Member Info for ZiggyZag

Just had update from her , no comment , just the full article re Prods post last night
Frontline Western Georgia VS Staff
Employees of the Oil Company of Frontera Western Georgia in Dedoplistskaro have been protesting for three months. They refused to go out of service and oil wells after failing to get an accurate answer on their ten-month salaries. On October 26, Zaza Mamulashvili, the company's CEO, met with the strikers but failed to reach a consensus. The Director General requested the deadline until November 5. Despite the pessimistic attitude of Dedoplistskaro residents, most of the staff gave it one more chance. However, as it became clear from the November 7 meeting, again in vain ...
 “Everything is stopped, or it will stop until our salaries are paid. I don't think this meeting will be resolved positively either. What happened before will be even worse today. Again, there will be an unresolved issue with the government. What else can we expect? I don't believe in anything anymore. The government needs to hear our voice too. Should someone pay attention to us? They will give us our salary and I don't think I will continue to work. "
“We don't know what to expect anymore. We strive to get what we have worked for legally. How things will turn out, I really can't predict. But the fact is that all this has been going on for years. We can't move forward, on the contrary, we go back and forth. Obviously, people's problems cannot be solved. Whoever settles, then let us look and pay attention. We demand, first and foremost, our salaries. Nobody has any other interest. When a man or woman is out of work and waiting for his or her salary at the end of the month, he or she is abused for months without pay. Offers are not fulfilled. "
“I also think these temporary offers are a farce. We can freely demand whatever the company owes for 10 months. ”

Prod
Good sniffing ....thumbs up to that

Just home and seen the various posts re thumbs up ...excellent, very funny .
Joking aside encouraged that he responded at all after months of silence , something made him feel comfortable in doing so this time , like to think its because the meeting with Zaza gave positive news ....we will see no doubt .
Enjoy your weekends

I was accepted as a friend on facebook about 7 months ago by a guy working at Frontera Georgia, he has a technical role I think .
Nothing ever on his posting re work.
I have sent him a couple enquiries over the months but never had a response .
Sent one earlier this week saying we were hearing bad things re , no work , wages , people leaving ....just had a message of thumbs up emogi from him .
Make of it what you will ...could be referring to the overall picture or just him personally , though suppose if overall pic was bad he would be negatively affected .

Timster

Think the last thing we want at this stage is Georgian press airing our frustrations with FRR ....don’t think it will be good for company in country , and therefore us .

Arsenal they said they learnt about new council on July 19th and went onto say
......It has
also recently been brought to my attention that the new counsel is no longer acting in the Arbitration
and that this had led to an adjournment of the hearing earlier this month......
No date mentioned when they got this info other than the word .....recently ....which will obviously be in relation to date of submitting court docs.
So thinking again suppose it could have been cancelled any time July 20th onwards .
ODR
Asked reporter for updates re next meeting ( yesterday ) in response to her message .

TsBs
You are correct , DTI court docs said hearing due this month ( Oct ) had been adjourned because we did not have representation.
What we don’t know is what date in Oct it was due to take place, so we could be a number of on now weeks if it was early month ....and may have now taken place ...or not

Reg
Don’t think there will be much to divi out at all...just hypothesising one of many possibilities .
But as you say interesting nonetheless , who now are the shareholders of Frcc

erazzel
Yes realise that , but in the unlikely event of them having any surplus to divi out , in the circumstances of the current company make up / ownership is hope the sole shareholder to benefit from any surplus AFTER he has had his defaulted amount and any other creditors have been paid .
In this context what does possession actually mean, and who did Maples take possession for and from .
Can’t get my head around it

Syric
I posted similar last week , but giving it more thought I am not so sure now and a bit worried on that scenario

Did Hope become the only shareholder when he instructed Maples to take possession .

Recall email posted on here a few months ago to I think by TSBS from DTI when he enquired about what was happening telling him he was not a share holder in liquidated co and they refereed him back to FRR.
If above is correct would it all go to hope ...hope bloody not .
Any company law experts on here , will any excess funds trickle back up the chain to FRR

Via her facebook page l ast night I messaged the reporter cited as writing the article we recently saw re workers meeting with Zaza pushing for wages.
Asked her what paper it was published in and if she had any update.
She has responded this morning with:

Hello
The issue concerns Dedoplistskaro municipality
The article was published in a local newspaper
Meet the head of Frontera today
Let's see what happens
The service personnel are not going to start working until they are paid
As you know, they haven't received a salary for ten months.

Presume she means workers are meeting Zaza today.
I have asked her if she can update when more news available

Someone posted earlier .....The mortgage agreement that SN/ZM signed specifically stated that transfer of the asset was prohibited.....

