Member Info for MontiBurns

Njames - just to be fair, SN doesnt personally owe this money, it was FRC, he just guaranteed it so that FRC could continue to fight for survival. On top of this, Mourant exercised their legal right by putting our company in to liquidation and look where that got us and all the other creditors. I am with SN on this, fcuk Mourant.

Phil, while I agree with you (and personally expect) that some important field, drilling data would have been withheld by FRR, especially noting the hostile, public spats that was there for all to see over many years..That said, that data would only be useful to the new incoming block 12 holder. Plus I don’t know how much that party would be prepared to pay given data is at least a decade old now. Anyway, we can only hope that SN is successful in getting the PSA moved to TXN.

As far as SN repaying his sister - I think the intention would be for everyone to be repaid and that would only happen if TXN is let back on B12. Deep down, I think they have figured out how to get this oil & gas out but need a long term production license.

Anyway, it would be nice to hear something back from SN, even if it is through back door. Jim Beam anyone? Or should it be Jim Slade? Cheers everyone.

The formal liquidation of FRC was a prerequisite for the phoenix to rise from ashes. Why? Well, firstly it removes complications from creditor and debt claims but also cancels shareholding from corrupt individuals like Zaza, Hope et al. However, the question remains whether the old loyal shareholders’ financial investments are going to be moved to TXN? Legally speaking, we have no recourse to TXN as this company was created after FRC was put in to administration.

The other important factor is whether the Georgian Govt is going to award a new ‘production’ PSA to TXN? Perhaps this will be dependent on SN being successful in stopping new legislation sanctioning Georgian Politicians. Nevertheless, if he successful in getting a new PSA, I honestly think that B12 is so valuable that there will be enough wealth to go around. As the famous adages goes, better to have a small slice of a big pie than a large slice of a small pie. If only Zaza had the same mindset.

What I am most intrigued about is why SN would continue to use old FRR corporate pictures (style) in plain site when really he should be keeping things under wrap if he had ambitions to take everything for himself. Here, I am a different opinion of Sn to most here. I do think he is good man, honorable but the circumstances he found himself in, made it difficult for him. He fought a long hard battle, funded the multiple legal cases, stood tall hen the chips were down. In the end, he has cut a few corners to keep this fire alive.

The day of reckoning is coming for us when we finally find out if we are onboard with him.

Just some thoughts on a crisp cold morning, while sipping some coffee.

Now the formality of dissolution has occurred, would it not be appropriate for SN to finally issue a statement to his beleaguered FRR shareholders? And in this statement, perhaps he could give some clarity in respect of TXN? Alternatively, we have to wait another 14-days (after the Court Order date) to hear anything from SN.

Anyway, with the dissolution concluded, we can say ‘so long to Hope, YA, Yellow Jersey, Zaza and any other creditor that was owed money to.’

To FRC, I can honestly say ‘goodbye but we hardly knew you’.

Interesting to read these types of news but somewhat perplexing at the same time. After years and years of hostilities between the GD Party and FRR/SN, resulting in us being dragged in to Arbitration Tribunal and losing our license, we are now helping each other. What to make of it all? Nevertheless, these types of news does demonstrate that there is still a pulse here albeit without us (prima facia). Anyway, once the liquidation of FRC is complete, the company would have jettisoned two of the most nefarious people to destroy this company. Number one Zaza, his shareholding of around 7% evaporates while Mr Hope’s CLNs should be nullified. Sure you could argue that SN is still on the hook via his PG but let’s see.

Anyway best to assume we are in the same boat as Hope and Zaza until there is some signal from our Guardian Angel.

Well lifeishard, during the ‘dot com’ bubble in the early 2000s, qxl (abbreviation for quick sell), was the first e-auction website for the UK. It tried to replicate the success of ebay being the only UK internet auction site. Needless to say, qxl valuation during this hyper-period, qxl reached the dizzy height of FTSE100 with share price reaching over £9. I watched from distance but never dipped my toes. Like most new tech companies, qxl was loss making. It even acquired Germany’s largest auction side named Ricardo. Anyway to cut a long story, the subsequent tech bubble burst, gradually brought down qxl price from pounds to Pennie’s. And from Pennie’s to sub-penny. The lowest is reached (from memory) was 0.2p. But good old Bobsworths, continued buying all the way down thinking it couldn’t go lower. This chap posted his buys on ii bb and was incessantly ridiculed. Qxl was acquired and was actually involved in a bidding battle. I think it was eventually acquired for around 20p per share.

It was a long time ago but Bobsworth in the end came out very well. I only wish a similar outcome for you. Keep your chin up and may the force always be with you. HNY to you.

Lifeishard- you remind me of Bobsworth and qxl from ii Board many many years ago. I wish you the same here.

Firstly, a very Merry, happy and healthy Christmas to all here. Unfortunately, this festive period will forever be a tainted time, following the resignation of the NOMAD leading to suspension of our shares in Dec 2018. But only a few months earlier, it was looking so good with new share fundraising and to start a new 4 drilling campaign in the Taribani field.

