And it may have worked like a dream booster, so whilst the short crew wank over the legal particulars FRR are cracking on with BP for “biggest drill” in Georgia. Roll on the relist!!! This is the best news we’ve had in a long while.
I do wonder, as ToT & Devex have intimated, whether there is a wider play being enacted here. Like chess, the pieces are moving and some serious strategy being employed. Either that or FRR are simply stupid, which is chapter and verse of that odious vermin tw, who irrespective of which company it is peddles his abuse to garner his own ends. I dont wish ill on people like him, but I do believe in karma and he will suffer seriously in that event.
Back to Frontera though. I feel the decision is likely that they have applied sufficient time effort and money in order to achieve the current position. Its not desirable but necessary. Hope had to go and he was never going to depart quietly or without a fight, especially given his modus operandi. So, I feel advise was taken and a plan implemented where the company realised what would happen along with the potential, and seemingly disastrous, results in the understanding that Hope would eventually depart. Sadly, he is like a bad smell that fails to go away.
The fact he has been removed from the board is good. Solvency needs to be proven next and as others highlight, the company then has 12 months to settle the debt. All the arguing over which company is in liquidation and where the assets are is simply a side show. I doubt for one second the company took any action without fully knowing both the implications and the legal aspects. They have serious connections and again, as others have highlighted, are from backgrounds which underpin their activities. Unlike TW and Hope they are not keyboard warriors.
Which brings me to the legal aspect in California. Another sideshow, for whatever reason, and certainly not the first time high flying legal teams have erred on the ‘wrong’ side. If they were as good as suggested they would not have done this by mistake! This is a calculated action and one designed to play out part of this chess game. Take note who Hopes lawyers are and compare to Frontera’s. No comparison. I’ve seen this done before and its purely game playing.
I remain convinced there is a wider game on and while Hope appears to hold all the pieces, slowly but surely they are being taken out, his focus is short term, while Frontera is longer term and they are playing the game accordingly. High stakes poker, chess, whatever you want to call it, but with the serious connections Frontera have compared to Hope I cannot help thinking we have not reached the end game yet.
Looks like we’re screwed. I won’t bother pressing Equiniti for my share certificates now, unless I run out of bog roll.
Why do you say that jay??? FRR should now have 12 months to crack on with operations, in which time OMF’s debt must be settled.
Maples have not elevated the liquidation to the courts so it may be safe to assume that the declaration of solvency has been acceptable by them. This is the best news we’ve had in the past 6 months. BP’s contracting advert even ties in with timing of the declaration.
Chin up lad.
I think I may have caught Fozzeritis … But having just Taffy’s post on LSE regarding solvency, then I feel a bit better but to quote paul daniels - not a lot.
Taffy’s post - I just want to clarify for those who haven’t followed all this. We are told that the FRR directors have signed a solvency statement. In that statement they have declared that FRR are solvent and can repay all its debts in the next 12 months. To knowingly sign a false statement is a criminal offence. I cannot believe the board would have signed this if there was any chance that they could be charged with a criminal act and face prison. Also to date this statement has not been contested by the liquidators. This is how I see it anyway. I wasn’t sure about our solvency in December let alone since delist so on the face of it this seems a very important statement to me.
Happens to the best of us jay
Ignore the crap on advfn.
Focus on the Cayman courts, if there’s no listing in the next week or two I think it’s safe to assume FRR could have 12 months to crack on with ops, in which time they have to pay Hope back, I assume the entire $22m+
I suspect BP’s recent activities are related to B12. Come on Zaza throw us a bone.
Oh I don’t read advfn Fozzer otherwise I might be 6 foot under by now. The good thing about FRR being taken off my ISA, is that when I look at my ISA, I see the true figure of what it’s worth.
My honest opinion is that share holders will come out of this mess.
So what is Hopes next move? Well as pyrotech suggests he may try and interfere with the liquidation process however this is entirely independent so Hope will have to watch his step.
Keep the faith, I think we could be just a few weeks away from some very good news.
A potential downside is that FRR may be about to get whacked with a large legal bill!!! But we both know Zaza and Steve have big pockets.
BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start.
The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are met, the company could find a new gas play that’s about the same size as Shah Deniz, its project that produces the fuel from a field in the Caspian Sea that’s as large as Manhattan.
Tick tock…or should I say tap tap? Georgia next
Worth a read if you have time…tap tap
Here is thebitabout insolvency. 110. Defendants represented at oral argument that the directors have submitted a declaration of solvency to the voluntary liquidators. This does not deprive the liquidators’ of their authority to continue with the liquidation, however, as they may still apply to the Cayman Islands court for the court to supervise the liquidation if they believe either: (1) the company
is or is likely to become insolvent; or (2) court supervision is necessary to facilitate a more effective, economic, or expeditious liquidation in the interests of the contributories and creditors. Companies Law § 131 (2018 Revision) (Cayman Is.)
That’s the point, it’s been nearly 2 weeks and, seemingly, Maples haven’t applied to the Cayman court. If they still haven’t applied within the next week it’s full steam ahead imo.
I have a feeling there could be an update in the next few weeks.
So for now we simply wait and hope that we don’t get to see a Caymans Court listing within the next two weeks or so!
They have to act completely independent.
I’m extremely sceptacle, but for Taffy’s post there is some hope, but without Hope!
LSE are flagging up nasty Wshaks gloating tweet this morning. He doesn’t give in!!!
ORDER DENYING MOTION FOR
dated June 7th 2019
And you want to give it air time here because?
Just raising awareness that they are still trolling and still doing their best to undermine. Nothing sinister I can assure you!
Thanks Eyeson. Not all of us have advfn membership - thank god.
New Pacer doc (10 pages) has been released and posted by Taffy52 on LSE…“Response to amended complaint.”
Initial conclusions by Taffy52…
"So this is Hopes lawyers response to the original complaint…actually it was the amended complaint but it was back in April. As you would expect they are strongly refuting allegations. It’s a bit difficult to read and I have only briefly read to date but court by eye towards the end when it states as below. Hope demands a trial by jury.
JURY DEMAND Defendants hereby demand trial by jury on all claims and defenses for which a right to jury trial exists."
“The document is entitled response to amended complaint…FRR amended complaint was made on the 24th April. The injunction is out out the way as it was rejected but the original complaint is still in play…as for now anyway. We still don’t know anything about the sanctions which I think you are referring to. TBH It would be very difficult for anyone to keep pace with this unless they were daily viewing…which sadly I am.”