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mapp: you may find it doesn't take much time... ;)
StarRage: you are biting back at some of the posters who have abused you in the past, and are seemingly almost gloating in so doing. Given I was also subjected to some abhorrent abuse for just giving your views a fair hearing at the time (which they merited), I completely understand your hurt. However, imo there's nothing to seemingly gloat about. It now looks certain that many of us have lost a huge amount of money here and it is just so sad for us all. My personal opinion of the men who have done this to us won't get past the mediators but many will feel the same.
Is there anything we can do now? Probably not. But if anybody has any suggestions, let's try to speak as one voice.
Thanks for the clarification Looed.
WHamBoy: fair point, although not sure when they will have been made aware; maybe it was at the same time as us... As ever, on the whole we are left to speculate and ferret around for information.
Sorry Cayman Court!!!
Only just got up - apologies.
Good morning Looed
Thank you. Have you asked them about the seemingly fatal blow from the Georgian Court? To be honest anything else going on seems irrelevant now.
Looed
Can you please ask your contact how they are hoping to get the Company out of this seemingly hopeless position? ie the one where the liquidators have disposed of the asset.
Mole: many thanks as always for sharing your summary.
Is there any way back from this? It seems that the asset was lost to us in March. Presumably the board believe there must be some way out of it or they wouldn't still be fighting; but what is the possible way to get the asset back?
The message from the Company suggests they're aware of what the super sleuths are sharing on this bulletin board.
Dustin Aro.
I think something slow, lingering, painful, with no idea when it will end, or what that end will be, gradually sapping of all hope, with a constant fear you've been taken for a ride, would be more appropriate.
In the knowledge that in all likelihood the US cavalry will arrive too late as always.
Time to open the next bottle.
Johnnybebad where are you ;)?
Good afternoon all
The GOGC Interim Accounts for the 6m ended 30 June 2020 are now on the GOGC website. A quick review reveals no mention of Frontera.
The previous accounts (for the 12m ended 31 December 2019), had almost a page under Contingencies related to Frontera, which included the details and potential implications of the arbitration result, detailing tax and costs owing by Frontera to GOGC. It then stated that they were considering steps to enforce the award.
Interim Accounts are not audited and are less comprehensive than annual audited accounts, but there is no mention of any amount owing by Frontera or any steps to enforce anything. This could be as it is considered remote or maybe that they've dropped any action or they don't merit it worthy of mention in the accounts.
The annual accounts should be a lot more interesting and last year appeared on 21 May. It wouldn't be surprising if they were published later this year.
GLA
Correct.
But then as there was a "material breach" they were able to also claim the remaining 1%. But backed down when Uncle Sam thankfully started throwing his weight around.
DomFok: Frontera continually adopted this approach, which in the end paid dividends thankfully. But the arbitration ruling document was briefly available and was very damming and clear in its ruling. I still have it saved.
Aurora: to correct you, we actually lost the arbitration and then via breach lost the asset but got it back via political pressure.
Hopefully history will repeat itself....
Met him too in London.
How can these guys s h a f t people they have looked in the eye and shared a beer with? Beats me :(
Good morning all
Just to chuck in my two pennies worth:
It's really difficult to know what we should consider doing, if anything.
We have been treated absolutely abysmally as part owners of this company. There is, and never will be, an acceptable excuse for the way we have not been informed of anything.
It has been suggested that we pull together a fund for some legal advice. The Company is based in Houston. It has an incredibly intricate and big structure of subsidiaries based across at least three countries. It has court cases going on in California, Houston, Cayman Islands and Georgia. One of the subsidiaries has been liquidated and the liquidators are still working on the situation. If a lawyer exists who can advise us on such a complicated situation with any degree of certainty I would be amazed. The cost of such a person would probably be beyond our collective means. Then what would it achieve? The Company presumably has no funds and the only way we are ever going to get anything back is if the asset is monetarised. The lawyer won't do that. He/she will just cost us and the Company big bucks.
Then the investigative journalist idea. Hmmm ... why? What is that going to achieve? Yes, a great story for them, if they can be bothered to spend the necessary hours to get to the facts. I suspect all they would do would be write a load of inaccurate tosh that, at best, gives a (further) bad name to the Company. At worst it could scupper any miniscule hope that remains of any return.
If I felt either of these routes, or any other ideas, had a chance of getting us any return then I would support it. Unfortunately I'm afraid the right thing for us to do, is to do as Arsenal always says: "wait and see". The fiasco can't go on forever.
GLA
Thanks for sharing Bugsy.
Hopefully Ms Hajiyeva is aware of Frontera's existence. She certainly will be if she reads the other news stories on the GOGC news page ...
GLA
This just about sums you up.
Yesterday you were looking for sympathy claiming your boyfriend had Covid. Presumably a lie.
Tonight you are back to your normal reprehensible self getting pleasure from other folks' misfortune.
Despite things looking desperate here for all us innocent investors, at least we will sleep tonight with a clear conscience (look the word up in a dictionary). And we know the real meaning of friendship and sympathy.
GLA
Zeps: you're clearly on top of it. All the best.
Coggy: made me laugh out loud ... when I should be crying.
GLA
Apologies Zeps, if inappropriate advice, but depending on your age, and circumstances, sticking monies in your pension fund can be boosted, by HMRC, 25%.
Just saying in case you're unaware and have the opportunity.
All the best.