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Not sure on that MP, I think someone like Hope/Outrider would have difficulty in even trying to suggest that a court deciding an admin error had been made in registering the asset somehow went against them. Once a court decides such it would be seen as the same in any case by the courts even if that might not have strictly been the case. Trying to get a court judgement of such reversed like that would be almost impossible O would have thought. ZM's appeal looks like it's on some court proceeding technicality so not necessarily something that need be thought of as a big issue to appeal on. It may not be completely far fetched that he may appeal to put on a good show of it but I'm doubting it as I can't see that it would offer him any further protection or SN/FRR from any further action from other parties such as Hope, etc.
Other issue of course is why is ZM appealing if it was all contrived? If it was contrived the result wanted has been achieved so pointless appealing. So I'm not so sure it's been contrived could be more Zaza seeing SN in a weak & vulnerable position and choosing to take advantage. Will see I guess but I rather fear I made a error of character judgement with ZM when I first saw him on video, perhaps SN & many shareholders also will have to be more careful in future it seems.
It's pretty strange that Zaza falls into the same situation as Hope over fiduciary duty, more do even MP, but I'm thinking it could be more by chance that it might help us out as a spin off than a contrived situation, I could be wrong I guess though there is still the issue of who took that missing oil.
Other issue is that court cases are still pending from Hope/Outrider, YA, etc over their defaulted loans. That's up in a few months time I believe so SN needs to sort something out since I can't see them being put off any more. I do wonder if we might be best seeing if there is a SM or anyone interested in a Buyout or significant investment to sort out this whole sorry mess. FRR are apparently bringing in some decent money but where it is going seems pretty unclear, not to pay off all our woes it seems and get them unloaded.
My opinion of ZM has certainly changed of recent
The guy is acting like a major tw*t, acting like a tw*t won't help him as he is clearly in the wrong. His actions to take all through GC may have seemed like a clever smart arse move at the time and he has probably convinced himself that he is somehow justified through his manoeuvres that he should have the asset at the detriment to FRR shareholders but it's never going to work. Everyone else aside him, his solicitors and his family are going to see it for what it is a greedy, dirty, unjust grab for himself over anybody else. FRR aren't going to give into him as they lose everything. So he is just wasting his time and everyone else's when we could all be getting on with getting some money out this operation. All he is doing is hindering progress by convincing himself he is more entitled than anyone else who has put a lot of money in to reap it's rewards, utterly pathetic.
So now that the TRO case has been decided what news might we expect to crop up now on this share? Is there a full trial date set against Zaza/Green Capital? Is FRR following up on anything necessary to do in Georgia regarding the whole GC thing? Did Green Capital end up running off with anything? and can FRR now continue collecting in money from oil sales, developing the field and finding possible investment or buy in/out to finally make progress on all of this?
I personally get the impression a lot of these court cases need to be settled now one way or the other to be amicable to both parties if we are to make progress. If Zaza has taken money he shouldn't off through missing oil/GC then that of course still needs to be recovered and followed up upon.
I've been thinking that Zaza in control of Frontera when he was running the company has likely not been doing the good job he should have been doing. In my opinion YA should have been paid off and we likely had the money too but seem to have chosen to default anyway. The field should have been developed more with the likes of Baker Hughes or another partner/investor. Other disputes also should have been settled, workers pay, other claimants, etc. To my mind it seems a lot of time & effort has needlessly been wasted when it could have been put to better use developing the field so we could have all walked away with something decent by now. If all the squabbling continues we might all end up with nothing as a result of time expiring on the license and the GG taking it back after seeing precious little having been done. The shareholders at large will be the main innocent party to lose out in all of this and after all the money we've put in this shouldn't be the case. Time FRR shapes itself up I think.
