Member Info for ZiggyZag

Thanks Looed
If I am reading it correctly Frontera Resources Georgia Corporation represented by Zaza was sued by Green Capitol , lost and was ordered to pay $5.8m to Green .+ giving them rights exploration area’s held by FRGC .

Totally confused now as that company FRGC was liquidated by FTI in Dec last year with the liquidation being put under Caymans Court supervision in Jan this year .

CAUSE NO: 317OF 2020
(IKJ)
IN THE MATTER OF THE COMPANIES ACT
(2020REVISION)
AND IN THE MATTER OF FRONTERA RESOURCES GEORGIA
CORPORATION
The Honourable
Kawaley
In Chambers
13 January2021
SUPERVISION ORDER
UPON the application of
David Griffin and Andrew Morrison of FTI Consulting (Cayman) Ltd

Also the original liquidation order stated :

10. No disposition of the property of the Company by or with the authority of the JOLs in
carrying out their duties and functions and the exercise of their power under any Order
granted pursuant to this Petition shall be voided by virtue of section 99 of the CompaniesAct

11 . No suit, action or other proceeding be proceeded with or commenced against the Company except with leave of the Court and subject to such terms as the Court may impose.

Oopsi can you assist ?

Should have finished last sentence .....in The Caymans

Jonatansxx
You would think not . But until we hear FTI report and they wrap up their investigation then who knows. Maybe a deal has been done , some sort of compromise with FTI /Hope
Recall Zaza did talk about Hope being larger shareholder in restructured Co’s when the strike off issue arose back in last Summer .
But lets not forget 4 months or so after Zaza said that FTI requested and got court supervision for another Co in the line, FRONTERA RESOURCES GEORGIA CORPORATION Dec20 , giving them the access to NY courts on that Co as well re their investigation , so clearly they were still digging .
Simple fact remains in my view, nothing is certain until they finalise and report , and that has not yet happened as far as I can see , nor is it scheduled to do so yet in any official public documents .

What ever is going on here , based on no news to the contrary FTI are still investigating the “asset removal “.
If their investigations deem it illegal ( to who ever thinks they currently control it ) then the Caymans Court have the power to return asset to Co in liquidation for the benefit of its creditors.

Maybe its all been sorted and we are on time lag re news , but until we learn of FTI position I would assume all still in the air .

Hmmmm....21st Century Algebra. ...TO + R= C

Two brothers from the swamplands of Tennessee walked into a bar last night for a few beers
Sat in a booth near the bar is a women who has large short in play on a company called Eurasia Mining .
As the woman is eating her squid her girlfriend hands the woman her phone which is open on a page showing Eurasia ‘s Friday news release .

Suddenly, the woman begins to cough. It soon becomes apparent that she is in real distress.

One of the brothers looks at her and says, "Kin ya swaller?"

The woman shakes her head no.

“Kin ya breathe?" he asks .

The woman begins to turn blue and again shakes her head.

The boy walks over to the woman, lifts up the back of her dress, yanks down her drawers and quickly gives her butt cheek a lap with his tongue.
The woman is so shocked that she has a violent spasm and the obstruction dislodges from her throat and flies out of her mouth.

As she begins to breathe again, the boy walks back to the bar and takes a drink from his beer.

His brother whilst sipping his own beer says, " Ya know, I'd heard of that there 'Hind Lick Maneuver', but I ain't never seen nobody do it."

Jim, seisprocessor.
I would think the only agreement Mourant want is payment of its bill. If we have the funds and intend to pay we can put check in the post without any further court involvement.

I posted Monday extract the from Caymans Court cause list of a sanctions hearing set for this week listed as

FRONTERA RESOURCES GEORGIA CORPORATION

Just noticed that the case number is same as the hearing earlier this year when that Companies liquidation was put under court supervision .

Conyers Dill & Pearman who presented the supervision request are the only legals listed on this weeks hearing .

By interesting to hear what the sanctions request is for .

Erazzel , I thought that , but isn’t there a hearing on that next week .
Also thought that case against them personally re guarantee’s .
Not sure if CD listed for this case is for us or other party .If the other side thought it is Mourants chasing us in the other case

Below listed in this weeks Caymans court listings .
Don’t know what it is but presumably another knuckle slapping for some reason
FRIDAY 19 MARCH 2021
FINANCIAL SERVICES DIVISION

HON. JUSTICE KAWALEY. CD&P/

COURTROOM # 5@ 10:00 A.M(As Chambers)
FSD 317/20(IKJ) Frontera Resources Georgia Corp’n
Sanction application.

No certificate here but ii still acknowledging my holding .
Sefton resources were US based O&G I think . Ditched a few years ago , I think shareholders received a payment roughly equalling £7 per Million shares . Perhaps you have forgotten you had them . On the bright side now they have found you if you had 140 odd million shares your a millionaire.

Teacaddy ....No idea , how about you do some research and let us know .

Minden my answer to your “reasonable “ question is ....yes ...but then again ....no .

