Member Info for ZiggyZag

Below in todays Caymans Gazette .
As you will read it says .... was ordered to continue under the supervision of the Grand Court.....
I do have trouble following whats happened to which Co but can only recall Court supervision being granted to FTI for Frontera Resources Caucasus Corp, thats the case currently in New York .

Anyone able to clarify whats what ?

FRONTERA RESOURCES GEORGIA CORPORATION
(In Official Liquidation)
(The “Company”)
Company Registration Number: 72227 TAKE NOTICE that by order of the Grand Court made on 14 January 2021, the liquidation of Frontera Resources Georgia Corporation, registration number 72227, 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 continue under the supervision of the Grand Court ......

pursuant to section.124(1) of the Companies Act (2020 Revision). 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 Act 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.

1 February 2021
Contact for enquiries:
DAVID GRIFFIN Joint Official Liquidator
Rya Ruiz
Telephone: +1 345 743 6830 E-mail: rya.ruiz@fticonsulting.com

If you don’t know what constitutes “ normal” re any company comm’s , then how can you decide what you describe is strange .
I find its strange that the part of a door that folk use to open / close it has the ability to invest .

I have not seen the court doc’s , is there a link to them .
Oopsi ....you point to Zaza acting on our behalf .
I am probably way of beam here , but ....
Whilst it seems he has not been part of the Co since the summer you would think he would have some knowledge re the proposed restructure .

If that restructure locks out current shareholders could it be that his knowledge of that has prompted his actions.

Pt 2 final
With respect to the new claims, the Minister of Justice of the Republic of Kazakhstan, Marat Beketayev, said:
“Outrider filing its claims proves that it is not just Kazakhstan that was damaged by the fraudulent schemes of the Stati Parties and their co-conspirators like Chapman and Argentem Creek.  We welcome the participation of all such victims of this fraud to come forward and join in our efforts to bring these fraudsters to justice and pay the penalty for their unlawful acts. These new claims, combined with the recent findings of the Gibraltar court, confirms that while the Statis and their co-conspirators may have been able to mislead the arbitral tribunal and certain courts, they cannot escape ultimate justice.”
By way of background, on 27 November 2020, the Supreme Court of Gibraltar issued a judgment in an action that was brought by the bankruptcy manager of TNG against the Statis, including Tristan ("Gibraltar Action"). The judgment was made on the application of TNG for permission to serve the Statis in foreign jurisdictions, which was granted. In rendering its judgment, the Gibraltar Supreme Court followed the standard that required the existence of a serious issue to be tried on the merits with a real (as opposed to a fanciful) prospect of success.
The judgment states that the Gibraltar Action "arises out of the alleged fraud" that caused damages to TNG in the "sums of approximately US $470m and EUR 36m". In its judgment of 27 November 2020, after a two days hearing and examination of large volumes of evidence, the Supreme Court of Gibraltar made a finding that all claims on the Statis' fraudulent schemes constitute "a serious issue to be tried" on the merits with “real prospects of success.

From Kazakhstan based TAG news Jan 5th 21 , a little less of a hatchet job on Hope

