Congress, Ambassador Kelly Degnan, the European Union, and non-governmental organizations to strengthen democratic institutions and enhance economic prosperity for the Georgian people so that Georgia can continue to be a strategic partner of the United States for many years to come."

Posted by Madpuinter on the 24rd Jan :-
https://freebeacon.com/national-security/lawmakers-warn-georgia-over-anti-u-s-backslide/

Posted by Geela on the 23rd Jan :-

PART TWO
"Recent reports indicate that Facebook had to shut down an extensive network of accounts funded by Georgian Dream," the lawmakers write. "The fact that these accounts were apparently spreading anti-democratic, anti-Western sentiments is simply unacceptable."

The lawmakers are also concerned Ivanishvili's ruling party is attempting to use Georgia's justice system to discredit leading opposition voices. Giga Bokeria, a prominent member of the opposing European Georgia party, which also favors closer ties to the West, found himself summoned for questioning by the country's prosecutor's office over a years-old case.

"We are troubled by reports that prosecutors appointed by Georgian Dream are reopening old legal cases against the party's opponents," the lawmakers wrote. "While some of these cases may have merits, others are perceived as targeting leading opposition political figures, news operators, international corporations, and civil society members. Respect for the rule of law and an impartial justice system are key to a healthy democracy and to ensuring free and fair elections, which were guaranteed by your party."

The unrest in Georgia has generated concern that the upcoming elections may be corrupted.

"We continue to encourage you to protect the legitimacy of these elections and ensure they are guarded against both internal and external interference," the lawmakers wrote.

Georgia's economy is also suffering as a result of the ongoing tumult. The lawmakers warn that this situation is only strengthening Russian leader Vladimir Putin's influence in Georgia.

"Georgian Dream's perceived political targeting of the U.S.-backed Anaklia Development Consortium has now deterred or prevented investment from American companies in this important project," the lawmakers wrote. "These developments seem to reflect an increasingly unfavorable business environment and could deter future U.S. investment in Georgia. Decreased foreign investment not only hurts the Georgian people and their hopes for deeper integration with Western institutions, but it also strengthens Vladimir Putin's hand in the region. Georgia could be a vital hub for goods traversing from the United States and Europe to Central Asia, and vice versa, which would serve as a boon for the Georgian economy."

Posted by Geela on the 23rd Jan :-

...from The Washington Free Beacon. PART ONE
A bipartisan group of lawmakers is warning the Georgian government that an ongoing campaign of repression by the country's ruling political party is endangering the Eastern European ally's pro-U.S. opposition parties and threatening to sweep the country back into authoritarianism.

For months now, Georgians have taken to the streets to protest the ruling Georgian Dream party led by Bidzina Ivanishvili, the country's wealthiest citizen. The demonstrations have been marred by violence and punctuated by the ruling party's targeting of the largely pro-American opposition party.

As the country backslides into authoritarian rule, the U.S. State Department and members of Congress are demanding Ivanishvili's ruling regime end its campaign of intimidation or face new U.S. sanctions. The unrest marks a potential tipping point for Georgia as it shifts away from the United States and back to Russia, a move that threatens to erase more than three decades of pro-democracy progress.

"Despite the promise shown over the past three decades, recent democratic and economic trends are negatively affecting Georgia's image in the United States," Reps. Adam Kinzinger (R., Ill.), Gerry Connolly (D., Va.), Eliot Engel (D., N.Y.), and Michael McCaul (R., Texas) wrote in a letter sent Tuesday to Georgian prime minister Giorgi Gakharia. Kinzinger and Connolly chair the House Georgia Caucus, while Engel and McCaul run the House Foreign Affairs Committee.

This is the second official letter sent to Gakharia by Kinzinger and Connolly, who expressed similar concerns about Georgia's authoritarianism in December. The correspondence was the result of a Georgian multiparty opposition delegation that visited Washington, D.C., in December. Salome Samadashvili, a member of the pro-Western United National Movement party who serves in Georgia's parliament, led the delegation and highlighted the Georgian Dream party's democratic backsliding, sources said.

"Unfortunately, economic indicators show a sharp decline in foreign direct investment in Georgia as American and European companies have suffered harassment, causing many to reconsider their business ventures," the lawmakers wrote, according to a copy of the letter obtained by the Washington Free Beacon.

