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Arsenal: indeed!
I can't make 7.30pm so it would be helpful if someone could share what happens on here please?
The Clerk of the court says it's been moved to 1.30 Houston time. So that's 7.30 here.
Nothing seems to be happening ...
Arsenal: 11am Houston is 5pm here.
Looed: as Mole states it's the GOGC non approval of the transfer of the asset FRUS that's the issue here. And if we do get round that then, as NJames states, FTI may look to undo it...
Good morning all
Please let's not reopen the Brexit debate on here. Let's keep the board for FRR related debate.
WHamBoy: Indeed. Perhaps Looed could make that point to his contact?
WHamBoy: you say we've put together a good team. This is a team led by SN, whose record doesn't bear scrutiny in the slightest ... it is a complete litany of consistent failure. But, Dustin was impressive in person, so hopefully the others are equally good and are pulling the strings.
The communication isn't acceptable tbh. Looed is owed immense credit for dragging it out of the company, but this mode of communication via a shareholder, is completely unethical and just not right. There will be many shareholders who don't read this board and so aren't receiving any communication, despite FSHG's best efforts.
I admire your optimism and desperately hope it doesn't prove to be misplaced but the fact, as far as we know, is that the Georgia asset is lost. For me, the only remaining positive, is that if that is the case, why are we still fighting? The worry is that given their history of blanket incompetence, it's not beyond the realms of possibility that they may not realise the asset has gone.
The fact we are all floundering in the dark wondering wtf is happening speaks volumes for the mismanagement of this company.
GLA
Ziggy: no side in the dispute could confirm it was genuine as they needed the permission of both sides to release it! But it was quite clear it was likely to be genuine as it was such a comprehensive document, as was argued by myself and others at the time.
Njames: the arbitration result was sleuthed out and revealed on here but the "Zaza can do no wrong" brigade on here disregarded it as fake.
Good morning all
Moldova?! And we claim to be "in the fourth year of its exploration works". I thought the Moldovans had said we weren't doing anything. And Zaza says we have no employees ... It would be great if we have been doing anything in Moldova to be honest given that it looks like Georgia is lost, but it seems highly unlikely given we have no money (except for lobbying it seems).
Thank you Ziggy.
So, having sold the asset (potentially incompetently for a pittance) in settlement of one creditor claim they're now going after the Directors to endeavour to find avenues to get all the creditors paid off. What a shambles ... as is the case with FRR with everything it seems.
Why are the liquidators commencing legal proceedings in the US against the Directors of FRC?
Ziggy/Zen: a liquidator's responsibility is to sell the asset at the best realisable price, so either they thought it was worth just $6m, or it is worth $6m, or they have carried out a dereliction of their duties.
Looed: many thanks for sharing this reassuring message.
It includes: "The company has an extensive and experienced legal team in the United States and Georgia that are focused on protecting the company's assets."
Surely the main area of concern is what has happened in the Cayman Islands; yet they don't mention any legal presence there?
Madp: how do you know he is a good lawyer? From his resume?
Why is he wasting his time: he isn't. Lawyers never "waste" time. Some mug always pays for it.
Why is he wasting his money: show me the evidence he is wasting HIS money. You can't. You will only find evidence of him making money. That's what lawyers do win or lose.
Get real mate.
Ziggy: agreed, but the GG have to approve the transfer....
Thank you both.
If we did by some miracle come out of this ridiculous catastrophe, of a self inflicted situation, with the asset intact then imo an potential investor wouldn't give a toss about the past if they think they could make a decent buck.
But the tragedy is that that situation seems extremely remote.
Thank you StarRage.
Forgive me if I have this wrong, but how can the 14 May hearing have any bearing on what has already happened in the Caymans in March? That was when the asset was lost wasn't it?
Since we have a few of the most knowledgeable posters tuning in this evening, can I ask if there's any potential path out of this mire for us all?
My thinking is that if the GG take back control could they, under the weight of political pressure from Uncle Sam, give the 1% back to us. Is that a conceivable, albeit improbable, way out.
Or can any of you think of any other possible scenarios that leave us shareholders with a possible lifeline?