Almaty. January 5. KazTAG - On December 31, 2020, Outrider Management oined the Republic of Kazakhstan’s pending New York lawsuit against New York-based financier, Daniel Chapman and the Argentem Creek group of companies that he owns and controls, reports the Ministry of Justice of Kazakhstan.   The lawsuit seeks to hold Chapman responsible for conspiring with and aiding and abetting the systematic fraud perpetrated by Anatolie Stati, his son Gabriel Stati, and the web of companies they control.  This fraud damaged multiple parties, including Kazakhstan and Outrider.
Outrider is a former investor in the Statis’ companies.  Starting in 2009, Outrider began buying notes issued by Tristan Oil Ltd (Tristan), a British Virgin Islands-based special purpose entity owned by Anatolie Stati.
Chapman with his company Argentem Creek was also one of the largest Tristan Noteholders.
In 2006 through 2009 Tristan issued Notes with a face value of USD 530 million in total. The Notes were secured by guarantees and pledges of shares of the Statis’ operating companies in Kazakhstan Tolkynneftegaz LLP (TNG) and Kazpolmunay LLP (KPM) but had never been registered as required under Kazakhstan law. The proceeds from the Notes had to be invested into TNG and KPM operations in Kazakhstan. However, in breach of their representations and obligations, the Statis diverted millions of dollars of the proceeds of the Notes received from U.S. investors to Statis’ companies, including Ascom Sudd Operating Limited in South Sudan, which was subsequently placed on the U.S. Department of Commerce’s list of companies “reasonably believed to be involved, or to pose a significant risk of being or becoming involved, in activities contrary to the national security or foreign policy interests of the United States.”  
Kazakhstan’s original complaint in the New York action sets out the detail of the Statis’ fraud, and alleges that Chapman discovered that the Noteholders’ monies had been stolen but instead of taking legal action against the Statis, Chapman and his companies acted like “a victim of a Ponzi scheme who, rather than taking legal action that would risk collapsing the scheme, decides to join and support the scheme to obtain money from a new victim [Kazakhstan] rather than seeking to recover their own stolen monies in a legitimate and legal way.”  
In the newly-filed amended complaint, Outrider alleges that it too was deceived by the Statis’ fraud and harmed by Chapman’s complicity with the Statis. Both Outrider and Kazakhstan assert claims against Daniel Chapman, Argentem Creek Holdings LLC, Argentem Creek Partners LP, Pathfinder Argentem Creek GP LLC, and ACP I Trading LLC for civil conspiracy to commit fraud, aiding and abetting wrongful conduct, and unlawful means conspiracy under English law.

Final pt
Roughly the same scenario unfolded events in Ukraine, as well as in Georgia itself, where Stephen Hope, the already mentioned head of Outrider Management, literally begs the Georgian authorities to transfer to the fund a license to develop oil, which Frontera Resources Corporation received at one time, but in ended up bankrupt.

Thus, all political connections and even financial injections from the EBRD did not help the Tbilisi physician with connections. And now Californian funds have to extricate themselves from the created situation, which obviously have their own very dissatisfied investor clients.

Despite the small amount of assets under management, the entry threshold for investments by Outrider Management was at least USD 1 million. So, offended depositors are, in fact, millionaires. And it's not hard to assume that the Californian company now has to solve many problems simultaneously. And the authorities of Kazakhstan can be very useful to her in this matter.

A new player has appeared in the Stati case
Alexey Tikhonov - 12/19/2020
A new player has appeared in the Stati case
In the opinion of Argentum Creek lawyers, it is the Kazakhstani government that stands behind the inclusion of Outrider Management in the case for the payment of bond obligations.

“This is just a distraction tactic used by the Ministry of Justice of Kazakhstan to somehow prevent a payment, the amount of which was determined by the Arbitration Court and confirmed by the Swedish Court of Appeals,” said Paul Butler, partner at Akin Gump Strauss Hauer & Feld LLP, which represents Argentem Creek Partners.

Nobody can understand what motives the Ministry of Justice has. Either it's just a desire to buy time, or the head of the ministry, Marat Beketayev, has some secret methods that he is ready to use. But for now, his strategy looks like a "doomed raid."

Pt 3
But the most scandalous for Outrider Management was the relationship with the Frontera Resources network of companies, which has appeared in several projects in the territory of the former USSR. Outrider Management financed these projects, and now it is in the role of their main co-owner.

The company was founded in the 90s by the influential Democrat Bill White, who was then the Deputy Secretary of Energy in the Bill Clinton administration, and then took over as chairman of the Democratic Party in Texas.

The pinnacle of White's career was as mayor of Houston, the capital of the American oil industry, which he held from 2004 to 2010. In Houston, the headquarters of the Frontera Resources Corporation, the headquarters of the entire Frontera network, is located.

When the company was founded in the 90s, influential representatives of the American establishment were noticed among its investors. But in the process of further transformations of this business, Steve Nikandros and Zaza Mamulashvili turned out to be the main public figures.

A strange partnership

Steve Nikandros represented Houston in this tandem, and Zaza Mamulashvili represented the former USSR. A graduate of the Faculty of Medicine of Tbilisi University ended up in the United States in 1989, where he wanted to pursue a career as a physician, but ended up as a trader in oil and metals. Metex, which was managed by Mamulashvili, exported steel and non-ferrous metals, while MTA imported oil from Russia and Kazakhstan to the United States. At the same time, contacts were established with Frontera.