There is no doubt that Nicandros demonstrated some very poor judgment with Zaza and operational planning. Against this you could argue a number of nefarious forces were at work against us, which culminated in our current situation. These forces included the GG, Hope and Zaza. There was also some rumors at that time, that Nicandros had fallen ill and therefore took his eye off the ball, thus handing over the management control to Zaza. But let’s admit there was lots of dishonesty too during these shareholder meetings with Zaza in the Big Smoke and on the outcome on the Tribunal decision. But who was the big liar, Zaza or Nicandros? Nevertheless, when you put all the facts together, then it was the loyal shareholders were treated very badly and shafted.

Like ODR - I was all in FRR. But now I have to agree (hope?) that Nicandros does come out of Georgia with success: for himself, his sister and for us. The fact we continue to get open public press releases like the letter from Nicandros regarding TXN or the fact he is now lobbying on behalf of the GG, is a good sign albeit legally non-binding.

Thank you to the usual suspects for their research and sharing this us during 2025.

Wishing everyone a healthy and prosperous 2026.

A Vicar with no Xmas spirit…….bah humbug

Interesting choice of words by Steve’s sister, Vicky “…… loans to his perpetually insolvent company”. That got a little giggle out of me, perpetually insolvent. Well, this observation was debated at length by investors on these BBs especially after the release of audited accounts. And to be fair, this always troubled me - losses year after year. I recall during my early banking days, this phrase was always drilled in to me by my seniors : Turnover is vanity, profit is sanity but cash is king. But in FRR’s case, our fallback was that our company was in the business of proving up the oil, selling the field and moving on to the next adventure. A loss-making company will always be at the mercy of debtors or investors. The losses have to be funded from somewhere in our case, we ultimately under up with the death-spiraling facility (SEDA) from YA Associates.

Anyway, that’s history now, but the other underlying takeaway is that Steve indeed put his (and family’s wealth) in to FRR. Directors commitment is a big reassuring factor. Going forward and indeed if FRR were to resurrect from the ashes in the form of TXN, will the poor retail investors left behind as SN seems to have secured his own position/investment? We will find out in due time, no doubt…

Looed - I/we have appreciated your timely updates on FRC, so thank you for continuing to do this so dutiful. Also,  perhaps sometimes this effort may not have been acknowledged as it should have been. Anyway, it seems we are nearing the foreclosure on FRC/FRR chapter so an opportune time to say this.

Now as far as the relationship between Nicandros and the Georgian Dream is concerned, I must confess that I thought  ‘hell would freeze’ before these parties reconciled their differences given the years and years of public fighting. But here we are, and it now appears (from where I am sitting) that indeed hell has become 'lapland'.

Where do we stand? Yes, while you are technically correct that there is no reference in Nicandos' letter to our previous company, it's shareholders or creditors, we can only hope that he has a conscience and keeps the plight of its considerably poor shareholders in mind. But if you were to ask me what do I think, I don't think so, but then again, I never thought hell would frozen over (LoL). 

So, when do we find out where we stand with respect to TXN and restart of operations in Georgia? First I think we need a formal/legal notification on the dissolution of FRC. Perhaps shortly after that,  we may hear that the Georgian Govt has granted a new PSA to TXN over B12. The news that Nicandros is trying to extinguish $15m debt to the Georgian Govt could could be related to the Tribunal Costs which may be offset against the previous cost recovery pool. I don't envisage the Georgian Govt allowing the transfer of the remaining recovery pool to TXN and perhaps this is a trade off of issuing a new PSA on B12. 

Anyway just some thoughts on recent news bits, for ya'all to chew over breakfast. 

ATB

If TXN is a separate legal entity and unconnected to the FRC liquidation, then the question is why publicly release a news article to the world that TXN has been operating in Georgia for many years and looking to go back? I mean if you wanted to screw over loyal shareholders, then surely you would keep low profile. And also recall, there was some news about Mssr Nicandros assisting the Georgian/GD Party to smooth over/placate US Lawmakers. All very strange but morbidly positive……???

Https://www.bbc.co.uk/news/articles/cn0jwnykl10o

I can’t see SN getting out of this one because Mourant are claiming against his personal guarantee and not against the company. Yes, it’s true that FRC assets (if any) are being managed by Deloitte but that is for the benefit of all unsecured creditors. Against this, I do agree that Mourant complicated our financial affairs through the forced administration of FRC. Had they been more patient, perhaps there was probably a way out for all of us including the creditors. I guess Mourant perhaps wanted to show how big they’re legal balls in the Caymans. Poor SN, one leg being pulled by his sister and the other by the lawyers.

Tsbs - I think this latest episode with his sibling is another example that SN had put everything in to FRR, including the family’s fortune. Unfortunately, he (and by default us), became a cropper with first a pro-Russian Govt coming to power, followed by Hope acquiring deeply discounted CLNs and then ZM’s appointment as CEO who was both a deceptive and fraudulent character. With all that said, SN’s sheer incompetence on operational/field planning and with poor recruitment was just as detrimental.

