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ODR, you needed to do what you think is right for you, and don't let anyone intimidate you otherwise or attempt to scare you. Any suggestion your efforts can be "constructed as illegal and interfering from the FRR Team" is laughable. Some live in cloud coukoo land. Not only have the FRR team been radio silent for the last 5 years, a court of law has ordeted the removal of SN and the board of ANY CONTROL. If they felt so strongly they might have bothered turning up at court to challenge that decision. But they didn't.
Your response from Deloitte speaks volumes, and puts into context any comments on this board said to be from "the company". If they wanted to give us a message, they would, directly!
I treat these messages said to be from the company (although we have no evidence of that) with pinch of salt. It was only last week we were told by Looed, "As Hope and other creditors have discovered to their cost and dismay, to date, FRUS has been ring-fenced and put out of reach."
Now, today, its “We are working closely with Deloitte to return the company to the pre-windup status quo for the benefit of all stakeholders, and we are advancing a joint formal plan in this regard... We are grateful for the positive and professional, collaborative relationship we’ve established with Deloitte.”
Someone is pulling someone's chain, and these comments have no credibility. The reality is that there is no collaboration. The courts have stripped SN and the board of any authority over the company, so to suggest any element of control now over FRC is nonsense. SN and the board will be made to cooperate with Deloitte or face the wrath of the courts.
Deloitte statement is telling "all powers of the Company’s directors have ceased, and the Liquidators now control the Company. The directors shall have no authority or power to act in relation to the Company". Deloitte are clearly now in charge of any thing left from our investments.
SN is now a bystander. The real questions are whether this is by crooked design, and what has SN done with the company assets? All the data, PSA assignment etc. It was also very interesting to read Deloitte specifically make the point "The Liquidators are also empowered to investigate the Company’s affairs and HISTORICAL dealings".
And before you all jump to Looeds defence, you don't need to. My frustration is aimed at SN and the board, not Looed!
Njames, I think your right. But if there is a hint of defrauding investors or false statements whilst winding up our investments, then I think genuine investors should know about it. It would be the greatest betrayal if it happens without a word from the hailed Saint Nicholas.
Monti, I've not had any update since my last email to them But then again, I'm not expecting any thing quick. Importantly, they are now aware of my interest as a shareholder of the company. Hopefully, I will now get updates when they send them out, and ultimately I will find out what has happened with their investigation and my investment.
As I've said before, the directors statements will be interesting. The information I want may come in the final investigators report back to the court. Without this, we may never get to know anything as all this gets wound up.
Ziggy, I quickly clarified my post to avoid any misunderstanding with "For the sake of clarifying another matters, I've made it clear I DON'T KNOW ANYTHING FACTUAL, because SN has not updated us in 5 years. This is EXACTLY THE REASON why I'm now pushing on the door of Deloitte. I see this as a logical step to find out what's happened to my investment.".
I've made it beyongd obvious that it is me approaching Deloitte who now have the responsibility to investigate whats happened to our assets (investment).
"Grow up Tenners, what are you going to play next? the race card? This soap opera reached tedium long ago, give it a rest.". This is exactly the same copy and paste message, with the same errors from earlier.
Be assured, I don't want to spend my time having to repeat myself and defend my position from repeated group spammers. Its amazing how you guys group together.
At the same of having to repeat myself. YES, I've exchange emails with "a real person" at the below email address.
Buzzy, again misinformation. I responded directly to that criticism on the 6th:
"If your picking at my every word is to establish did they explicitly say "go find all your other shareholder friends, and tell them they must write to us" then the answer is no. The spirit of my message, is that despite all the grief that has been thrown my way for even thinking about contacting Deloitte. And the insistence that it would be a negative and pointless exercise. I've actually found the opposite. A real person, responded quickly and is happy to communicate via email and take on board my concerns."
May I suggest that you fact-check your posts before jumping on the bandwagon.
Amounted Bear - I can see you only joined this site a full year after FRC was delisted. Perhaps you've not had the same experience of long term shareholders on here.
Thank you.
Part 2.