Earlier this year when Caymans Judge was being rushed into injunction by Hope side he said:
Mr Hughes ( Hope lawyer) made somewhat vague allusions to steps which could be taken at the subsidiary level to erode the value of Outrider's security.

He went onto say

Therefore it seems to me that once one reaches the stage where the contract comes to an end (as it would do with the granting of possession) there is no right in the responderit to beprotected by the granting o f an injunction.

Pretty certain asset move was in the period after possession by Maples and before liquidation. So thinking above means asset removal as far as Mortgage terms are concerned was not in breach of agreement .

Not sure what the process is at end of ADR , think there is a settlement conference if deal is forthcoming but do they go back in front of Seeborg whatever outcome .
His diary is showing cases up to Dec 16th with no entries for us at the moment.
He does Civil law and Motions on Thursdays so 19th is last date before Christmas

Regdik
Just read your post of 9.46, clarifies the situation extremely well....Topdollar post ....many thanks

Thanks Mad
Really don’t know how you manage to get keep on top of all the issues and so logically work it out .....

Thanks Mad
But if Georgians have agreed transfer I cannot understand why tribunal has not allowed FRUS to be main party in the arbitration .
If what you say is correct then we have the Georgians on one side and FRGC on the other in arbitration re a licence which both sides know FRGC no longer hold ...does not make sense
Its such a fundamental change so surly Georgians and FRGC would request together that tribunal recognises it , the process does allow if both sides agree , I am sure.
If we have seen no evidence that Georgians agreed to the transfer then bearing in mind the above , I doubt if they have ......otherwise the tribunal is now being conducted with a bystander holding an empty box ....
.albeit we have the full box tucked under our arm! .

Re DTI’s version of developments in Arbitration , they say :

45. FRGC has disputed the Georgian Government’s claims against it and filed a
counterclaim in the amount of USD $3.5 billion as lost profits for the period of 2012 through 2027

47. Pursuant to an agreement dated April 13, 2019 (the “Farmout Agreement”), just a few
weeks before the voluntary liquidation commenced and the Liquidators were appointed as JVLs, FRGC purported to assign all rights, obligations and interests in the PSC to Frontera Resources US, LLC (“FRUS”), a Texas limited liability company that is an affiliate of FRGC (the “Assignment”).

50. Less than a week prior to the voluntary liquidation, on April 24, 2019, FRGC applied
to the arbitral tribunal (the “Tribunal”) to substitute FRUS for FRGC in the Arbitration. Subsequent
to the voluntary liquidation, FRGC provided more information to the Tribunal and renewed its
substitution application. The Tribunal did not accept the substitution of FRGC, and instead proposed that FRUS join the Arbitration. FRGC rejected the Tribunal’s proposal and purported to transfer the Counterclaim from FRGC to FRUS

So reading the above if the Doc is correct :

1. We have transferred asset to FRUS
2. Been refused request to Tribunal to replace FRGC with FRUS in the arbitration.
3. Turned down Tribunals proposal that FRUS join the proceedings .
4. “ purported to transfer Counterclaim from FRGC to FRUS” ...not sure from text if that was accepted or not

Questions above raises in my mind :
I think we saw earlier the year our men attempt to get Georgians to agree to accept FRUS as licence holder ....did they agree?
Obviously a good reasons Ia’m sure but why would we refuse to accept FRUS join in proceedings but then change counterclaim fromFR GC to FRUS.

Also DTI say cannot get info from our men so wonder where they have got the above info from ((excluding point 45) bearing in mind confidentiality of Arbitration process..

Pyro
Re the Arbitration , according to the DTI court docs the hearing due to have taken place last month was adjourned due to us not having representing council at the time .......another delaying tactic???

Here’s a curve ball theory with MY TIN HAT ON

We come out of Arbitration with something, lets say we hang onto what we have or similar .

DTI then successfully challenge removal and put in back in liquified company .

(Remember its not Hope’s company , its under control of DTI and being liquidated to pay him off)

They then sell it at market value to BP or similar ( would Georgians block that )

DTI pay off creditors leaving large amount to be distributed down the pecking order ..... is that shareholders best option to getting any money back .

If you want me to leave the board after putting that out I will

CF73
Yes saw that , but seems what DTI is attempting to do at this stage is to use the US courts to compel our guys to provide information as to exactly all the ins and outs of the transfer in order to establish legality of the move .
Having said that if it now sits in Frontera US ( which DTI refer to somewhere in docs ) does that not still leave it at risk.