I would guess the issue we have has not changed since FTI started their process. Seems to me that even if we are able to get Georgians to agree any transfer to whichever company , FTI on the face have not finished .
Their task includes looking into wether that transfer is legal under insolvency law.
They will be investigating if fair value was paid to the liquidated Co, remember in their court docs they referenced our counter claim ( later dropped ) for $3.5 B .
Alongside that they will be looking at the timing of any transfer i.e . was it done so close to the liquidation as to be viewed as an attempt to illegally ( under insolvency law ) deprive any creditors of the value of assets .
No sign of them wrapping up in NY and returning to Caymans for final meeting to inform creditors of any Divi , in fact they continue to liquidate our companies .
The latest was FRONTERA RESOURCES GEORGIA CORPORATION and I see in their request for court supervision of this Co which was granted in Dec 20 they said:

......The JVLs consider that a supervision order would facilitate a more effective, economic and expeditious liquidation of Company in the interests of the contributories and
creditors due to:

a. the lack of cooperation and assistance received from Messrs Nicandros and
Mamulaishvili in the liquidation of FRCC and the likelihood that the JVLs will encounter a similar situation in the case of the Company. The joint official liquidators (“JOLs”)will be assisted in gathering information from relevant
persons by the powers afforded to official liquidators under section 103 and 138

b...the potential need to apply for recognition of a foreign proceeding under Chapter 15 of the US Bankruptcy Code as a precursor to obtaining assistance from the US Bankruptcy Court
.

c...The potential need to apply for recognition of the liquidation in the Republic of Georgia, the jurisdiction in which the Company’s only known assets are based.

FTI are the professionals, they have no personal links , no history or grudges to settle and nothing to lose they are just grinding away and no doubt collecting their fee’s.
Would not surprise me if some of the issues we have seen this week between ZN & SN / Co have actually been unearthed by them .

Whatever is behind the restructure , Dustin’s reappearance etc I still feel until FTI say ....nothing for you , to creditors.....
then every outcome is still in play , which may include dare I say a restructure that includes Hope .

Jeeez, perhaps helps to explain why FTI are taking so long to get to the bottom of things , what a hornets nest this is all turning out to be .

Earsbern ......agree......and going by the list of discovery they put forward they must using a Caterpillar RH400 to do the digging . Not sure what the norm is for these things but even allowing for possible Covid disruptions its taking some considerable time , our guys must be giving them a merry old runaround .

Based on no info to the contrary can only conclude FTI still digging in NY . Not forgetting earlier this week they applied for and were successful in getting the liquidation of FRGC put under court supervision , to me thats another indicator that our men are continuing their strategy ( if thats what it is ) of not cooperating with them , meaning that they will continue to keep us in the dark also .

So I doubt we will get any info on restructuring until the asset transfer issue is put to bed one way or the other , weeks, months , who knows.

Earsbern
Isn’t the NY action by FTI against FRCC not FRC ?
Presumably If their invoices were to the latter the liquidator would have not accepted them as a creditor of FRCC hence the Harris action .....maybe

Thanks Sycric

I keep looking on Gazette hoping to see final meeting called re FRCC ( under court supervision) the case thats been in NY for over 12 months .
Assuming when final meeting was called we will know one way or another if FTI have gained or not the asset .
So surprised / disappointed that Frontera Resources Georgia Corporation has now been put under supervision as does that suggest FTI still digging strongly . Thought maybe procedural as part of the whole story , but if so then thinking why the need to also seek Court Supervision with this one .

FRONTERA INTERNATIONAL CORPORATION
(In Official Liquidation)
(The “Company”)
Company Registration Number: 71338 TAKE NOTICE that by order of the Grand Court made on 21 December 2020, Frontera International Corporation, registration number 71338, whose registered office is situated at FTI Consulting (Cayman) Ltd, Suite 3212, 53 Market Street, Camana Bay, PO Box 30613, Grand Cayman KY1-1203, Cayman Islands, was ordered to be wound up in accordance with the Companies Law
(2020 Revision) (the “Companies Law”).
AND FUTHER TAKE NOTICE that David Griffin and Andrew Morrison of FTI Consulting (Cayman) Ltd, Suite 3212, 53 Market Street, Camana Bay, PO Box 30613, Grand Cayman KY1-1203, Cayman Islands, have been appointed as the Joint Official Liquidators (“JOLs”) of the
Company.
AND NOTICE IS HEREBY GIVEN that
creditors of the Company are to prove their debts or claims within 21 days of the publication of this notice and to establish any title they may have under the Companies Law by sending their names, addresses and the particulars of their debts or claims to the undersigned, or in default thereof they will be excluded from the benefit of any distribution made before such debts and/or claims are proved or from objecting to the distribution.
If you would like to obtain a proof of debt form, please email rya.ruiz@fticonsulting.com.
1 February 2021
DAVID GRIFFIN Joint Official Liquidator
Contact for enquiries:
Rya Ruiz
Telephone: +1 345 743 6830 E-mail: rya.ruiz@fticonsulting.com