Member Info for ZiggyZag

After logging on and seeing 22 posts , oh well maybe tomorrow .

****nal

all quite as we await next news . is sn going to pull the rabbit or are we going down said rabbits hole .

is he working on it as we speak with it yet to be considered or still being negotiated with creditors etc……or made a proposal thats been put forward and dismissed and the final winding up is on the horizon

who knows , but i would think we won’t have many weeks now to learn the outcome , particularly if he has failed in his attempts at rescue .

i see in a recent caymans gazette the latest strike off list has been published , …….we are not on it .

is that encouraging at this time, don’t know, as not sure the process / timing re strike off’s in circumstances such as ours , might be we just bypass the list as we disappear .

Hi Chris

Don’t think thats new news.

If you click the link at the bottom of article UKR .media it takes you to the same article dated 2017 .

Been out of the counrty for a few weeks and not looked in till this morning .See we are arguing about Brexit and grammar …….Jeez things must be worse than I thought

Erazzel, Keep the spirit high and strong mate , looking forward to hearing your going on the raz

ODR

Appreciate your reply .

Agreed …lets move on

ODR

Many thanks for informing us you have received minutes of the creditor meeting .

I understand your reluctance to share the minutes with those who don’t have required format of proof of shares or have found it difficult to obtain the required paperwork from their dealing platforms . I would be just as reluctant .

However in the spirit of established cooperation and help that this board is I had hoped to have read further on in your post that you had emailed Deloittes asking if you ( or any other recipient of the minutes) would be able to share on this board a précis of the documents relevant points of interest to shareholders.

Maybe you had that in mind but felt rather than exploring that avenue before posing your message , it would be more satisfying instead to use the opportunity presented by receiving the minutes to snipe at other members , some of whom have provided you with good info over the years .

Perhaps we need to slow down re expecting instant answers ,

Having attended a few creditors meetings over the years as a creditor , the first one is generally where a director of the failed Co is required to be present and answers the whys and wheres re their Co’s failure together with being grilled re their stated finances / assets / liabilities etc .

In my experience never at such a meeting have negotiations / proposed deal been on the agenda

Subsequent negotiations with Liquidator obviously can take place by Co down the line with any proposed solution / deal then voted on by creditors .

Hmm pressed to soon , should have finished with …..so I don’t suppose we will get an update from the Co .

I assume the creditors will have grilled extensively whichever of our Co’s Directors was in the hot seat .

ODR

Liquidators read this board , then why not just refer them to Looeds post to comment on if you know that as a fact .

Never said passing on the Co message was sharing a secret .

Its the passing on the message …for conformation / denial of the Co’s “words” thats possibly risks establishes a new mindset in the Co that we don’t want .

Jeez its only a couple of weeks ago that you told Tenners to step back from contacting Delloites with a post criticising the Co’s behaviour but ending with …..

I think communicating with the liquidators is pointless though as there is no potential upside to it as far as I can see. 
Having said all this, I currently see no alternative than to wait and see what happens with everything crossed that SN is doing what is morally right. He keeps assuring us he is .….

Then we get a couple of supportive messages via Looed and you go to Delottes with the last one of them .

Its not ill advised to ask questions as such , but there are neutral questions and questions that could be construed as negative intent against the Co …..by the Co at a critical point for us .

ODR

I really do not understand what you hoped to gain by contacting them with the message .

Two parts in your reply to breakdown .

First

The Liquidators are not in a position to comment on the statement you have provided

Nothing in their response indicates that no communication or negotiations even , is taking place between Deloitte and the former directors of FRC.

Nor does it indicate they are not .

Not sure what you expected them to say other than a neutral response

I would suggest that to expect they would confirm or deny is naïve

The rest

Their comments are std speak outlining the current ( already known facts ) re the former directors standing .

I accept its your complete right to communicate with the liquidators.

However if those from the Co stateside who are communicating with us via Looed are now thinking everything we say will be forwarded Deloittes for comment I assume that chain of comms will cease to operate and we become viewed by them as the enemy .

You have thanked Looed many times for the messages he has passed on , presumably you accepted them as genuine comms from the Co .

We all have frustration , disappointment ,anger even but with whats being possibly played out behind the scenes I think there is nothing to be gained by us interfering / disrupting / in the process at this stage .

We are already out with the Caymans entity, but we are… possibly ….still in stateside, who knows !

Getting involved now other than seeking neutral information on the process at this stage will not affect …out …but may affect our chances of staying in .

Really don’t understand your thinking on this one .

You have learned nothing re your enquiry but it is at the possible cost of irking those you need to be on your side for any sort of worthwhile outcome in this saga .

Irrespective of PT I as is your right , you continued to beat the ….contact Deloitte drum ….as if they are the big saviour .

For myself I view them at this stage in the process as the enemy, just the same as FTI in the previous liquidations .

Whilst we are relevant on paper in the process their work is creditor focused , not us.

Ask yourself what have you to gain by engaging with them ….getting the asset back ?

If they achieve that , what will they do with it , sell it on , how much for against whats it worth .I suggest they will be happy to sell it on ( if at all possible ) for enough to cover creditor debts and their fee’s . They won’t spend months , ….negotiating with Georgians , license etc ….or waiting for prospective buyers to do them same ……and money in attempting to achieve whatever the full market value is …... it will be a fire sale , they always are .

