Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
A derivative action permits a minority shareholder, as representative of all of the other shareholders, to institute proceedings on behalf of the Company in an attempt to address a wrong.
The irony of Zaza now bringing a claim on our behalf is surreal!!! Couldn't make it up.
I don't know the US position but the chance of this claim succeeeding here would be slim and slim has just left town.
Thanks Star - much appreciated. Some bedtime reading!!!
Oh and the petition is before Kawaley again this Monday. Doesn't look like we are represented
https://www.judicial.ky/wp-content/uploads/courts/grand-court/GrandCourtCauseListwc21stDecember2020-Final.pdf
Looks like there was also a petition for a supervision order on 18 December 2020 by the liquidators in Cayman as well - access to the winding up petition and the petition for the supervision order can be accessed from the Cayman courts and I know some have access to it
https://judicial.ky/court_search/
Not sure if this has been discussed before or if anyone has accessed it or has access to it:
Outrider Master Fund LP v. Frontera International Corporation: Winding up Petition - 1 December 2020
https://www.offshorealert.com/GetDocument.aspx?id=64178
It means YA can’t enforce the English default judgement in the US until the UK courts determine Frontera’s application to set aside the default judgement. There is some argument about what the uk proceedings mean. It’s a stay of execution and a small legal victory for the time being but may have more significant meaning in the overall restructuring. - who knows!!!
Not sure I could have taken it anyway!! Oh good, more litigation to potentially look forward to!!!
PSRM deputies will begin the procedure for canceling the contract signed by Philip's government, according to which the American company received the exclusive right to explore oil and gas fields in 40% of the territory of Moldova. This was stated by socialist Radu Mudryak during a press briefing.
https://mk.kn.md/politics/2020/12/04/psrm-trebuet-otmenit-taynoe-soglashenie-s-kompaniey-iz-ssha.html
Naftogaz allowed to use offshore gas fields without an auction
[14:30 November 25, 2020]
The Cabinet of Ministers allowed to transfer to NJSC Naftogaz Ukrainy without holding an auction permits for gas production on the shelf of Ukraine for a period of 30 years.
According to BusinessCensor , the corresponding decision was made at a meeting of the Cabinet of Ministers on Wednesday, November 25.
As the Minister of Environmental Protection and Natural Resources Roman Abramovsky explained, the decision proposed to amend the procedure for granting special permits for the use of subsoil.
“The draft resolution provides for the possibility of obtaining a special permit for the use of oil and gas resources on the continental shelf within the exclusive economic zone of Ukraine, which will allow increasing its own natural gas production, creating new jobs and filling both local and state budgets, without an auction. ”, - said the minister.
“The main thing is that the state-owned company will be able to start developing deposits immediately after the adoption of the act and the passage of the relevant procedures,” added Abramovsky.
At the same time, the minister admitted that in the future Naftogaz will attract private companies to the development of these fields.
In turn, Finance Minister Sergei Marchenko noted that he would abstain from voting for this draft resolution, since its adoption would lead to a lack of funds in the state budget from the collection for the sale of special permits.
According to the explanatory note to the document, the predicted and promising shelf resources in the western part of the Black Sea, according to various estimates, amount to 1-2 trillion cubic meters of gas and more than 1 trillion tons of oil with gas condensate, with the ability to produce about 10 billion cubic meters of gas annually.
As reported, the Cabinet of Ministers in September 2019 canceled the resolution on the results of the tender on the terms of a production sharing agreement (PSA) for the Dolphin shelf area. The winner was the Trident Black Sea company.
Four companies applied for participation: the American Trident Acquisitions Corp, the American Frontera Resources Corporation, which owns the initiative to develop the Dolphin block under the PSA, controlled by the State Oil Company of the Azerbaijan Republic (SOCAR) Caspian Drilling International Ltd. and one of the largest private gas production companies in Ukraine, Ukrnaftoburinnya.
In December of the same year, the head of the State Service of Geology and Subsoil Resources Roman Opimakh announced that a new tender for the production of hydrocarbons on the Black Sea shelf could be announced in March 2020.
And at the beginning of 2020, President Volodymyr Zelenskyy called on American businesses to participate in the competition for the development of the Black Sea shelf.
Earsbern - thank you for posting the update of change in attorneys. Interesting.
Gotreal - good question I think we all want the answer too. Haynes are a heavyweight firm and the hourly rate is at the top end. They will also require a hefty chunk of money on account as given FRRs history there is no way they will be caught short. I can't see this being taken on a contingency fee basis as for me personally the case looks weak (based on previous comments in judgments). Where is the finance coming from?