It would be a serious misgiving of myself, if I assumed my investment has been taken care of by SN. I have no evidence of this. My investment was in FRC, now controlled by Deloitte. Therefore, my reason for reaching out to Deloitte who are now in charge of FRC is as follows:
1. They are a respectable global company, and they have responded to me saying they will look into my concerns.
2. I wanted to let them know I'm a shareholder. This is important as a member of the company, I can ask questions about my investment and raise any concerns I have. I hope to also see the investigators report.
3. SN and the board will have to sign declarations of truth. Such statements are treated very seriously by the courts. If facts are concealed or omitted, then this needs to come to light. This is why its important that background information and known facts are shared with investigators.
4. Whilst I may not get anything back. If I have been done over, then I want to know about it. Staying silent won't achieve this. It will all be conveniently wrapped up quietly, and it will be too late.
5. If the investigator is successful at recovering any assets or rights to block 12, then I am at least in the pot for any distributions. Even if that's at the back of the queue.
6. Lastly, if there has been anything dodgy going on, then having the investigators report will be crucial to reporting this to the authorities and perhaps seeking compensation.
I know some on here have said, don't bother or it will all come good. I don't accept that. Who's to say those pushing that strategy don't already have their interest in the new FRUS. Stay stum and here's a golden handshake. I have had to trust my own instincts, others will need to draw their own conclusions and I am not providing advice.
On the flip side, if everything has been done above board, then there should be nothing to see and nothing to lose. The investigators will do there job, and theybwill be able to tell us in the absence of SN what has happened to our investment. However, it's a sad fact, but many victims of fraud do not know they are, they convince themselves it will come good eventually.
Following my email to Deloitte, they have responded quickly and positively. They have already set up a direct email to the insolvency team, who appear happy to hear from genuine shareholders and assist with our quieries. You can ask questions about your investment or share your concerns about the company or the way it has run. For those that want to do this, the email I've received directly from the team is from: frcliquidation@deloitte.com.
Make up your own mind.....
Part 1.
I mentioned that I have reached out to Deloitte, because I believe the parent company that I invested in FRC is now in liquidation. A court has removed SN from any control. Some on here will say its part of a grand plan, but I personally have nothing to base that on.
Since FRC was delisted 5 year ago, I haven't heard a dickie bird, and I have no idea where my investment is. It appears that SN has transferred all the rights to produce the hydrocarbons from block 12 into the company Frontera Resources US LLC. Which I mistakenly thought was owned and controlled by FRC (the parent company).
Despite its long standing history, SN has now abandoned the parent company, and some how kept FRUS LLC out of the group structure. This significantly worries me. I don't see how he can legally do this, other than selling it off for fair value. If you could simply move all your assets out of reach, all companies would surely do this to avoid their debt.
Most importantly, who now has the shareholder rights to FRUS LLC. Despite some on here being very close to the action, they will not say! Yes, they paint a picture that SN will look after shareholders, but there is nothing direct from him, and nothing to fall back on legally. SN has ignored all emails, not even a simple acknowledgement. Why? It cannot be to hide the asset from his competitors, as this was all discussed at the arbitration and Looed has now openly confirmed that the asset is now safe.
If the asset has been removed from the parent company illegally or sold off significantly undervalued, then there would be a significant advantage to those that have done this if shareholders stayed quie. Let the parent company FRC, where we put our investment be wound up without a fuss.
The simple position for me is this. I invested in FRC, which helped develop the commercial discovery of Block 12. The rights to that discovery, I was led to believe were owned and controlled ultimately by the parent company FRC via the subsidiary FRUS.
FRUS now appears to have been removed from that group structure, not to dissimilar from Zaza wanting to sell/transfer the rights to Green Capital. How has SN done this?
The courts have now removed SN from the board and control of FRC, and they have appointed Deloitte to investigate the company. They will trace and recover assets. Plus, they have a duty to identify and report any misconduct or criminal behaviour by the board if they identify any.
Monti, I understand that and I've certainly got a sizable investment here, which is why I've been patient up and until the news of FRC being put into liquidation. I fully understand emotions are high, but unfortunately, this is a "KNOWN" fact. I've always said people will need to make up their own mind and follow their own instincts.
