Member Info for SteveV

Hey Everyone. I haven't been here for quite a while.

Can someone confirm has FRR been officially dissolved (what date, and where can I find reference to it)

And how do I deal with losses to offset CGT.(i.e how long do they remain eligible to be used to offset any future gains)

Should I declare the loss on my next tax return, or specifically write to HMRC and apply for negligible value?

Thanks for any advice.

I shouldn't think Summit will be looking for a massive profit. They are a money lender not an investor.

They may simply want to get out slightly ahead so effectively sell the asset off cheap. Then they can say they didn't profit at the expense of shareholders.

"When a parent company goes bankrupt and is delisted, its subsidiaries may be sold, shut down, or liquidated, depending on their financial health and the parent company's liquidation process"

But of course you would have to ask what would be the point if FRUS has been deemed to have no value.

The only value I suppose is the data room, but I have no idea who currently has access to that or where it lies within the company structure, or if Deloitte have assigned it zero value .

Not sure if Anavios actions re: shorting were legal or not, namely , simply shorting to hedge their risk.

BUT for me the murky aspect is the possibility of insider trading, especially when they had appointed our chairman at the time. Considering they were described as our "cornerstone investor" it is laughable, as it would appear that our Chairman and Anavio had no regard at all for shareholders. It was they that brought the company down.

They made there money. Was a classic rinse of money men taking money from shareholders.

COPL is never coming back. We have no assets and plenty of debt (the bonds). We are bust !!

The assets are owned by someone else now.

Best we can hope for is recouping some losses by suing those that caused this mess. (COPL Management AND Anavio.... IMHO)

I think some people are a little misguided on their thoughts about possible outcomes here.

We have engaged the services of Michael Cotter specifically and purely to attempt to recover financial losses. That's it !

He is not a criminal lawyer. In fact if the case against various parties proves irrefutable grounds in our favour the case probably still even won't go to court, rather than a substantial out of court settlement. (hopefully)

Michael Cotter is in this to make money with his share of settlement. I suspect he has no interest in some kind of justice or comeuppance for the various protagonists.

Not a bankrupt company anymore. It's owned by someone else !!

Looking forward to hearing what Kings counsel had to say.

We are paying for expert legal advice. Be very interesting to hear what they say!

Difficult times for the Georgians. Could spark a revolution.

They aren't going to let in the EU if vote rigging is proven.

They will contest everything at every step. It could drag on for years.

Do you think AM is throwing TR under the bus !!

Well we do not know who blocked the JV.

I kinda hope it was Summit because they are the ones with all the money.

IF, we could have taken the JV money and potentially paid off the Summit loan there was no reason for them to block it other than duplicitousness. But was that COPL's plan? The devil is in the detail as to who was culpable at the time but hopefully ALL will be revealed in soon.

Anavio's role in the demise....well that is a whole different story.

Sounds like AM is turning Supergrass

Sure.

I didn't say I want those answers NOW. Just at some point. But for me, and I imagine others, those are the crucial ones.

I'd like to know who, and they be officially named, blocked the JV, for what reason, and how were they able to do so.

I'd also like to know, as progressive financing decimated the market cap of COPL and hence its diminishing ability to raise finance can we prove someone was actively shorting COPL with insider information, and were directors complicit in enabling this process to happen/continue.

I still don't get, IF, it was Anavio who blocked the JV.

1. Why would they do that and what did they have to gain from it

2. AND. How were they even able to do it. Their loan(the bonds) were not secured on COPL or any asset of COPL.

It would appear that they were certainly NOT behaving in the best interests of the company.

The devil will be in the detail as to whether any of that was illegal.

BUT COPL must have known what they were doing and appear to have done nothing about it.

Your "cornerstone" investor is decimating the sp by shorting which trashes the value of the company and severely limits your ability to raise capital from other sources, and you do nothing about it. !!

AND you keep go back for more money from them !!!!!

So was it Anavio that was shorting the sp to oblivion?

Was it Anavio that blocked the JV ?

If so that must make them our primary target.

But then again, why did our BOD allow those things to happen?

Do we actually know who scuppered the JV deal. Was it COPL, Anavio, Summit.

And what was the reason the JV walked away. ?

Been pretty steady at around 26000 for the last 4 months.

WTI was at around $75 during that time. Revenue $7.8m for the 4 months. OR, circa $23.4m for a year if it remained so.