Member Info for SteveV

Is all this legal action going to end up costing alot more than the cost of the loans notes...!!?

Does that matter? is it delaying tactic?

Are we waiting for the Americans to formally agree the Georgia support act IF the senate agrees??

Will BP sign on the dotted line once that is done?

Or are we a busted flush?

Surely the loan notes would have had a clause in specifically saying transfer of assets is not permitted.
Does anyone know where we can see a full copy of the loan note agreement.

What are they bothered about. I thought the shorters had been paid.!?

I see Yorkville sponsors Tom winnifrith...! Interesting

https://www.*************.com/views/44843/free-podcast-*************-radio-edition-ten-with-tom-winnifrith-and-bear-raider-lucian-miders-who-is-swimming-with-no-trunks

"14 billion barrels of oil and 30 TCF of gas reserves"

Anyone care to suggest what that is worth?

I would imagine the default on the interest would trigger requirement for payment in full of all outstanding debt.

If a bank thinks a business is insolvent they would often call in their loan in full.

We are invested in a private company now. The rules about shareholder engagement are completely different compared to a listed company. There is nothing you can do to "force" the company to provide any more info. to shareholders. They only have to issue accounts and have an AGM. NOTHING more.
It's frustrating because you can't sell up. Just gotta wait. Tedious isn't it?

I think there is a clause in the loan about transferring assets, so I'm sure Hope will be pursuing that.

Not sure why, now that Hope can't veto anything FRR don't simply get another loan and pay him off and move on.

If getting another loan is a problem then we are in trouble.

What worries me is, is it not the case that in the terms of the loan note FRR were not allowed to transfer assets, therefore HOPE could sue to get them re-instated?

Thanks...Just for the record I wasn't referring to Mapunters posts

ChampionshipLip..Lol,... NO definitely not short. Just concerned. As most people I haven't got a clue how this will all play out. I do find some posters relentless overly optimistic posts a bit naive though.

It does seem like a problem to me IF, in transferring assets to other entities, FRR WAS in breach of the loan agreement.

That is totally separate from Hopes ability as a director to veto, or not veto after having resigned.

Surely Hope would be considering suing as a result of that transfer.

So everything FRR tries seems to be in violation of the loan agreement.

So how do we get round that then !? Kind of sounds like Hope is within his rights, however onerous that is to FRR!

No wonder he is fighting his corner.

When assets are liquidated shareholders rarely come out with anything.
They are usually sold off cheap. The liquidator doesn't care. They will probably go to some of Hopes hedge fund pals
for peanuts.

Surely FRR obtained legal advice before proceeding with the transfer of assets.
Bit pointless otherwise.

NO...If Hope wins he seizes the assets block B12. He either sells them to the highest bidder to get his loan paid back, or potentially organises a financial restructuring of the company leaving the shareholders with nothing.

I am still a little confused about why we are now in the Californian courts.

Seems like groundhog day. We seem to be looking at the same proceedings as in Cayman, but now in California.

What was the problem in Cayman that has prevented proceedings progressing to a conclusion there?

It's frustrating I know, but we are invested in a PRIVATE company now. They officially don't have to tell us anything other than at the prescribed financial reporting times and AGM's.

Debenhams...A good example of where the lender with no shareholding takes over the company and shareholders get nothing when other options were available.

Just as well our FRR directors have substantial holdings.

I think ultimately things all hinge around what are the prospects of oil coming out of the ground.

The $60 lender will want to see evidence of revenue generation ramping up. The deeper wells could be the clincher if they flow better than the shallower ones. We don't currently have any information on the extended well tests. Is oil flowing freely, or has it gone down to a trickle. AND of course BP will walk away if the latter is the case.

If we don't get the $60 then we may be in a dire position.