Member Info for OLADAPO007

He blocked all our sources of finance. Wrong for a director to be doing.

You could be right. This is legal manoeuvring . The offer they are making him though could be potentially worth more than his loan, but what he really wants are all the assets the company possesses. The 5% left for him would probably have an element of free carry attached to it. There probably is a buyer for that 5% already.

There is an obligation to pay interest on the notes. We have with his consent avoided paying the interest for two years . Time to pay, he has basically made payment difficult by blocking the access to finance to so do. Now where he might have a problem is injecting himself as director (with the attendant fiduciary duties expected of him: foolish decision probably based on greed. Zaza and the others might have rubbed their hands with glee when he made that choice meaning he deprived himself of the chance to put real pressure on the company to pay him without such pressure smacking of self interest this in front of another judge could basically slaughter him . He could argue that deferring the interest payments on two occasions is his way of helping the company, he actually did something against the company by providing insider info to predators trying to buy us out(allegedly) for 5p a share.

This whole case could end with Hope getting nothing if a decent judge were to fully consider the fiduciary angle because his actions in this regard weren't something a director should be contemplating talk less of carrying out. Somehow having realised how silly his actions were , he finally resigned from the company , he shouldn't have been on the board in the first place but he joined hoping he could take the asset by actively ensuring a default. . Looks like the GG allowed the asset transfer as alluded to by an earlier poster or how could the PSA be moved without a tinge of illegality?

The 5% left if properly valued would probably mean he gets a fraction of it ie not everything . In his own interest he should just accept his fraction of that 5% as it would ultimately grow big time and not get greedy, he could at least then tell his shareholders that he has managed to get them into an investment opportunity that dreams are made of .

The recent insane price Occidental and Chevron are offering to pay for the acquisition of Anadarko's assets which really are a fraction of this puts Hope's greed in perspective. Let's pray and Hope that we ultimately win this titanic battle. End of my little rant folks from a great pub on my new made in China Honor phone :).

You are right Zen. The issue here now is that OMF going about saying that FRR are suing the wrong subsidiary is a bit strange as FRR would definitely still have details of the loan notes. Most likely they sued based on the details of the loan notes. Hope has probably move the loan notes without telling FRR(Who knows?) into another subsidiary. In order to avoid getting outdone , I believe FRR then moving the assets around. The only reason Hope has probably engaged in hi latest action is probably due to the fact that he probably lost in the Caymans and if the verdict were to be repeated in the American courts , it might really be devastating for him. If he has seized control of FRR like we are being led to believe then he would be seizing an assetless company which he would be welcome to. They both are playing games and if simple common sense were to be applied here, Hope might be getting up to a bit of deceptive shenanigan.

Hope's lawyers aren't mentioning what the judge said regarding the deceit perpetrated by Hope on him.

Having had a read of what Hope's lawyers are taking to the Cali case, it does appear that the part where the judge slated Hope for making him come up with wrong judgement has been totally ignored. In that judgement in which he refused to reverse himself, he did say that on appeal that FRR would probably do well ie having now seen all the evidence and taking Hope's hiding of the facts into consideration. IMHO going forward the case would probably start by FRR presenting this evidence to the Cali judge and he would definitely see all the attempts Hope made in order to hoodwink the judge. If the same case is being presented as Hope's lawyers have indicated FRR would be better prepared and put their arguments in the right order this time. Somehow , given the facts as seen so far, imho FRR are going to court to get a judgement that would right the wrongs of the previous case ie in terms of Hope hoodwinking the judge and getting a fair settlement for themselves. The Green Capital issue is something else to look into.

For us to have been able to dictate terms to YA without resorting to a court case and exact terms that we did, there probably exists some undertaking that they would also back us in court or why have we let them off so lightly?

He hoodwinked Kawaley and almost got away with it in the face of glaring evidence, don't think he won't have new methods to use against Seeberg. The guy probably uses hypnosis on the judges , because given the evidence of his failure in the area of fiduciary duties I thought it was a slam dunk that he would be guilty but what do we get Kawaley found for him initially .

