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Always has; I well remember a shareholders' meeting in 2010/11 where he no-showed.
Not sure if the individual that responded to you was SN but those words and sentences sound exactly how he used to write. So even if not him responding, he wrote them. They sound similar to what was given to another poster, possibly Looed, a year or so ago. I.e., "continuing to advance constructive change", "context of legal proceedings", etc.
SN is a very rich man thanks to his dad. Even though he has squandered several small fortunes on FRR and keeping it afloat, he can afford to play the long game and live comfortably. If it pans out, great, if not, it was a nice pastime for him. I do believe he did not see ZM betraying him/the company like he did. That had to cut very deeply as he is loyal and expects loyalty in return.
SN is not a criminal like ZM, but his statements and the truth seem to be on divergent paths.
MP, no worries. I just take every opportunity I can to push back against the prevailing "climate change" narrative, which is so obviously contrived and exploited. The article about the windfall tax and new production is quite interesting.
"Lock in global heating" -- what hogwash. Predictions based on math models with 100s if not thousands of variables and inputs, and which never prove correct and are continually pushed out decades when the predicted outcome doesn't materialize. Whenever "science" is not subject to question, and is instead treated as religious dogma, question it.
What if they are greatly exaggerated? The estimates they have are "resources" which are very far from bankable reserves. There's a reason no major ever came in despite several having taken a look at the data.
Oh,, and Luis G.
Last data point was Steve N., Zaza (now gone) and the lobbyist. Doesn't sound like a group too focused on oil and gas extraction. No Aro.
Who is the new management team besides Steve N.? Meet the new boss, same as the old boss.
Rubbish.
The main asset may yet be returned to Hope via the Cayman Liquidation, if it is succeeded in keeping it out of the hands of Green Capital, which appears to be the case. So the road to any resolution still lies through Hope. Any leverage the company has over Hope is the fiduciary case, which is weak, and ability to operate in country, which is somewhat dubious.
Dear Judge Wiles,
Holland & Knight represents David Griffin and Andrew Morris, the duly appointed joint
official liquidators and foreign representatives (together, the “JOLs”) of Frontera Resources
Caucasus Corp. (in Official Liquidation) (“FRCC”), in liquidation under the supervision of the
Grand Court of the Cayman Islands (the “Grand Court”), Cause No. FSD 138 of 2019 (IKJ) (the
“Cayman Liquidation”) in the above-referenced case.
Most recent doc filed:
We write in response to the Court’s request for a status report concerning the JOLs’ efforts
in furtherance of the Cayman Liquidation and the orderly wind down of FRCC. Since Your Honor
issued the Order Granting Recognition and Relief in Aid of A Foreign Main Proceeding on January
17, 2020, the Cayman Court appointed the JOLs as the foreign representatives and joint officially
liquidators of both Frontera International Corporation (“FIC”) and Frontera Resources Georgia
Corporation (“FRGC”) on December 21, 2020 and January 13, 2021, respectively. FIC is FRCC’s
parent company. FRGC is a subsidiary of FRCC.
On August 20, 2021, the FIC and FRGC commenced an action in the District Court of
Harris County, Texas, captioned Frontera Int’l Corp., et ano. v. Nicandros, et ano, Case No. 2021-
5529 (the “Texas Proceeding”). In the Texas Proceeding, FIC and FRGC broadly allege that their
former officers and directors Stephen Nicandros and Zaza Mamulaishvili breached their fiduciary
duties by approving transactions that violated lending agreements and failing to supervise and
conserve the assets of FIC and FRGC. The Texas Proceeding is in its nascent stage and the parties
are awaiting an initial case management order. The JOLs are monitoring the Texas Proceeding in
the event that the interests of FRCC become implicated.
Ancient history. What might have been ...
Note, new company address, a couple miles west of the old. Also note no mention of any specific assets.
Linsenmayer got run off from Taylor English for allowing FRC to run up over $2 million in fees without collection. He may be a great lawyer, but a businessman he's not.
I think they will seek more than that. They accuse ZM and SN of destroying the enterprise value of the whole company, making it impossible for the liquidators to realize any value in a sale to pay off creditors. Hope has a $40 million claim, if they can show the value destruction was $40+ million they could claim that much or more.
On the basis that the transfer to FRUS was done to try to avoid the creditors (i.e., Hope and other noteholders), and was done for questionable consideration in relation to the supposed value of the asset.
They also state that they were misled about the Green transaction and that it was clearly not properly approved or even known by Board of FRC (this is one of the areas where they are implicating ZM rather than the Board generally).