Member Info for WHamBoy

I’d not thought of this before Earsbern, but you’re right to see the irony in the shorters declaring Hope as their hero, when in reality Hope ditched them at the earliest opportunity when seeking FRR’s delisting from AIM. Certainly one for the delisters to ponder..,.

Good post Madpunter. I like the idea that we never needed the loan at all, other than as a mechanism to get rid of Hope. Still confident of our eventual success. WHamBoy.

Thanks Pecten. I appreciate the scale of the rise in percentage terms is exaggerated by the low share price, but the volume was low all day, and yet the sell price went from 0.14 to 0.15. Probably back to 0.14 Tuesday morning.

Can anyone explain the tick up in price, on what appears to be no sales? Now says buy 0.15, sell 0.17, up 6.67%. I’m not complaining - just wondering whether a big purchase is likely to appear at some point?

Thanks Bezzy. Presently sat in the garden having just cut the grass. The sun is shining, I’m in my shorts and just had a beer. It’s not all bad. GLA

Bezzy - great post, and if all true then we’re all be happy. My only doubt is the lack of Court news from FRR. If a settlement has indeed been reached, then they need to let us know as soon as possible.

So what do you think document #5 (the summons) indicates investmentboy? That perhaps the settlement idea was wrong, and that they are going to argue this in court after-all?

So are you invested in FRR investmentboy?

Do we have a new Guardian Angel in our midst? Have official channels been blocked off, so alternative means have been found to keep the shareholders up to speed with the latest developments? To be clear, Investmentboy, Piscean and D0ddsy could be totally random investors like myself, who unlike me are just really good at finding stuff out on the Internet. But I personally take a lot of comfort early on this Wednesday morning to hear Investmentboy's musings. The fact that the word "settlement" appears so prominently in what seems to be a very believable and plausible post has definitely lifted my spirits. I thought earlier today that without any news coming from the court case, we maybe in the middle of what may turn out to be a very lengthy legal war. Regdik, Devex and others have however already attempted to suggest that Zaza and co were still in a strong position. And with this latest post from Investmentboy, maybe I can start to believe that we really are witnessing the beginning of the end of this legal battle.

I would be 100% certain that the Nomad was not a part of any conspiracy

I would also be certain that groups of people know exactly what to do in order to undermine confidence in an organisation. One approach is of course to encourage complaints to the Nomad at every conceivable opportunity, concurrently complaining to the Market Abuse Team at the FCA and to the AIM investigation unit . The latter are scared stiff of the FCA Abuse team anyway - and insist on every single complaint being individually reviewed and responded to.

And we have good reason to believe that at least one of the complainer cabal had access to undisclosed information about the arbitration process and also the YA dialogues. So to create a situation where a de-list eventually becomes inevitable - directly or indirectly - is quite possibly a conspiracy involving a range of architects. And then there is disclosure and discovery.

So If I was a “super lawyer” I would want to connect an outcome with an intent at every conceivable point before agreeing to take on a case. And as Regdik suggests I wouldn’t just pick this up on a whim - I would want to see the evidence, assess probabilities and - critically - choose the most damaging time possible to invoke the action.

Pyro - that all sounds very plausible, and echoing some of the thoughts of Symore and others earlier in the day. If all this comes to pass, I'll be both relieved and happy, as will I'm sure all LTHs. The "last throw of the dice" scenario you outlined is I hope the least likely of all the possibilities, as indeed you suggest it is. Fighting for scraps is not what we hand in mind when we invested our hard-earned money into FRR. So for now, the big question is when will we find out? If a $20 million payment has been made, you'd think we'd find out fairly quickly, possibly even by Tuesday morning (via the much touted RNS Reach?), as on the face of it it would bring to an end all court action in the Caymans. The court action in California should be independent of the Caymans and therefore news of any Caymans Court result should be able to be relayed to us all. If its getting messy however, and deals/judgements are yet to be struck, then this may well rumble on and on for some time. Fingers crossed for some news soon (and good news at that).

Bezzy and Zen. I find your thoughts on our 2 possible guardian angels quite fascinating. Earlier I praised our “super-sleuthers”, as Symore on ii originally christened them, for once again finding such obscure documents on the web. Perhaps we are being helped in this regard after-all, pointing us in the right direction. And I agree with others that if the injunction is dealt with in the Caymans today, we should still be able to re-list, whilst also persuing Hope in the Californian courts.