The lawmakers expressed particular concern over what they describe as "the decision to forego promised democratic reforms and the associated violence against peaceful protestors."

In recent weeks, the effort to discredit opposition leaders pulled a page from Russia's playbook when it ran a now-deleted series of Facebook campaigns that sought to discredit pro-U.S. voices and leaders in Georgia. These tactics, as well as the violent suppression of pro-democracy demonstrators, have sparked increasingly stern communications by members of Congress.

All the previous posts on Page 46 were posted on 22nd and not the 23rd (includes the last post of Page 45 which was annotated on the first post of Page 46 due to lack of room. Note to myself, more care required when posting half asleep lol.

Posted by ZiggyZag on the 23rd Jan :-

Shatner ...your talking b******s this is nothing to do with liquidating group and far from game over.
Nothing unexpected in this document , its just continuation the process that started with DTI getting liquidation of FRCC brought under the supervision of Cayman Court.
They have now been recognised by US court and as their initial submission to same requested last year , the document outlines they are now entitled to gather info from our men .
Whilst expected , its still concerning as reason clearly is to seek out validity of asset move .
What is unknown is why our men did not contest the order ...lack of funds...grounds maybe , or is Mads theory correct ....we shall see.

Posted by ZiggyZag on the 23rd Jan :-

Ziggy - FTI were able to request information since the process started in the Caymens. IMHO what they couldn't access were the bank accounts held by FRCC or it's subsidiaries in the US without approval of the US courts. Hence the US Bankruptcy Courts have Chapter 15 which is designed to help when the process involves foreign companies. IMHO if the accounts have enough to cover the debts the process should conclude quickly.

Posted by ZiggyZag on the 23rd Jan :-

Mad , yes agree they could request whist case was in Caymans , but as outlined in their initial papers to US court they received very little in way of responses. Now they can request info via subpoena if required.

Mad , As I posted earlier interesting why our men did not oppose and hope your theory as in last sentence is correct.

Posted by Madpunter on the 23rd Jan :-

Ziggy - If FTI go after more information via a subpoena and there's enough money in the bank accounts, IMHO PWC will accuse them of running up unnecessary costs. IMHO they will therefore look at the bank accounts first.

Posted by Earsbern on the 23rd Jan :-

NY latest
This appears to be the NY courts formal declaration of the liquidation of FRCC (note - only FRCC and any minor subsidiary companies, NOT FRC or any other Frontera company such as FRUS, FRGE, etc.)
What does it mean? I don't know any more than anyone else here. But there is this info. from the web site of liquidation specialists www.realbusinessrescue.co.uk :-

'After the compulsory liquidation is underway (that, I think, is from now), the process of selling the company's assets begins, while all litigation involving the company (FRCC) usually ceases. In other words, any legal acrtions taken by creditors are considered void once the liquidation has begun as the company is in the process of being closed down and will soon cease to exist as a legal entity.'

So FRCC is now only a vessel for the liquidators to sell off/dispose of FRCC's assets. For all other purposes FRCCis now dead. I hope that that is what we were waiting for!

Posted by Bomber64 on the 23rd Jan :-

Georgia ranks 89th in Democracy Index
https://agenda.ge/en/news/2020/211

Posted by pyrotech on the 23rd January :-

Latest
I think they probably are checking under every stone, they will check what assets where transferred , when and how.
The Liquidation will only effect FRCC in my opinion, however they may decide that debt needs to be paid from the assets moved.
I am not overly worried at this stage as i still believe this was a stalling tactic by FRR, and that if a loan comes they will be able to clear any issues that way. So this all still sits with the result of arbitration.

Administrators always look at accounts, where assets where sold or moved and the terms of other subsidiaries of companies. there have been many bunkrupt companies that were under the umbrella of a larger company. It does not effect the unbrella company or its other siblings. Look at Mr Phillip Green and others who have let part of their portfolio go down with out that effecting them or other parts of their business - of course some harsh words about underhand tactics etc

its obvious by this that Hope is still after Block 12, after all what else does FRR actually have in terms of any value? So again they are fighting over this very full box.

Now have FRR done this legally and cleanly? We do not know. However if i am right and this whole process was to do two things 1. Remove Hope from Board and 2. Play for time to sort the loan, then all in between will just be noise.