In one of his interviews in the Ukrainian media, Mamulashvili claimed that Bill White began working with him on the instructions of Bill Clinton, whose administration was deciding on ways to export Caspian oil. As a result, Mamulashvili (according to him) was involved in negotiations with representatives of several countries at once - Azerbaijan, Georgia and Turkey, which ended with the construction of two lines of the pipeline from Baku to Supsa.

One can be somewhat condescending to such statements, but Mamulashvili had really large-scale plans. And each time they moved through political channels. For example, Frontera managed to obtain a concession of 40% of the territory of the Republic of Moldova for oil and gas exploration thanks to the support of Prime Minister Pavel Filip and oligarch Vladimir Plahotniuc, the then shadow leader of Moldova. In May 2016, Vladimir Plahotniuc, accompanied by Steve Nikandros, spoke in Texas about the investment opportunities of Moldova, and then Zaza Mamulaishvili announced plans to invest $ 500 million in the republic and create hundreds of jobs with decent salaries. But that was the end of the project.

For an investigation into how the Cayman Islands millionaires brought Frontera to Moldova, follow this link.

Pt 2
However, then the company sold its shareholding and got out of this story.

What was the reason for her return, and even on the side of former opponents, can only be assumed. But the fact that the intentions of the American investment company are voiced by the Kazakh Minister of Justice is indicative in itself.

Small firm with big connections

The story of Outrider Management itself, a company registered in an office center near the San Francisco airport, speaks volumes.

The number of people working for this firm is unknown. She is usually represented by Stephen Hope, who has managed the firm's portfolio since 2003. Until recently, the company's CFO Julia Ruthven also acted as a speaker, but in 2017 she left the company. Jennifer Collins and Scott Dakers are now listed as employees in the reports submitted to the SEC (US Securities and Exchange Commission).

From the same statements it follows that the value of assets under the management of the company's funds is estimated at just over $ 33 million. This, of course, is an insignificant volume by the standards of even modest companies in the investment market.

Interestingly, Outrider Management's asset reduction has been particularly rapid in recent years.

In 2014, the company owned a controlling stake in Jaguar Mining Inc, a Canadian corporation that develops gold deposits in Brazil, but this is in the past. Now the main shareholder of this company is Eric Sprott.

Unsuccessful for Outrider Management can be considered participation in the capital of Madagascar Oil Limited - an oil company engaged in the development of heavy bitumen oil fields in the territories belonging to this island state. The company had a very difficult relationship with the Madagascar authorities: it was revoked from its license. The company is now still operating, but its shares have not been listed on the London Alternative Stock Market (AIM) since 2016.

Thanks IB , Translatio pt1
Who is allied with Akorda in a claim against Stati
In the first days of January, the Ministry of Justice of Kazakhstan spread a message about the appearance of an ally of the Kazakh authorities in the war against Moldovan investors Anatol and Gabriel Stati. It turned out to be the American investment company Outrider Management. We decided to find out more about this situation.

To begin with, we will quote the press release of the Ministry of Justice of the Republic of Kazakhstan, published in many mass media:

On December 31, 2020, Outrider Management joined the lawsuit of the Republic of Kazakhstan pending in New York against New York financier Daniel Chapman and the Argentum Creek group of companies, which he owns and controls ( collectively referred to as "Chapman") ".

The battle with the "collective Chapman"

Thus, the “collective Chapman” (not to be confused with the spy of the same name, who became famous in “gorgeous” photo sessions ”) became the new“ enemy ”of Kazakhstan, replacing Stati's father and son in this role.

The latter, as the owners of the Tolkynneftegaz and Kazpolmunai companies, did business in Western Kazakhstan, but lost it as a result of the raider seizure of the government, filed a lawsuit and managed to win $ 540 million from the republic through International Arbitration. The authorities of Kazakhstan refused to pay millions, as a result of which the foreign assets of the country were already under arrest for billions. This includes a block of shares in the "property of the republic" - Kazakhstan's share in the Kashagan oil project.

Daniel Chapman and Argentem Creek Partners financed Stati projects in Kazakhstan through bonds issued by Tristan Oil Ltd, and it is they who should receive about 70% of the amount determined by the arbitration as compensation. For a long time, Argentum Creek remained in the shadow of this story, but now it has headed a legal confrontation with the Kazakh Ministry of Justice.