Whilst it seems hard for you to accept it I would suggest the best chance of getting a return is holding out for SN and team to come good for us .

I would also suggest that engaging with Deloitte and encouraging others to do so potentially harms that possibility , be it by helping Deloitte against the Co and obviously ourselves by default , or leading SN to view shareholders as a new enemy in the mix .

Bottom line is

SN comes good , you’re a winner .

SN lets you down , your’e a loser

Deloitte’s gain asset, your’e still a loser .

Just my view …..Don’t see it any other way .

Sorry two long for one post

Tenners

In reposting your two pages , you forgot to include the full story i.e. your first post under the heading of

Deloitte want contact from Shareholders. 5 Feb 2024 12:1

You wrote

It may have taken a court to remove SN and the board, but hopefully we may now start get some answers as to what has happened to our investment and our rights to the lucrative PSA. 

Deloitte are clealy now in the driving seat, a positive reply and I'll message more later...

That led most on here I would think to assume you had info from Deloitte

You followed up with the other post which some thought contained Deloitte’s views / facts etc .

As has been well covered the only info was their email address and that they were friendly.

It’s a public board and you post at your peril , particularly if you post in a misleading way, be it unintentionally or intentionally.

So you got stick , you got folks speaking negatively about you , you got folks questioning your motives etc, etc .

Must say in the context of those posts and you subsequently repeatedly defending them in posts , by now wrapped up in …its the only way to find out about my investment ….you got what they deserved I think ….and no bullying I would say , just some folk more frank than others in expressing their views.

You have written many words since that first post headed Deloitte want to hear etc , but none have said ….look guys , I have put myself in your shoes and looking at them I now realise how the two post together looked….apologies all round . That would have closed the matter I would think .

If I have missed that apology , then obviously I apologise and will add it should have been put to bed on your apology .

Tenners

Sorry bud , but the liquidator being a genuine person and now controlling the Co is not news .

Am I pleased that there is someone other SN etc in control , no I am not as it’s a liquidator

Agree it is any opportunity to communicate with them , but it will be one way .

you will not get any factual answers on “ whats happened to your investment “ until they do their report . That will happen as part of the process, possibly many months , years even , down the line .

We are still waiting for Maples , another professional and respected Company to wrap up the other wind ups , how many years later . What were / are they doing , looking into the asset transfer amongst other things

Until then it will still be a black hole re info no matter who’s in charge now . …..subject of course to anything we might hear from the Co directly or indirectly.

Phil

You say in your response to LIH

Lifeishard, there might not seem to be a lot of info on the face if it that Tenners has put but in reality if you read through it carefully there are many snippets of small but telling info that tells us a lot already.

Really not sure what you are getting at .

Is it Tenners thoughts on the matter you are referring to ?

or

Specific …..NEW….info / facts contained in his post ?

If the latter , they have gone over my head , please enlighten me .

Tenners

Thanks for your post .Have to say though that after your teaser earlier to day I feel a bit flat .

There is nothing in what you have posted re the liquidators response than standard practise .

What is the new’s ?

You say ….You can ask questions about your investment …Yes agree, you can email as many questions as you want I don’t doubt

Have you asked any specific questions over and above the process they undertake?…… what was their response ?

Remember the awful feeling of isolation a few months ago when it seemed this board had been removed from LSE .

With that in mind and FRC now being liquidated is the full removal from LSE a looming possibility .

My email address I used to reg with shareholder group is no longer in available to me , maybe similar with others .

I know it’s not monitored but can I update my details to the group ….Email address anyone ?

Someone referred to a WhatsApp group recently ……details anyone ?

Do we need an agreed backstop for comms should this one close ?

Looed Getting right confused now re your message about YA

Thought Ya debt was in liquidated FRC in cayman

Is it the liquidator continuing the case ?

Or is it a FRC registered outside Cayman where the debt lies ?

If so whats our ( shareholders) relationship with the FRC registered out side Cayman ?

Tenners

Understand your frustration with current situation , I think we all share that frustration.

I will not be contacting Liquidator as I feel there is nothing to be gained by doing so .

Clearly their role is to investigate , as far as funds allow , in order to liquidate any assets in order to fund themselves and pay creditors .

I assume they would not give me any info other than referring me to the process currently underway .

If I was to contact them I would be going to them blind with absolutely no information to pass on in order to assist them .

Having said that what would I want to assist them with…. .creating more problems / uncertainty / extended timelines for fellow shareholders whilst this plays out .

You indicate one of your frustrations is understanding

….the reason why the company was suddenly and workout ( without ) notice delisted….

Notice was given , It was in Caymans Gazette dated Dec 18th stating the WUP hearing was to be held Jan 16th . That notice also informed shareholders of their legal rights within the legal process, which included the line

Any creditor or shareholder of the Company may be heard on the question of whether or not a winding up order should be made .

We had the opportunity for input at the hearing ( presume they would have accepted in writing ) .Not sure though what could have been said to affect the judges decision .

It appears the Co did not contest the petition , nor it seems did they attempt to have it overturned within the five day timeline after it was granted , as was their right .

We do not know why they seemingly allowed it to proceed unchallenged .

Was it in part to dispose of us some might wonder .

Comms from them since seem NOT to indicate that , we can only wait and hope for that to be confirmed .

To that end , at this time in the winding up I see nothing to be gained by getting involved in the process , but potentially much to lose if we do .