RE: Wow!!13 Oct 2020 22:58
Symore_Bottoms
4h
Heres the link to that press release from Outrider and I have to say I had a little chuckle when I read it. Why? Well, it does show Outrider is suffering, just a much as us the shareholders. COVID plus massive decline in oil prices has really hit the O&G sector and asset values. Add to that, legal costs Outrider has racked up over the past 2 years, perusing FRR in Caymans, California, NY and Texas. After all his legal actions, he is now pleading to the Georgian Govt to help him out by awarding B12 to him. He goes even further by requesting that any new owner of the block to repay Outrider. What a kant. Had he just been a little patient and supportive of FRR, perhaps a different outcome could have been achieved.
Couple of other observations, he says he owed $35m which means the default that occurred back in Oct2020, all interest on CLNs ceased and it appears the GG did not cancel the PSA.
Still lots of questions but may be more clarity after the eGeorgian elections are done on 31 Oct.