The move to Haynes may also be a change in strategy. Zaza may have been directing the litigation previously but going by his lack of TV appearances recently discussing Frontera and his Facebook posts as well as confirmation from the court documents that he is no longer a director , it increasingly looks like he has been sidelined. Add to that the return to Active status of some of the Texas companies and the striking off of the Cayman companies apparently being halted, then it looks like someone belatedly wants to start to get a handle of the company affairs. I know historically ConocoPhillips are a key client of Haynes and I suspect Steve may be going to a firm that his later father trusted.
Njames - I followed up with a contact I have at the RCJ and the YA claim was issued in the Commerical Court. Interestingly, to date no defence or acknowledgement of service has been filed so I can't access details of th claim until this is done. As things stand, default judgement still stands and YA I suspect will continue to seek enforcement in the US.
Mad this was also posted by Zaza today about the impending Pompey visit
Yesterday, quite unexpectedly US Secretary of State said that moving to the second term of the Trump administration will be painless.... and I'll go to Georgia too...
Next week he will arrive in France and Turkey. These countries have been fighting hard lately, ending with islam from natural gas.
Before he leaves for peaceful negotiations in the Middle East, he will come to us to close the flag and once again, Georgia's 85 % pro-Western population fighting for free and fair elections and also to show the rest of the world, supporting Georgia's better future.
When Mrs. Salome is excited to meet the return of Russian army to Azerbaijan and the Kremlin strategy to follow the west from Caucasus. When two dream prime ministers didn't even go to America and when a lot of people protest our crazy everyday life, it means a lot! Good news is coming!
P. P. S S Democrats are getting ready to enter the White House and already here hear the names of Georgian friends who will be in the new administration.
Thank you Njanes - that is very helpful. Any pieces of information we can get hold of, as you kindly did, are extremely valuable and much appreciated. Setting aside default judgment on the basis of lack of service (essentially a technicality) is a decent way to proceed. Just means that we may not get many new nuggets of information. However, if the proceedings continue then we will be able to access statements of case in the future. Thanks again.
Njames - than you very much for posting this. Very helpful and much appreciated. Do you happen to know the claim number and can I also ask how you found out about how the application Notice was filed? Was it from the court register?
Setting aside default judgment is not a given but in my experience (having done it a number of times) is possible (although delay may be an issue in this case). The test is
(1) In any other case, the court may set aside(GL) or vary a judgment entered under Part 12 if –
(a) the defendant has a real prospect of successfully defending the claim; or
(b) it appears to the court that there is some other good reason why –
(i) the judgment should be set aside or varied; or
(ii) the defendant should be allowed to defend the claim.
(2) In considering whether to set aside(GL) or vary a judgment entered under Part 12, the matters to which the court must have regard include whether the person seeking to set aside the judgment made an application to do so promptly.
The interesting thing is that the application is likely (unless a party objects and the court agrees) to be heard in open court and so we may learn the basis for defending the claim and the reason for delay. Keep an eye on the QBD cause list for listing:
https://www.justice.gov.uk/courts/court-lists/list-queens-bench
In these times, the court are allowing the public to join via Microsoft teams so I guess if this is the case then there will be a record attendance for an application notice. Of course it is open for YA to consent to the judgement being set aside so there is no hearing but I doubt that will happen.
Every person's desire to be happy and that's why they even move to this daily.
The choice of government is one of the manifestations of speeding towards happiness. When you choose a group of people that you think will create a better environment to better implement your plans, achieve your goal, fulfill your dreams and be happy.
Taking away the right to choose, better life or happiness is not only injustice, but also great cruelty.
Last day was yesterday - companies struck off as of 30 October
Proceedings against Outrider presumably fall away (they would in English law) as of today as well - legal entities bringing the claim have been struck off
10bn minus $2800!!!!
Nicholas V. Taylor's campaign committee refunds $2,800 to Steve Nicandros
Oct 19, 2020
The campaign committee of Republican Party candidate Nicholas V. Taylor, Van Taylor Campaign, refunded $2,800 to Steve Nicandros on June 26, according to the Federal Election Commission (FEC).
According to the FEC data, the following reason was listed for the refunded expenditure: 'Contribution to political committees (other than Super PACs and Hybrid PACs) from an individual, partnership or limited liability company'.
Van Taylor Campaign refunded $127,172 total since January 1.
The following table lists all refunds the committee made in June.