We wait with baited breath

Posted by Freescot on the 23rd January :-

ORDERED, that the Liquidators are hereby authorized to examine witnesses, take
evidence, and seek the production of documents concerning the assets, affairs, rights, obligations
or liabilities of FRCC, including by:
i. Serving document subpoenas within the United States upon Frontera
Resources Corporation (“FRC”), Frontera International Corporation (“FIC”), Frontera
Resources US, LLC (“FRUS”), and other entities registered or doing business in the United
States that owned, or are affiliated with, FRCC, seeking copies of the books and records of
FRCC and transaction documents involving FRCC, including but not limited to
transactions involving Frontera Resources Georgia Corporation (“FRGC”, and together
with FRC, FIC and FRUS, the “Frontera Group”) the equity of which is the principal
asset of FRCC, and other financial documents of FRCC concerning the valuation, assets
and liabilities of FRCC, including undisclosed intracompany loans among FRCC and other
entities in the Frontera Group;

Posted by garytrader on the 23rd January :-

Yes basically they want the info relating to the asset transfer/farm out agreement whatever they called it. Hence the reason for requesting info from FRUS(new company with asset in)

Even with this info they would still have to enter into legal action in Georgia to reverse this, if they could..... long long road

Posted by SIBGAE on the 23rd January :-

New NY Bankruptcy Doc
Tuesday, January 21, 2020
19 6 pgs order Order RE: Motion to Allow Tue 01/21 11:15 AM
Order signed on 1/17/2020 granting recognition and relief in aid of a foreign main proceeding . (DePierola, Jacqueline)

Posted by Blownitalready on the 23rd January :-

the politics for Georgia really getting interesting
European Georgia calls on opposition parties to concentrate on Bidzina Ivanishvili's removal from government

Bidzina Ivanishvili's regime is a major threat to Georgia's freedom, Western choice and economic prosperity. It is the duty of political parties with different values ??and strategies to concentrate on resolving this task, European Georgia party said in a statement on January 22.

“Holding the 2020 elections with proportional voting system is of utmost importance for Georgia’s democracy. Bidzina Ivanishvili was forced to make this pledge due to the activity and courage of Georgian society; especially of those, who expressed their protest, risking their health and lives and showed a great strength to the civil society.

An agreement has not been reached on the proportional elections. Bidzina Ivanishvili has broken his promise,” the statement reads.

The European Georgia underlines that it’s incorrect from any political force to set pre-conditions for further coordination of the opposition.

“Naturally, in this context, those with more political weight are more responsible. We urge everyone to concentrate on the national task - to remove Ivanishvili from the government, ”the statement reads

https://www.interpressnews.ge/en/article/105476-european-georgia-calls-on-opposition-parties-to-concentrate-on-bidzina-ivanishvilis-removal-from-government

Posted by tsbs on the 23rd January :-

thanks mad

so all the years of fighting tooth and nail to keep 100% of licence has failed and the talk at the investor meetings from zaza was, well just that talk

Maybe bp has offered 7 billion for the block and the Georgians want it all and that's why frr slapped the claim in for 3.5

Posted by Madpunter on the 23rd January :-

Tsbs - No, the GG were to get 51% due to the PSA when it was FRCC. If FRWG is a 50/50 licence split the GG get 50% instead of 51%, but not under the PSA. In other words they get 50% ownership instead of 51% of the hydrocarbon production. Therefore, the GG would get half of the money if Block 12 is sold to the SM's under a 50/50 licence split. However, under the previous PSA split of 51/49, the GG would have to wait for years for the infrastructure and revenue under the PSA to get that amount. In other words the GG get the money sooner under a 50/50 licence split, rather than later under a 51/49 PSA split. The GG will still get a royalty for oil and gas transported through the international pipelines, plus a possible 5% royalty depending upon the 5% RA from FRCC. FRR will have only lost the 5% RA (due to having to transfer the licence because of SH/O) and the Eastern parts of the Shallow Fields and Basin Edge, assuming that B-2-0 is correct (due to the arbitration). Also, as there's decades of extraction, these lost fields may never be produced by the SM's due to the move towards renewable energy. However, if they were owned by the GG (Eastern SF + BE), they could still bring in revenue from interested smaller O+G companies.