Good to hear the news yesterday that the court granted the temporary injunction against Zaza/Green Capital and stated that the asset is still with us and not part of the liquidation due to the administrative error registering the asset by the Georgians :)
ZM here seems to be an increasingly desperate man willing to take as many cheap pot shots as he can to run off with some dosh. It seems to be descending into idiocy from him now. So he is trying to sue for breach of fiduciary duties from the directors even though he was one, the main one for many years before being given the push a few months ago??? Lol. While he may be suing as a shareholder not an employee he seriously can't negate the fact that he was also an employee, the main one supposed to be leading the company. I don't fathom how he seems to think he can set up a situation that leads into trouble then try to benefit out of the situation he was in control off? Pure lunacy it seems to me. All he is doing is hindering progress. If Zaza, Hope, etc stopped going out for themselves wanting to swipe and take it all and just worked with or at least stood aside while FRR develop the oil & gas field we would all be a lot richer sooner. No one wins by these idiotic tactics, not shareholders, Zaza, Hope, YA, Georgian people etc, etc, just lawyers when they eventually get paid.
It's time they drop all this idiotic rubbish and agree to settle all this business. I'm not reckoning it on happening but it's really time the likes of Zaza grow up and stop being such a pr*t.
If the Judge knows that there is a long queue of people after Zaza wanting to give him a good kneeing where it counts and the rest then that should tell her he ain't a good'un. If all company Directors acted in the manner Zaza has they would be a lot of investors wanting to find out where they live too.
Zaza and his family, cousins, uncles, sons, etc are likely to do a runner with any money in my opinion that has already been taken. It will likely be a case of the usual playbook in use out there, grab it then just keep moving it, splitting it up, passing it sound and back and forth to try and keep it out of the hands of those with a claim on it FRR/shareholders and over time hope to lay low/pass enough time to make it hard to reclaim.
All depends on how effective international law is and the authorities, FRR etc being on the ball and making swift effective moves to get it back. Whether Zaza etc can be nabbed is another matter. He'll likely try to evade anything he can.
I'm hoping that the courts will see the light as to the wrongdoing Zaza has done and won't pass judgements that lengthen out the ordeal. End of the day I think we'll need the help of the US government to prompt the GG to act and aid in the return of the asset license to FRR its rightful owners.
In theory FRR was set up as part of a government strategy to get the ex-soviet satalite states independent of Russia and more powerful and enable them to stand up to Russian influence and aggression as partners to the US in the region as you no doubt know Coggy from their history. So Bill White was it and apparently a few other government officials, senators possibly congressmen. So indeed a CIA influence could be possible, but to me it looks like their either having a time in their hands or dropped the ball badly as they should have been keeping a closer eye and involvement to resolve all the issues we've been having. If it's in their interest to get the field developed quickly then our experience would tend to indicate that due to the long drawn out nature of things they probably aren't involved. Possibly they might have been in the early days in drawing up the strategy but think they probably lost interest many years ago.
I would be peeved if Green Capital had to be paid that $5.8 million was it, to my mind that sounded a load of bs down to some dodgy court in Georgia. I think that may have been a case that FRR weren't even aware of the court case if that was the one.
Anyhow, I think FRR have to get rid of the loan sharks and make progress in trying to develop the field. Better to try than not, end of the day so long as the field is worth a lot even if we can't pump it out quick enough we should then hopefully be able to get an extension and a buyout by a SM I would hope.
"In closing, as I have referenced in prior communications, Frontera has prepared itself for continued significant investment in Georgia in the post-COVID-19 environment. Specifically, our US-based banking relationships have secured a US$100 million financial facility for our continued investments in Block 12. This will bring renewed employment in Georgia, increased oil and gas production from the Kakheti region as well as a positive renewal of our partnership with GOGC/SAOG."
Looks like it's down to, "US-based banking relationships" rather than the US gov unless they are involved as part of this if that is what you are referring to Coggy. Taking it just on a banking footing which I assume is at commercial rates it could help with offloading Hope/Outrider and YA. Paying them of would be well worth seeing the back of them I think. Then the rest could be spent on the oil field. Then finally we might see a return back. If SN moves now on this then there could still be enough time to get a decent return I think and perhaps an extension and buyout. If the GOGC see the field being developed then there is reason for them to extend the license as otherwise if FRR pack up and go they go with the data and rigs as well as far as I see it.