So how’s this for a summary of the consensus view so far:
1 - the injunction case in the Caymans may well be wrapped up today, probably with oversight from Kawaley. Not so much an oocs, but maybe a good result, with FRR paying any money owed to Hope via the Durham fund.
2 - the fiduciary action continues, but now in California, with FRR going for the jugular.
Maybe my glass is guilty of being half full again, but here’s hoping.

One thing for sure, the “super-sleuthers” on this LSE BB are second to none! Well done and thanks for the constant and regular updates.

Is the timing of this new court case deliberate? Is this a ramping-up of pressure on Hope to accept a settlement in the Caymans’ Court today, or is this the real thing, with Zaza and SN going for the jugular? If I wasn’t so heavily invested in FRR it would simply be intriguing. As it is, it may mean a longer wait to find out what has been going on.

Regarding your courtroom #6 (as chambers) comment, well spotted Earsbern. Maybe it is behind closed doors after-all. This is why we need someone like Oopsi....

For good measure, I thought it may be useful to re-post the thoughts of Oopsi last time around (posted March 24th).

"On the basis of the very minimal information we have it is impossible to tell what the exact position is and where we are in all this. It is all conjecture.

What we do know is that there are two sets of ongoing proceedings. The substantive claim which is the breach of fiduciary duties and the proceedings within the proceedings, namely for injunctive relief. We know that the Court of Appeal listing for April at this time does not include the ongoing skirmishes relating to injunctive relief. Those mini proceedings APPEAR at this time to be resolved (pending any changes to the court listing). I say that because the judge at first instance was clear that he wanted it listed at the earliest opportunity (a special sitting) and failing that the April sitting. Hope would have been desperate to list it then as well for obvious reasons. The abscence therefore is very telling. The question it does pose which I do not have the answer to is that if the injunctive proceedings have been resolved, On WHAT TERMS? Is that the parties will keep the existing order (as per the last injunctive hearing on the security point) because it protects both parties position until trial? Is it because additional security has now been provided rendering the injunction nuggatory? We can only speculate.

As for the amendment to the writ of summons, this relates to the original claim by Frontera. It is not a summons as I have seen alluded to on here to compel witness attendance. The Caymans' judicial system uses the old terms that the English courts stopped using with the advent of the Civil Procedure Rules. Why are Frontera doing this? We can only guess again. It may be necessary following the terms/way in which the injunctive proceedings have resolved themselves? It maybe because disclosure has revealed something and they need to amend the original writ to plead a new cause of action? It may be that it wasn’t properly pleaded at the outset. If there is an amendment and it is granted then there will be a knock on effect on the court timetable as Outrider will need to respond to the amendment and then disclosure and witness statements will need to also incorporate the effects of the amendment.

I was hoping that the absence of the Court of Appeal listing would mean a settlement was close/ had been achieved. The appearance in the Grand Court next week means the main proceedings continue. The key question is what terms the injunctive proceeding were resolved on, assuming they have been resolved and how does this impact on the substantive claim."

Ivy - interesting to note that in addition to the FRR listing on Monday afternoon, Justice Kawaley is down to write up his judgements for the rest of the week. Although it doesn't specify that the judgements being written up are for FRR, given that he has been on holiday, it looks like that time may well be for our case. Maybe this is about to be argued in open court for the first time after-all? I agree with you however, I would really appreciate a legal mind looking over this and giving us their view. I know Oopsi was very helpful last time, when we had the Ammended Summons listed for 27th March.

According to the Caymann Court Rules, "Any summons being heard in Chambers may be adjourned into open
court and any summons being heard in open court may be adjourned into Chambers.". Our proceedings up to this point have all been in Chambers, i.e. in private, so this seems to be amove to the open court. We are about therefore to get some news. Possibly the result of the OOCS, needing to be declared in open court, wrapping things up in terms of court proceedings. Or maybe a judgement from Kwaley. Either way, to me at least, it seems that news is imminent.

Thanks Bezzy. Still here hoping for the best. I agree with pompeyrod, trying to ignore negative sentiment, whilst still quietly confident that this will come good. GLA