Member Info for OLADAPO007

I suspect that once the case started , Hope could be viewed as being suspended. Being suspended means he can't actually vote on or veto anything(probably a wrong assertion). He tried to stop a loan during the Caymans case but Kawaley overruled him on that saying he had no right to do that. Were he still within his rights he could have vetoed those loans without Kawaley being able to stop him. I could be wrong SteveV .

Madpunter, the news is that Hope is basically trying to liquidate every single company in the group. If he really could get this done how would we be able to continue producing since he would ,by so doing be able to grab the one containing the asset?

Thanks Johnny.

In the absence of new information, what transpired at the Caymans should enable us to have a good idea of where this is heading. Hope had it good initially until Kawaley started seeing through his web of deceit . Although he didn't reverse himself based on his earlier judgement , he however did mention that FRR had a good chance of winning on appeal . FRR then seized on this and applied to terminate the case which the judge did( ''without prejudice'' : Don't know what this means legally but must add that some folks said it was to FRR's advantage. Hope's counsel I read some where tried to make FRR say that it's with prejudice , but they refused.) if we need to really understand what is going on, we need to refer to this state of affairs and ease off the daily pummelling some folks are visiting on ZA &SN for the time being. End of my early week rant for this week folks.

Frr probably don't have the finance in place to pay him off yet. The delisting allegedly caused by Hope's actions could lead to so much costs in damages that FRR would be able to deduct his costs from it and pay him his loan back if found guilty.

The fact that on some occasions he did mentioned being conflicted is imho gonna be a problem for him. If you are wearing the FRR cap, then you do FRR's business in an appropriate manner any other move contrary to that as a director could be problematic, a veto power does not mean doing things against the company. His greed made him accept the position without thinking it through.

The problem for Hope is that, if the fiduciary duties of a director are properly understood by folks who have to assist in judging this case then there is a great deal of hope for FRR. Zaza offering a loan and his comment of it affecting his personal interest does not augur well for the company and his directorship's fiduciary duties' compliance. Anyone saying Zaza shouldn't have asked for the loan to be given a seniority higher than Hope's is wrong can't be right.

The issue here is that the company needs finance , someone agrees to loan the company the finance and someone who is a director is particular about his personal intertest is a shocker. Somehow both directors appear to be considering their personal interests here but as the company is in dire need of finance Hope's action could be seen as a more material breach whose actions could easily have killed the company. Were he a non director with the attendant Fiduciary duties attached to such a role then he would be within his rights to say to Zaza what he said.

Chances are that Kawaley finally turning around is due to a full review of Hope's actions when he was able to fully digest them.

Knows how to Operate within the law? In court before kawaley for blocking finance and does the same while case was still ongoing?

YA forward sold shares hence the settlement they had to make with FRR. Whose were they dealing shares for? If Hope , then check mate! You don't trade company's shares in which you are a director with information only available to directors! Had he gotten his 500m shares that would have helped Hope further in this game.

Same reason that after he got accused of deliberately hindering finance , he tried to block further financing during the court case that Kawaley later let him know that he shouldn't be doing.

Garytrader, where did Hope resign from then?

Garytrader, this happens to be a default engineered by Hope because he blocked them from all sources of revenue using the veto power he had. His effort has '' Seize the assets'' written all over it. Remember he became a director of the company and as a result some of those moves ie of blocking finance constituted breaches of fiduciary duties. Had he just been a lender and not try running the company one way or the other then this fiduciary thing wouldn't come in. Did Zaza etc try to pay? Yes. Did anything unfair stop them from paying? Yes. Who caused the unfair circumstance to set in? Hope. Why? Because he wanted the assets of the company and wasn't interested in just recouping his money, just as he did at Madagascar oil. In the Caymans, the judge took all these into consideration and Hope started facing all sorts of downturn in the case once Kawaley had been able to fully analyse the facts.

The shocking thing was that while the case was going on, Hope was discovered to have blocked further attempts to raise funds to which kawaley objected to. Asked why he didn't allow Zaza to raise funds , he put it down to him having a superior judgement. Companies need cash to run, without the cash the company would die , he refused the cash infusement only because he was aiming for one disastrous result ie to seize the assets via a default. End of my little rant.

He couldn't have been suspended as he was still trying to block funding during the case in the Caymans. He probably knew he would be suspended hence his resignation.

Would the lawyers risk putting an illegal transaction document in front of a judge?

If the transfer was illegal, the judge would have said so rather than rely on it to not give a TRO.

The asset has moved to another FRR company so no need for the TRO to be granted as it is in safe territory. Hope , if he wins could start a new action to recover it assuming he gets awarded the asset, however he has the GG to contend with on this. Unless a sovereign nation waives its rights to be sued or be sue (not sure of this that well) there won't be a legal action to retrieve the asset from the GG if it goes that way.

Timster, they had cash. Remember the $5m Zaza brought in that Hope turned down in return for loaning them a lower amount but at a humongous rate of interest?

That was his strategy in Caymans and it worked initially before the judge saw through it. The 5% left in the company should imho be the gas worth of 202tcf *.05 = 10.1 tcf , recoverability of 70% makes it 7tcf. Problem now is that he won't be getting a free carry which makes it a problem for him. One more thing there is a bit of oil involved, dip stick should really be thinking of settling.

Hope being a director of the company put him in a conflict of interest situation imho. Had he stayed out as just a lender as opposed to being a director in the company then probably the fiduciary interest thing wouldn't come in. Correct me if I am wrong on this pls.

I suspect that they were banking on the fact that as a director of the company, he should accept the loan in the interest of the company as opposed to his personal interest . I believe I read that he turned down the loan and then offered them a similar amount of loan at around 18%interest ie against the company's interest but in his own interest and that is why the case was initiated. I might be wrong.

Thx for the clarification Njames.