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Mapp should buy a map ,as clearly lost their way .
Looed thanks for your post .
I don’t have any theory , just frustration over the lack of official comms and clarity re the issue .
However assuming Company is active and as they say “cannot understand why some brokers are taking the view that they are not “ why they don’t officially announce their status backed up with the relevant info .
On the back of all the other issues , SOME OF WHICH clearly and understandably they cannot officially communicate on , surely this is a subject they should ….and indeed want to ….. put out an official statement in order to clarify to all and put the issue / confusion to bed.
Or do they expect the brokers to monitor this message board and take the lead from what they read here re the companies status in order to manage their clients investment .
Looed
Part of my post a couple of days ago said .
When this issue first cropped up the Company said on July 4th
…….."Frontera changed registered agents in the Caymans several months ago. We will look into this further and revert to you soonest."
That sort of indicated some form of **** up due to change of agents and they will sort it .
Today they say( Aug 27th)
“Frontera is in the process of changing its registered agents in the Caymans. “
So I wonder , is this ANOTHER change of agent due to previous NEW one ******* up …..
Whats your take on the two messages , are we on agent no 3 do you think ?
The heading of the relevant section is
TAKE NOTICE THAT the Registrar of Companies, having reasonable cause to believe that the undermentioned companies incorporated under the laws of the Cayman Islands are no longer carrying on business or are not in compliance with Sections 168 and 169, intends to strike the said companies from the Register as of the 30th October 2020, in accordance with the provisions of Section 156 of the Companies Law.
CINDY JEFFERSON-BULGIN Registrar of Companies
There are a few hundred Co’s listed including …
FRONTERA INTERNATIONAL CORPORATION
FRONTERA RESOURCES CORPORATION FRONTERA RESOURCES GEORGIA CORPORATION
FRONTERA RESOURCES OVERSEAS CORPORATION
Looed, AP,
Think this is the strike of notification that I posted back in Oct 20 . My post is now missing from my history.
We had a lot of related posts over next couple of days or so , as after I posted someone , Earsbern ( sorry if not you Ears) I think , wrote to the Co citing my post and asking for clarification .
Co responded with something along the lines of admin error that was being rectified.
Not sure if we ever saw any proof that it was actioned , having said that didn’t Mole post recently on the matter indicating no evidence of strike off or something similar
Looed many thanks for forwarding on to us the latest message from the company, your work as always is much appreciated .
When this issue first cropped up the Company said on July 4th
"Frontera changed registered agents in the Caymans several months ago. We will look into this further and revert to you soonest." …..
That sort of indicated some form of **** up due to change of agents and they will sort it .
Today they say ….
“Frontera is in the process of changing its registered agents in the Caymans. “
So I wonder , is this ANOTHER change of agent due previous NEW one ****ing up .
Clearly some more cynical than me might think , did the guy who wrote message two , fail to look at message one first.
Putting aside the agent change story , today’s message also says
“The company does not understand why certain brokerage houses are sending out this messaging”….
So they don’t “understand why “ which obviously indicates the company has now got everything in order and views the actions of those brokers as an incorrect understanding of the companies status .
With that in mind you would think then that the professional course of action would be for the company to contact those brokers informing them of the facts in regards to the companies status and why their action of removal is incorrect / unnecessary.
There is no evidence in their message that they have done that , perhaps with a follow up message they could tell us why they have not done so .
This latest development is not surprising and has been on the cards since the transfer was attempted being so close to the liquidation . Cannot remember now if it was just before or after , either way it was bound to be looked at in detail being so potentially blatant in its alleged attempt to outrun the creditors.
Our men steered us to that point . Having done so they MUST have been aware of the potential consequences of their alleged actions re the asset transfer.
Obviously everything at this stage is alleged against whichever party is the accused in whichever court.
Of all the allegations detailed in various civil court docs I don’t think anyone yet has been declared guilty of anything ….with case concluded.
But wether it be in courts in Caymans , Georgia, California , NY or Huston its a merry go round of litigation that non of us foresaw when we were so jubilant and confident when our directors in the early days of liquidation declared ( under Caymans company law rules ) their statement of solvency “ we can pay our debts in 12 months”…..remember that !
Even if our FRR come out of this saga still intact and any worthwhile assets, we have been ( and continue to be via shocking and contemptible lack of professional comms) let down very , very badly by all involved.
Looed, many thanks for this latest update . Whilst obviously its our version of events it does contain what seems to be damning and verified evidence pointing to ZM’s actions that go against the court orders . Be interesting to see how he responds to this one .
Arsenal
The 25th May2018 update RNS contained ….
Well Niko-1 Funding
On 24 May 2018, the Company entered into an agreement with an unrelated institutional investor to secure funding for the planed operations at Niko-1 well. Pursuant to the agreement, the investor will provide up to $3 million investment, to be disbursed in two equal tranches by 1 September 2018 and by 15 October 2018, respectively, in order to fund the Niko-1 well work program to be commenced in November 2018. In consideration for this financing, the investor will receive share in the production from the Niko-1 well in the following proportion: 60% of the well production from the completion of the work program until recovery of its investment, and 30% of the well production thereafter…..