Posted by Blownitalready on the 23rd January :-

more political pressure
David Bakradze says letter sent to PM Giorgi Gakharia by four congressmen can not be hidden

David Bakradze, leader of the European Georgia party, says the letter sent to Prime Minister Giorgi Gakharia by four congressmen can not be hidden, as it will definitely be published by the American side.

Davit Bakradze noted that if the government attempts to keep the letter hidden, it will be illustration how the government of Georgia reacts to the criticism.

“This letter cannot be hidden. It will definitely be published by the American side. Any attempt to hide this letter is a senseless, primitive attempt to somehow conceal criticism. Just bankrupted regimes and not democratic authorities respond that way and hide critical letters,” Davit Bakradze said.

US Congressman Adam Kinzinger said that four US Congressman had sent a letter to Georgia’s Prime Minister Giorgi Gakharia. “Rep Kinzinger, Gerry Connolly, Rep Eliot Engel and Rep McCaul sent a letter to the Georgian PM with grave concerns over political targeting & a declining economic trend that spells trouble for Georgia’s path towards democratic reform & Western integration,” Adam Kinzinger has tweeted.

https://www.interpressnews.ge/en/article/105470-david-bakradze-says-letter-sent-to-pm-giorgi-gakharia-by-four-congressmen-can-not-be-hidden

Posted by Madpunter on the 23rd January :-

End Game
I stated quite a while ago that I thought the removal of SH/O's debt and the return of the 5% RA were both key the SM's signing a deal. Recent media and licensing suggest that FRWG has a 50/50 split of the licence, whereas when the licence was in FRCC it was 100% owned by FRCC, with the 51/49 split under the PSA after recovered sunk costs. B-2-0 also suggests that the Eastern portion of the Basin Edge and Shallow Fields have been lost to the GG in the compromise, hence the new Frontera Resources Western Georgia holding the 50/50 licence. If this is all true then when the 5% RA returns to the GG their 50/50 split of the 95% effectively increases to 52.45% of the 100% ( they will get 50% of Block 12 and an additional 5% after the sunk costs are recovered). Therefore, the arbitration could be over whether the 5% RA results in a royalty after a deal with the SM's or it just returns to the 50/50 mix after the liquidation of FRCC, as FRR has already given up the Eastern part of the Shallow Fields and Basin Edge, resulting in the GG refusing to increase the licence length. If this is now what is happening, it is last chance saloon for the Russian leaning Dream Party, hence the propaganda and the retaliatory political threats from over the pond. The Dream Party also have possible demonstrations by the Georgian people starting early next month if the political reforms aren't implemented in time for the spring elections. I think it was B-2-0 who posted 'cool heads will see sense'.

Posted by Blownitalready on the 23rd January :-

https://www.interpressnews.ge/en/article/105463-fm-zalkaliani-about-congressmens-letter-personal-contacts-is-much-more-important-than-latters

Posted by Tot on ii on the 23rd January :-

Ah…you beat me to it Eyeson as I was just scouring Facebook for snippets. It’s obviously gone on National TV now with archive footage from the official opening of the gas processing plant at MK. The guy from the GOGC is not a familiar face, but they did have a clear out a while back and he might be able to point to a predecessor as a scapegoat when push comes to shove.

Underneath the video Google translate offers the following translation:

"Georgian Oil and Gas Corporation (GOGC) involved in arbitration dispute - US energy company Frontera Oil and Gas Corporation demands $ 3.5 billion in compensation; :mega: For its part, Frontera Corporation is required to comply with the terms of its contract with the state and return 99% of its contractual territory to Georgia. # Oil # Gas # Fronta # Energy # Arbitrage # Energy Platform State Oil and Gas Agency "

The two stated positions are clearly extremes and it will be the role of the Arbitrators to see if they can meet in the middle or somewhere near it I guess, but the fact that it has got onto tv screens in Georgia means that there are no hiding places now neither for the politicians nor the bureaucrats. They will not want/be able to to cough up any large sum of money, so I suspect that FRR will get to hang on to a significant percentage of the block, provided it is able to to demonstrate that, together with a big name partner, it has the ability to develop the resources to their full potential. To do so will surely be dependent on the outcome of the court cases in Cali and Texas though imo.

ATB,
Tot