Member Info for Sycric

I don't think what SN is Illegal, i think it would be illegal to try and avoid the debt. But in regards to the asset i personally cannot see an issue, the asset would only be an issue if the debt cannot be settled IMO. Then the argument would be if the asset was there the debt could be resolved.

So from what I'm hearing we've moved the asset? The agreement is with "Frontera Resources International LLC".
Which was established in 2015, the main group which we all have shares in will be "Frontera Resources Corporation" which is the main group in which the companies feed into (Group of Companies as it were).

In theory if hope did force this business into some kind of liquidation, it is a Limited Liability Company, only that company would be affected not the group. The Asset can be moved to another business in the group, there maybe some argument why they are doing this is they are not able to cover their debt. If the debt is covered within this business i do not believe they can be perused, they would of met their legal obligations. They would be thrown under the bus not settling with their creditors, but seeing they would be i reckon they might actually be ok.

IMHO - Sycric

About the Debt:

"In October 19, 2016, the Company and the holders of the largest outstanding group of the 2016
Notes, Outrider Master Fund, LP and Outrider Management, LLC (collectively “Outrider”) agreed to
exchange the 2016 Notes for new secured unconvertible notes maturing on August 1, 2020. On
December 20, 2016, in accordance with this agreement, Frontera International Corporation, a
wholly owned subsidiary, issued new secured unconvertible notes maturing on August 1, 2020 to
Outrider."

And it's gone sorry hope.
https://youtu.be/TGwZVGKG30s

People panicking now, we just have to wait it out and see. It's been 4 months.
What's a little longer.

William DeClercq Partner @ Taylor English in California
"Prior to joining Taylor English, DeClercq started and ran an independent law practice for more seven years, assisting clients in complex litigation and business matters. DeClercq also co-founded a second law firm which provided outsourced general counsel services to startups, small and mid-size businesses throughout Southern California."
"In the 15 years that DeClercq has practiced law, he has represented a wide range of clients large and small businesses, individuals and Fortune 500 companies. In 2019, DeClercq was selected as a California Super Lawyer and was previously selected as a Rising Star for four years."
"William DeClercq received Super Lawyers designation for 2019. He was selected for this honor subsequent to undergoing an evaluation of many different factors including peer recognition and professional achievement."

" Practice Areas:General Litigation (70%), Real Estate: Business (20%), Closely Held Business (10%)"

Looks like FRR picked the best person for the job? Don't win awards losing cases do you?

If that's true about the fire sale, and the asset being above the value of liability.
I would say the only way Hope is going to squeeze any decent money out of this, is with shares in FRR.
Zaza and Steve will be offering him money but if the asset is going to be sold i imagine he wants shares in it.
Might find the settlement being made up of shares and cash.

Probably, BP probably don't care who's asset it is. They want it for a fair price and it's by their pipe line.
Very little Capex bringing their new purchase to market.

Third Party buying the asset, this court case is to establish who's asset it is now isn't it.
'US' the share holders Or Hope, they wouldn't be allowed to buy something when they are not certain currently who owns it.

After all these years, I'd like to think we don't go out this way.
Sat on one of the world's largest reserves and have it taken away from us. Staying positive..

The twitter account closed more or less instantly.
FRR still appear to be paying their PR yellow Jersey though, who would of most likely managed it.

Allows you to add FRR back to quick picks, can't be all bad just for that...

Are people trying the new BETA LSE?
Link top of screen. Seems odd....

Argument is that repeatly rejecting funding he caused the default to happen i guess. Probably only way to get him off the board is through court.

Board members of a company would get strung up for things like that, be interesting to see if he faces criminal charges.

Don't think Steve had a lot of choice in regards to what they were signing, but in any real world scenario.
If you default a payment you would need to pay it plus interest, for example if you miss a payment on your mortgage at home. The Bank doesn't just take the house.
Losing everything on a single payment just doesn't seem like a option to me.

Doubt the loan can be fully secured till the court case is complete. The loan is a secured loan like a mortgage so it will be against asset of the business.
Hope needs to respond in the next 7days I believe so.. We will have something within the next week.

There is no legal requirement for one, they only reason they want one is for a resolution. Seeing we can't cough up monies into shares as easy, I would hope the next AGM would be a vote on is $xxbn OK for some of your gas.

I miss the tie judging days :(
I just don't think FRR would in theory default a mortgage, majority of people have them. They know how they work, the could of only done it to force the default and get hope out the door. If they can or not... Well that's the question we should find out very soon.

Someone posted the other day/week, who appears to be Steve @ Moldova meeting on Twitter.
"04/09/19. The participants highly appreciated the fin. reforms, acknowledging ???? econ grwth and competitiveness in the region."
You can read the name on the table, it says Steve Nicandros. He seems happy to be continuing his work in Moldova.
http://bit.ly/2VIjEFw

Being in FRR for some time now i remember quite a few things that still play on my mind.
When Steve N was CEO, i remember him going to sit in front of a panel and one of the panellist saying to him. Well done on your discovery of the 187TCF. (Prior to the additional 15TCF) This is when Steve used to do a lot of Atlantic Council meetings and he was the expert in the oil field in that region. Some of you will know that Zaza is a Director of the Atlantic Council also.

Also remember a billionaire visiting Texas and he was having a wander around with Steve at a baseball park.
Can't remember for the life of me who it was, but our small company isn't as small in the field of politics and business.

A lot of them cannot do what Steve & Zaza do, they are most of the time accruing salaries. Guys like them can be sat in Offices taking it easy making a fair wedge... There after more.

Very unlikely he won't bother, be interesting to see what his response is.