More twists and turns here than the spaghetti junction and (on reflection) I guess Mr & Mrs Nicandros Seniors are probably turning in their graves with this legal spat between the kids. But should we not just wait to hear the other side of the story before jumping to any conclusions? Plus if you read the plaintiffs petition, it is basically saving that Steve used the money to invest in FRR. And over the years, one of the big reasons why we hung around FRR was due to Directors financial stakes & commitments through not taking a salary, extending personal loans via RPNs, and giving their PGs to certain Creditors. So, evidently, Steve was all in FRR and he certainly put his ‘money where his mouth was’ over the years.

Also in Vicky’s petition she references that the money was diverted from the Trusts and invested in to FRR, so perhaps she was consulted or informed otherwise how does she know this? Plus, she says that Frontera filed for bankruptcy in 2016, but I don’t recall this event happening.

Anyway, whatever the case, seems like a long standing dispute between the siblings. And perhaps if FRR came good, Steve would have taken care of his sister. But now we are all in the same sinking boat as Steve, Vicky, ZM and the rest of the creditors.

Yes, that is correct Aurora. Once an official liquidator is appointed, shareholder have no control over the company’s/‘group assets or subs. The liquidator is mandated to systematically review the books, record assets and liabilities and discharge liabilities if surplus assets are available in accordance with creditor ranking (top being employees and HMRC). Shareholders are the last to receive anything (if any thing is available). We also discussed that upon the appointment of liquidators, Directors are required to resign immediately and should not communicate with Shareholders.

Confusion arose because we were told that we did not own FRUS even though it is 100% sub of FRC, but now seemingly having its own Board, governance and control. However, going forward, once FRC dissolves and vanishes as a legal entity, who then becomes the shareholder of FRUS? Remember, Board reports to the Company’s Board and the Board is accountable to the shareholders. This is basic company law. So again with FRC being extinguished as a legal entity, who will own FRUS.

My inner hope (for all shareholders concerned) is that it is being kept on the books because there is still a chance that the Georgian PSA can be renewed through some ‘behind the scenes’ US Political pressure given the new MAGA Administration in the White House.

So Aurora, should we not try to find out what will happen to FRUS post FRC imminent demise? No tantrums please, just straight thoughts.

Looed, Appreciate your continued efforts to provide information ‘in good faith’. Yes, it is clear that FRUS is a subsidiary of FRC and according to Deloitte is has no value. No one is disputing this statement (yet).

What i have an issue is with your other comments that we, the shareholders, in FRC, somehow are not the owners of FRUS. This is an inaccurate statement because everything FRC owns (directly and indirectly), we own. I am not sure why you are trying distance us from FRUS by saying, ‘guys you are only shareholders in FRC’, so don’t concern yourself with FRUS’. Well, this is how it is coming across. This is your exact comment ‘…….. In this case, FRC is the legal owner of FRUS, as its wholly owned subsidiary. Your ownership of shares in FRC is separate and distinct from FRC’s ownership of FRUS or any other assets.

In other words, when you hold shares in FRC, you own a direct stake in FRC, you have no direct ownership of FRC + FRUS as no such structure exists.’

With respect Looed, you are not an official, qualified or an appointed person to make such a far reaching comment but perhaps Deloitte can cover this point off in their next statement to stakeholders.

That leads me to my final observation, if FRUS is not going to be liquidated, then in due time, it will be struck off the companies registrar for non-compliance. Is this Deloitte intention? Perhaps you can add this to your ‘to do list’ from me.

As always, with gratitude and appreciation.

Well Looed, I have sent a number of emails to Deloitte previously but got the usual spill that they will only communicate in one shot to all stakeholders while they are responding to you personally. Again, I am grateful that there is a channel of communication between you and them and hence, I requested if you could ‘plz’ check with them to see if FRUS ownership had been transferred to another party, particularly if this company was going to operate ‘independently with its own Board, governance and control’. Not a big deal, you can just decline the request.

In your recents posts, it’s coming across as there’s no assets and no value left in FRR and therefore we should now be ready to ‘lay the ghost’.

I am still unclear who will own the shares of FRUS once FRC is dissolved, especially as you have mentioned in a previous post that FRUS will continue to operate independently with its own Board, governance and controls. Whoever provided you with the latest update from Deloitte, can you please ask them if FRUS shares have been transferred to a new owner and if so, who that party is. Transaction value was probably minimal as Deloitte confirmed zero assets/cash in FRUS.

But to me it seems strange to having a legally defunct non-existent parent unless some legal agreements have already struck between FRC, Deloitte, FRC and new owner, post FRC imminent dissolution.

I also dont agree with this statement …’In other words, when you hold shares in FRC, you own a direct stake in FRC, you have no direct ownership of FRC + FRUS as no such structure exists.’

As direct shareholders in FRC, all assets, whether physical, financial or subsidiaries that are owned by FRC, belong to FRC shareholders. When there is a big sale of assets or subsidiaries, shareholders of the parent/PLC are consulted and/or approval requested. So, as it stands we do own FRUS through FRC.

Your recent posts give me the impression that you are providing cover for SN to silently transfer FRUS to a new owner which was tsbs’s and others greatest fear. Your thoughts please…