I assume this is the Green investment , so must have been known to all in company , but as you indicate was it possible the asset security action that took place in October 18 was under the counter and somehow not known by all in the Co ….as I would think this was a development that required an RNS
In the Financing Update RNS of 12th Dec 2018 it said
……The company is pleased to announce that on 11 December 2018 it signed a term sheet (the "Term Sheet") with a New York, U.S.A.-based fund seeking to secure a loan of up to $60,000,000 (the "Transaction"). The Term Sheet is not a commitment letter, nor a commitment to providing financing to the Company…..
It finished by saying …
……The loan would be secured with a first lien on the Company's Georgia assets or a pledge of shares of the Company subsidiary that holds such assets, subject to definitive agreements……
Now we have these latest court docs which say
….The Green Capital Contract
On April 25, 2018, shortly after the Georgian government initiated the international arbitration and at a time when FRGC was in desperate need of capital to try to actively develop the area covered by the PSC and avoid its forfeiture under the government’s claim, FRGC entered into a Forward Sale and Purchase Contract (the “Forward Sale Contract”) with Green Capital. See PX 7 at 1. Green Capital initially pre-paid $2.8 million under the Forward Sale Contract, but the contract was amended on October 19, 2018, to increase Green Capital’s pre-payment to $10 million. See id. § 8.3, Addendum #2 § 1. The October 2018 amendment also granted Green Capital a security interest in
FRGC’s assets……
If I am understanding correctly we announce term sheets with the NY folk that if formalised would give the assets as security when 2 months earlier we had already signed them up to Green as security , or am I reading it wrong .
But most importantly I cannot see any RNS announcing the security being given to Green Cap , as now detailed in the court docs , that happened two months before we suspended .
Thanks for the responses to my question last night re why the HNWI remain anonymous…..they are all valid thoughts , much appreciated .
Whilst I would love to know who they are , for the time being I am content in the knowledge that they have seen the potential upside and have decided to followed my money , I will now follow theirs .
Looed
Hell yes , thanks the reminder ….FRR’s clearly frizzled my mind.
Mole thanks for your response to my post re Caymans Court orders .
Interesting ,disappointing, but not surprising that FTI are perusing litigation in USA against our directors .
Clearly after being given the go ahead by NY bankruptcy court back whenever , to investigate all stateside together with info from Caymans , they have uncovered info to feel going down this route is warranted.
Consensus on this board over the years ( yes years now ) since the Company went dark on us seems to have been …they ( the Co ) can’t talk to us because of giving info away to Hope / Georgians and of late Zaza .
It does so annoy me that we been getting meaningless …all is in hand and we are with you …..messages via a fellow poster accredited to an anonymous source . ( Looed really appreciate your efforts & time and not shooting the messenger just the source )
Think about it , an all grown up company using this method to communicate with its investors …..and we actually accept it with gracefulness…..Jeeez !!!
Perhaps these orders make sense that since the liquidation ,saying nothing to shareholders on the record or off , that is meaningful or informative of the true situation /facts has been the order of the day .
Thoth….yes , that fits but why drip feed , their £1m keeps the Sp up / rising . I think we all assume they have seen what SAR have on the boil so why not take advantage of the current low ( yes low ) SP and go large now to maximise .
Not being afraid to ask the stupid questions has served me well in life so far ….so here goes with another ….What does the HNWI gain by remaining anonymous ? They are obviously successful individuals so presumably their known involvement would possibly add % to the SP / their investment .
Not sure if we have seen these previously…..extracts from two Caymans Court orders obtained by FTI on 10th May 2021 signed by Kawley .
Below is extract from order against FIC , there is another order with same wording but against FRGC
IT IS ORDERED that:
1.
The JOLS are hereby authorised to commence legal proceedings in the United States against directors of FIC, Frontera Resources Georgia Corporation, Frontera
Resources Caucasus Corporation, and/or Frontera Resources Corporation and
related entities.
2.
The JOLs’ application for their decision to enter into the agreement with Munsch
Hardt Kopf & Harr P.C. for the purpose of commencing and conducting the
litigation referred to in paragraph 1 above to be sanctioned is granted.
Apologies if old news.
What would be helpful to our full understanding to the current battle and where it may lead would be a statement from FTI bearing in mind their decision to “sell” the asset to Green.
I would think multiple emails to the same person highlighting what the Co has would come across as shareholders wanting to increase the value of their stock .
One well written message as Stoney has already sent should be sufficient .
Surely better to contact multiple outlets .
Earsbern
if it was the story from the disgruntled disrupter crew member detailing their methods / naming fellow poster names , then the original twitter link is still showing on EUA board under the thread …incredible if true …14th july.