Contrary to the narrative being put forward by others (whatever their motives are), I've never said Deloitte have promised anything. Read my posts back carefully, that's the narrative thet have created to discredit my thoughts - Why? I've merely tried to be transparent and explain the reasons why "I" feel its right to reach out to Deloitte. I've done this so that other genuine investors can consider their own position, and consider an alternative to the pushy, almost at times threatening narrative for shareholders to sit tight like mushrooms, and trust in second or third hand comments that cannot be verified or legally depended upon.
Therefore, I understand your post, but equally its important to have transparent debate on here. We cannot just listen to a single voice that's provideds no guarantees, and ducks questions about inconsistent messages. I guess sensitive posting cuts both ways.
All the best.
Cazbraz, I have had no posts deleted, they just love bashing anyone who may have a different view or dare to disagree with them. An intentional effort to suppress debate, deflect and show over confidence in the great SN. All to reassure shareholders that he has our back! They act like school yard bullies!
Cazbraz, if they come back to me and answer the point. I'd be more than happy to share such information.
Monti, the comments you make have to be considered and may carry some weight. I fully appreciate the toxic political environment FRC has been operating in. I get that, and I try to follow devlopments in Georgia and more broadly US interests in country to see if there's developments.
Nonetheless, none of that stops SN communicating with shareholders and reassuring us that we are still aligned with his own interests.
Moreover, I still cannot work out how if FRUS is still under the unberella of FRC, as we are led to believe. That the asset remains ring-fenced and out of the reach of creditors etc. This puzzles me, and those is the know have still ducked the question and not elaborated on this.
Monti, it appears we are on the same page with ZM. The reason why I perhaps don't trust SN as much as yourself, is that it all this happened on his watch. Furthermore, since delisting he has had a chance to rebuild trust with the company membership. But he hasn't, radio silence. And even now, as shareholders are at each others throats and arguing. I believe he knows this but leaves us in the dark. I also don't ethically agree with dodging creditors. Overall, I'm afraid he trustworthiness does not score very high in my book.
It will all come out in the wash. Let's see how open and honest he is with Deloitte. Most importantly lets see what his signed declarations of truth includes or omits. These will have to be compared against other statements the company has made, but everything post arbitration can be considered recent events. If there is a sniff of wrongdoing, it may be down to the American authorities to enforce the law, and they don't take kindly to corporate wrongdoing. Look up Bernie Madoffs investment fraud etc. That said, hopefully, everything will be above board and one day SN may choose communicate with us. I'm written to him enough times. Until then, my only option is to communicate with Deloitte, and hopefully get access to any wins they achieve (big or small), and at least get access to their investigation report so it at least puts me out of my misery!
Simple, I think the ZM shareholder meetings were all designed to keep us believing all was rosy in the garden. Delivering positively they could not be put in an RNS. Would we have all stayed invested, if we knew GOGC has started arbitration proceedings 12 months earlier. Is this why Cairn did one?
I don't believe the company has been up front with us about the fraught relationship with GOGC, and much of what they did post 2017 has been found to be in breach of contract. I think the underhand tactics with Green Capital could possibly amount to criminal behaviour.
I suppose this is why I struggle when people hail SN as our saviour. He has failed miserably at nearly every turn. I prefer to deal with people who are trustworthy.
What's your view?
The simple question I now have for Deloitte is have they got control of Frontera Resources US LLC (Texas) as per Njames findings, with the assigned rights to Block 12.
Gotreal... sorry for the delayed response, but some of us have to work. If your picking at my everyword is to establish did they explicitly say "go find all your other shareholder friends, and tell them they must write to us" then the answer is no. The spirit of my message, is that despite all the grief that has been thrown my way for even thinking about contacting Deloitte. And the insistence that it would be a negative and pointless exercise. I've actually found the opposite. A real person, responded quickly and is happy to communicate via email and take on board my concerns. They have set up a dedicated email address so that they can be contacted. frcliquidation@deloitte.com
For any genuine shareholders, who have been waiting 5 years or more to speak to someone, we'll respectfully here's their chance if they want too. I thought this would be useful for genuine shareholders and something positive after all this time. I'm not sure why this is such a bad thing.
I've posted on this board for years and I'm a genuine shareholder that has positively contributed ovee the years. As I've made it clear, FRC going into liquidation has changed my perspective significantly. I really question the motives of those that attack me for asking important questions.
You couldn't tabs... but seriously, can you explain it?