In this case confusing the judge by Hope , based on papers from the previous case might prove a bit difficult. He has that record against him already which would be brought to this case and details of his effort to block financing even during the case.

As pointed out , there has been no settlement in the Caymans and on this basis Hope has applied to have the assets forfeited to him, in a premptive move, FRR has gone to court in LA to prevent that from happening. Also they would be presenting all the information in court which Kawaley said that , had they been presented earlier , his earlier court judgement would have been different. On looking at what happened in the Caymans, all the setting aside of corporate governance rules by Hope ie in providing inside info to aid a takeover , preventing alternative finance etc which somehow he got away with in the Caymans could prove problematic for him in an American court(imho). As a Director of the company he worked hard against FRR's interests in a position that Kawaley said'' as a director for the bondholders' interests''. Even if he worked as a Director for the bondholders' interests , sharing of insider information with predators could never be legally right and over here in the UK such an action could get one a spell in prison and probably in America too.

The company in terms of value has a lot going for it the quoted $60b as mentioned by Tsbs could even be an under valuation when pitched beside what Occidental and Chevron are battling to pay for Anardako. Yesterday or so Occidental was offering to pay $76b. The inherent value is what is stopping Hope to go for a deal. Both parties in this case have actually been naughty but Hope's sharing of insider info is one that would almost likely guarantee a spell in a single room accommodation paid for by the government of Mr Trump.

If the case were to go badly for him a huge fine also could be introduced into the mix the $56m touted by FRR could also become a reality, a close look regarding the happenings here portray Hope as someone who is so blinded by the riches here that he is forgetting his law breaking manoeuvres . OOCS probably is not taking place because of his greed.

The idea of keeping everyone in the dark is unfathomable.

Joe Arpaio the inventor of men's pink undies is no longer in the employ of the Arizona Prison Board. He got kicked out, even got convicted of an offence before Donald Tango came to his rescue. Those of you expecting to see Hope in pink undies should blame Zaza and SN for not bringing this case much earlier :).

No Bugsy. Arpaio has left so the pink undies apply no more :). There is a limit to Hope's humiliation based on that. I know the guy has offended everyone but please , we don't want him undergoing the humiliation of a pink underwear. Let's keep this respectful :)

Giving inside info to predators has gotta qualify as interference imho. That aside, attempting to block a loan that should in all intents and purposes help the co survive ie via a method of confusing the judge is also a bit of interference ie he tried to swerve the judge in the process, this could also be fraudulent or imho is fraudulent. Then the killer allegation of allegedly conniving with YA to short our shares is a bad deballing offence which imho should be a jail going one. Call me an over the top optimist, but one of these things should really kill Hope in the case.

Pre or Post consolidation?

It took Hope a while to get his defence in because he knew straight away that he was fighting a lost cause. That is what is now playing out.

Thanks AJamesW. Was a bit worried. Hope it appears does not want to get paid he just wants the asset. Those secret injunctions he tried to take out look really bad and paint him in bad light. He wants FRR starved of cash so paying him back would just be too difficult or why is he getting injunctions to ensure they can't borrow money to pay him back? The guy is one hell of a devious being.

Arsenal, I hope I am making a wrong assertion here . I am of the opinion that the Moldova asset is under the same ownership structure as the Georgian one. If Zaza and co lose the case won't they also be giving up the Moldovan asset too?

Chances of corrupt guys within the GG? I believe the judge is aware of his intentions and he takes quite a dim view of them.

His reason for the injunction is perfectly straight forward, he wants to deprive FRR of cash so that he couldn't ultimately be bought out. Such an action not declared to the opposing party is definitely material . He is a loan giver without the chance to participate in equity , what he now wants to do having seen where the company is going is to ensure that there is no money to pay him back so that he might be in a position to seize the asset. Had it been in the normal course of business before he got taken to court he would have just vetoed such a loan, something according to Zen that he couldn't probably do now that Kawaley is on the case.