Well personally I'd rather have a large daily dose of realism so I can make informed decisions about my investments, rather than read what I'd like to hear from an investment point of view, irrespective if it's completely made up! So $60m in 23 years is the actual number. If you think that's pouring cold water on things then you're wrong.
Mick, sounds like the arbitration is near to releasing news. Nice of the company to release a statement to the press and nothing to shareholders, but they can't do that can they?!!
Sounds to me like Frontera trying to generate a bit of positive PR for themselves. The interesting bit was '"total investment in oil exploration and extraction since 1997 is approximately US $ 580 million, while US $ 60 million worth of oil and natural gas has been extracted and sold during the same period. The state has received tens of millions of dollars in taxes. The project employs hundreds of people."
So $60m in 23 years, whereas the numbers you have all been sucking up from Madpunter - check his post of 12th Jan - is income in 2019 alone of $59m, and that's not including the gas! Lol.
Lol, Tsbs, I just say what I see. Not being a lawyer I would not rule out the possibility that there is a way round it on a legal technicality, just that all the evidence I've seen to date suggests not.
Nope, they are prohibited from doing anything with the asset as of the latest ruling
ORDERED, that all persons and entities (other than the Liquidators and their expressly authorized representatives and agents) are hereby stayed, pursuant to section 362 of the Bankruptcy Code and except as provided in 11 U.S.C. §§ 362, 555 through 557, 559 through 562, 1520 and 1521 of the Bankruptcy Code, from: (1) executing against the property or assets of FRCC; (2) taking or continuing any act to obtain possession of, or exercise control over, FRCC or any of the property or assets of FRCC; (3) taking or continuing any act to create, perfect or enforce a lien or other security interest, set-off or other claim against FRCC or any of its property or assets as of the date of the filing of the Petition, or otherwise seeking the issuance of or issuing any restraining notice or other process or encumbrance with respect to FRCC or any of its property or assets; and (4) transferring, relinquishing or disposing of any property of FRCC to any person or entity other than the Liquidators, provided, that nothing herein modifies or limits the exceptions to the automatic stay that are set forth in 11 U.S.C. § 362 or elsewhere in the Bankruptcy Code;
ODR, yes I believe it will be deemed invalid for 2 reasons; a) the mortgage document was clear that the asset could not be transferred out of FRCC's control b) Njames posted a link earlier which explains how under Cayman law the liquidators can recover assets transferred in the run up to a company's insolvency.
Yes outrider could be paid off as a secured creditor if there was an arbitration deal and SM finance, but that would be overseen by the liquidators, not Frontera.
Not sure why people seem to think that FRR can just pay Outrider in full after arbitration and supermajor deal. The court has ordered a stay on anyone other than the liquidators executing on the assets of FRCC. Consequently the asset is now under the control of the liquidators. Assuming there is a arbitration deal and a supermajor waiting in the wings then any monies will be used to pay off secured creditors, then unsecured creditors and then anything left over would trickle down to shareholders. So we may get something if all this came to pass but it looks very much as it's now under the control of the liquidators. ZiggyZag's earlier post is worth a read.
RE: Georgia Govt response to letter from USA Senator19 Jan 2020 13:12
brgmg69, that's your problem, finding positives and ignoring negatives so you have a one sided unbalanced view of the world. The fact that such a letter is sent naming Frontera obviously is a result of some concern as to how the govt are treating/planning to treat Frontera. Wouldn't be sending it otherwise would they?