Committee Refunds in June
DATE DONOR AMOUNT
June 30 Lawrence Patrick Lobb Sr. $4,400
June 26 Steve Nicandros $2,800
June 30 Karen Scharbauer $2,800
June 30 Frank Zaccanelli $2,800
June 1 Daniel Hunt $2,200
June 30 Mona Bailey $1,000
June 20 Carol Mcfadden $2
Doesn't look like a deal with Outrider
Frontera Resources Statement Regarding Outrider Management's Alleged Tortious Interference In Georgia
NEWS PROVIDED BY
Frontera Resources
Oct 16, 2020, 16:21 ET
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HOUSTON, Oct. 16, 2020 /PRNewswire/ -- Frontera Resources Corporation, a Houston, Texas based international oil and gas exploration and production company, today announced that, on October 13th, Outrider Management LLC issued a public statement making numerous false claims as to Frontera's business in the country of Georgia, its intent to interfere with it, as well as its purported ownership in Frontera Resources Corporation.
Frontera alleges that the statement issued by Outrider is patently false, intended to damage Frontera and its shareholders and amounts to blatant tortious interference. Accordingly, Frontera has taken action in response to this inappropriate and predatory behavior.
In 2011, Outrider's Cayman Islands based investment fund purchased a portion of Frontera's then privately held debt in a liquidation sale at a deep discount from a third-party debt holder that had gone bankrupt. Since that time, it has made no investment in our company's work. Quite the contrary, it has unsuccessfully attempted over time to leverage its ownership of debt and interfere with the company's business in an attempt to create an advantage to achieve an inappropriate takeover and liquidation of our company.
These actions have resulted in Frontera bringing a currently pending legal action in the United States against Outrider and its principal, Mr. Stephen Hope, who is the singular professional employee of Outrider Management LLC.
Editor Notes:
Frontera Resources Corporation is a privately held independent Houston, Texas, U.S.A.-based international oil and gas exploration and production company whose strategy is to identify opportunities and operate in emerging markets in Eastern Europe around the Black Sea and the United States.
SOURCE Frontera Resources
Hadn't appreciated that Bryce Linsenmayer historically advised Frontera.
Linsenmayer does securities and M&A work for clients in the energy, technology, cybersecurity, environmental, travel and leisure and health care industries. He also advises issuers and investment bankers in public offerings and private placements.His clients include Frontera Resources Corp. and Iskandia Energy. In 2005, Linsenmayer helped Frontera, an exploration and production company in Houston, go public on the Alternative Investment Market in London. It was the first Texas company to go public on the AIM.
Frontera Resources, an oil-and-gas exploration company based in Houston, is one of about 30 U.S. companies that have taken the AIM route. Frontera has raised $100 million since last March, enabling it to pursue highly promising drilling programs overseas, notably in the burgeoning Russian oilfields.
“Raising this kind of capital through a U.S. stock exchange listing would have been almost impossible” said Bryce Linsenmayer, a partner in Haynes and Boone, LLP, the law firm that counseled Frontera. “Financial institutions, including private equity groups, are typically inattentive to this scale, opting to focus upon, and find greater rewards in larger investment vehicles.”
Zaza still active on Facebook posting again earlier today about Belarus and that a US senator is a great friend of Georgia . Obviously has more time on his hands
https://www.facebook.com/zaza.mamulaishvili.52
As well as the article below read the EBRD announcement
https://www.ebrd.com/work-with-us/projects/psd/52188.html?fbclid=IwAR3PU4XjfIa99D7uPE0Gwarm1d3FyO2zX7sXCsvmIliTfSqWoQuFSIlj0W8
EBRD to Assist Georgian Oil Corp Refinance USD 250 Mln Eurobond
23/09/2020 - 20:16 26 1 minute read
The European Bank for Reconstruction and Development (EBRD) announced on September 22, that it will issue an unsecured loan of EUR 217 million to help the Georgian Oil and Gas Corporation (GOGC) refinance a USD 250 million corporate eurobond.
The state-owned GOGC, supplier of 20% of the country’s electricity generation, placed a USD 250 million eurobond in 2012 on the London Stock Exchange with a maturity of five years. In April 2016, the Corporation re-issued the eurobond and repaid the financial commitments made in 2012 in advance.
As stated by EBRD, the eurobond matures on April 26, 2021, however, the company is unable to repay the debt due to the economic downturn caused by the COVID-19 pandemic.
According to the Bank, the proceedings of the loan will be used to refinance the maturing bond, in order to support “a vital infrastructure provider in Georgia at a time of stressed economic conditions caused by the COVID-19 crisis,” by easing cash flow pressure, addressing liquidity constraints, and enabling the company to access capital markets.
This post is also available in: ??????? (Georgian) ??????? (Russian)
I’m not very good with social media but is Zaza on Facebook? -I can’t recall seeing this before but apologies if it isn’t him or been posted before!!
https://www.facebook.com/zaza.mamulaishvili.52