I agree Mole, to me it looks like YA could have been paid off and Hope's interest paid, plus the field developed with Baker Hughes. Yet it looks to me that Zaza has deliberately let those important debt payments slide and put the company deliberately in a worse position than it should have been hence pushing it artificially towards liquidation process where he could engineer it so that his family under Green Capital unduly get the asset. It seemed strange to me that they weren't paying hardly anyone but they were getting decent money in from the field so should have easily been able to pay YA off their 2 million but didn't. Most companies would be busting a gut to get rid of their loan sharks as soon as they could. All a set up by Zaza and SN seems to have been asleep on the job and not seen it coming.
Yeah we thought Hope was a lowlife. Then we get Zaza come up and want to grab it all. What's more however in the wrong he is odds are he'll object all the way so entitled is he to think no one else should get any including shareholders who have invested millions in this oil & gas field.
"Difficult to tell from the judge as she is very relaxed in her commentary "it may be important in who ever appeals my decision" lax language for a judge or is she suggesting she thinks this is above her pay grade."
I thought this was the appeal. Maybe it is American sense of humour, i.e sarcasm.
Surely we're not going to have appeals of the appeal.
Thanks Looed, where do we know the judge ruled in FRR's favour with regard to jurisdiction? missed that. I thought she might as she let the case continue and figured that's why Zaza wasn't looking so great as people said. Guessing it's just mainly whether the restraining order can stay in place now, hopefully it will and should I think then FRR can hopefully make progress in getting this mess sorted out. Any failure not to succeed as we should in this court appearance would entail a longer drawn out affair that we don't need I think.
I think you are right R8pilot they definitely should persue Zaza for the wrong doing he has done here not just recover what was taken. The course taken would depend on what recourse there is of course.
As far as the court case is concerned some here said that Zaza didn't look too great during and towards the end of it. Not sure whether to read into that but as the case resumed from the previous day could that indicate that the Judge had decided to proceed and not rule that it can't be judged on the US on technicalities as Zaza's side I believe wanted? Wouldn't seem much pint going on with the case had she decided their argument had any merit as the rest of the discussion would be rather pointless. Could still rule that I guess but hopefully she will back up the previous judge in ruling in FRR's favour as I don't think Zaza has anything substantial points that hold up to base it on.
Thanks Mole you're input is most appreciated. Hopefully SN & Dustin etc can get back on the job once this is sorted and see if the oil can be sorted to get more in from it and try and tap into the gas to see if anything lucrative. If not do much oil then maybe Hope will come to an agreement if the big pull of loads of money is no longer so great.
Johnathan you may be right in any case it still looks like we need a major investor in to sort it all out. Guess that won't be possible until the assets is firmly back from Zaza and any money taken improperly returned.
The Hope thing still needs to be resolved. Hopefully it can all be resolved soon if we're lucky.
So is our Oil output roughly 194 barrels a day between 65 oil rigs then? i.e roughly 3 barrels per day from each oil rig?
Is that a drop of in oil or expected level of production?
Or possibly the maximum amount they can produce with present transportation infrastructure?
Not saying they aren't bringing in some decent money from it just wondering if it is enough for a SM to be interested?
Predator, he's in Georgia and this is a US court so it's unlikely he will off the bat. This I believe is more about stopping him from selling the oil and return of the money & assets he's taken. Odds are further follow up action will be needed probably again with US government pressure through FRR lobbying on the Georgian Government. If we are successful following this and I hope we are and definitely feel we should be then I would suggest that FRR get onto the GG quickly if not already to make sure Zaza doesn't do a runner out of the country as the odds on him doing that are likely vI would reckon. Can't say for certain on any of this but that is the way I reckon it will go down assuming we're not dealt a body blow by some dim witted judge that is, if that happens then we're in for the long haul and possible total loss and further action elsewhere I'm guessing.