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I've never looked at ADVFN before but Brookemia (from his thread) seems to be a shareholder concerned to get information about his distressed shareholding - like most of us here. He was expecting the Cayman companies to be struck off today. We have all been wrong-footed once again.
Thanks again, Mole. It seems like FRR and their lawyers are trying force a debt for equity deal by taking Hope and Outrider to the brink of either mutually assured destruction or death by bankruptcy through legal fees. Not sure how we are paying our lawyers (or retaining them given that we haven't paid some of the previous ones !)
Thanks Mole. Important then, for our sakes, that the four Cayman entities still exist. More three-dimensional chess moves from Zaza, Steve and their lawyers: first seemingly acknowledging the imminent disappearance of the companies and the creation of a new Georgian legal entity; now acknowledging their continuation in the Caymans as legal entities. Totally baffling. Just waiting for the next move to baffle us further.
Thanks WhamBoy. Has this all been a game of chicken between Zaza and Hope ? I guess we now just go back to the same holding pattern until the next impenetrable clue emerges.
Me too ! I'd be grateful for a little bit more context for the Bryce correspondence given that we are all pretty stressed out by this. Thanks
You've been busy tonight E. Would be helpful if you could clarify the origin of the correspondence with Bryce. Thanks.
Can this be reversed so that the Delaware company reverts to being the parent company ?
The Cayman company was 'established for the purpose of merging with, and into, Frontera Resources
Corporation, a Delaware corporation (“Frontera Delaware”)' but then the Cayman company became the parent company. Which company has seniority ? Clear as mud as always.
Thanks for this E. Impossible to make sense of it unless Zaza was threatening Hope with mutually assured destruction and Hope has had to give ground. Of course, there maybe an interpretation that we just can’t see at this point.
Was this another act of brinksmanship, then ? Or is there a delay in reporting the striking off ? More confusion and uncertainty for all of us.
I know that feeling, Mr Bear.
Nice to be optimistic in these gloomy times but a bit of hard evidence that our fortunes are reversing would be a better tonic.
Feeling of exhaustion on the board now. Liquidation approaching and we are clinging onto the hope that Zaza and Steve will take us with them through whatever legal escape hatch they are planning to jump through. FRC are still paying for lobbying services in the US so they still believe they need political support. Fingers crossed for a miracle and shareholder solidarity from our directors. GLA
Money still coming from somewhere.
Thanks Looed. This reiterates the uncertainty of what (if any) shares we will hold in which company. Will we have any portion of Frontera Eastern Georgia ? Clear as mud.
So Steve still has a few dollars stuffed in that sofa he was hiding behind.
Thanks Bezzy. This looks like a more detailed version of what we have already seen: Hope begging the Georgian Prime Minister to come to the aid of Outrider. Difficult to know what’s behind this. Does Outrider have a major player backing them? If not, they have nothing to offer Georgia other than their debt. They have no O&G expertise and and no knowledge of the region. I think we all agree that FRR have used the courts to avoid paying Hope. But do they have anything else up their sleeve ?
Hope claims to know very little about the practical side of O&G exploration. He has never visited the fields in Georgia. The court papers revealed early on that he was being frozen out in terms of information flow. Hope’s recent claim to the Georgian Govt that he could bring expertise to develop the fields is nonsense unless he has a secret backer. How this will play out is anyone’s guess but all sides seems to believe that the prize is worth fighting over. What the rules of this fight are, we still don’t know.
First public announcement from the company in the US for a while. They are coming out fighting and Hope seems to be on the ropes. Still daren’t get my expectations up.
Thanks Jackpack.
I’ve also considered that possibility, Mole: a final act of brinksmanship from Zaza to force a share for debt deal with OMF.
I seem to remember someone mentioning about a year ago a secretive American organisation (whose name escapes me - was it Palantir?) who might’ve been steering FRR’s actions behind the scenes. Does that ring a bell with anyone. It certainly seems like we have been playing a bizarre chess game (or just making one peculiar move after another).