In turn, the Kazakhstani state agency decided to strengthen its positions and open a "second front", putting "Outrider Management" as an ally.

Exactly by exposing, since all information about the joining of this company to the claim of the Republic of Kazakhstan in the public field comes exclusively from the Ministry of Justice of the Republic of Kazakhstan. This company did not make any public statements of its own and did not issue any press releases. Its corporate website does not publish information on this topic, but is exclusively a portal for clients of this company. That is, we did not find any publicly available evidence that Outrider Management is the holder of the securities of Tristan Oil Ltd.

Meanwhile, according to the information we received from insiders, Outrider Management in the past owned a package of bonds and even took part in committee meetings, thus supporting the lawsuits filed by the Stati family against the government of Kazakhstan.

Encouraging developments at last . Agree with Free that disappearance of some within FRR would the face of it not be helpful to the liquidator .

Importantly in my view I think its a good sign that the very well respected within the industry figure Luis Giusiti feels happy to continue to be associated with the company .

Thanks for putting me right folks , clearly I need to improve my reading / info retention skills .
I Promise to try harder.

I would add that whilst the delay may not be because we are working together, being pushed back to next year may for external reasons force one or even both sides. into a situation where need seek a resolution outside the courts new timelines .

Re the court case rescheduling, rather than some form of working together etc I would suggest the push back is linked to Covid impact on Cali court operations .
Cali courts are still working but in a very different way than before meaning slower process and resulting in case push backs . Jury trials are still happening but with the focus on “ essential “ cases . Whist our case is essential to us I would think its far down the line of essential in the courts view.

Maxcady ....so why don’t you just go away and tickle your weaner for 10 yrs then .

Thanks ODR .....Happy Christmas to you and all other genuine FRR groupies on here.

Aurora
Thanks for posting the email , lets hope they expand on their strategy / actions in the very near future .

Maxcady
Re website , if you look back at posts on here prior to you joining in November 20 you may get your answer

WHamBoy
Looking back at posts maybe you are thinking of the one below.
I think one or two others had responses from Linesenmayer but cannot find anything re restructuring .

ODR had a reply which was not posted , perhaps he could tell us if it mentioned restructuring.

Posted by Razzel 30th Oct

brookemia: SK2, hot off the press and beau coup de strange?? Dear Mr. Hall, Thank you very much for this additional information as it is very helpful. Will revert shortly. In the meantime, regarding your prior question, I can confirm that none of Frontera's entities you referenced in your prior email will be struck off in the Caymans, as they have all been returned to good standing. Many thanks, Bryce Bryce D. Linsenmayer Taylor English Duma LLP 700 Milam Street, Suite 1300 Houston, Texas 77002 713.392.1020 blinsenmayer@taylorenglish.com www.taylorenglish.com

Also relevant extract from Translation #34 posted by Looed 24th Oct

....According to Zaza Mamulaishvili, General Director of the Energy Company, the abolition of the legal entities owned by Frontera in the Cayman Islands is part of the restructuring, and the company Frontera Eastern Georgia, founded by them, continues its activities in Georgia.

As Mamulaishvili told Business Media, he did not name specific details of the restructuring, but said the changes would increase the share of Outrider Management in the company. A few days ago, this company applied to the Government of Georgia and requested the transfer of the oil extraction permit to the twelfth license block.....

On same date Looed also posted translation #33 which contains the para

....It was also known today that Frontera is facing restructuration, and their companies which were founded on Cayman Islands will be liquidated. According to Zaza Mamulaishvili, the change will not affect Frontera Eastern Georgia Ltd, which will continue operating......

I thought at the time on the back of the then recent info re strike of “abolition of the legal entities” in #34 was referring to that , and “liquidate” in #33 was meaning the same but with the info we have now looks like Zaza was referring to actual liquidation in both interviews.

Whatever ,still cannot find any other reference to a restructure from any other interviews / others sleuthing’ s .

Regarding restructuring and any link to Caymans actions
.Maybe I have missed some info but I can only recall Zaza referring to it on one occasion .That was when the info that the companies were about to be struck off came out .
Zaza was quick out of the blocks to say strike off was planned and the company was restructuring.
A couple of days later the Company undertook the outstanding admin/ payment to avoid strike off.
Have we seen anything since linked to company restructure ?

Maxcady

A silly nonsensical comment .