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California continued

lse:frr

#101

Hello foz hows your understanding of what’s happened with the shorts with IG

does the shorting work with IG as they have already payed out the profits they were showing to the point of delisting

Eg someone had a short on 10 million shares @ 0.4p so £40ks worth but only 4k as 10:1 leverage 0.28p was the delist sp so value £28k so profit £12k so that was payed out with the £28k sitting in the account pending the outcome of the court case? So if the company hypothetical speaking somehow come back and relist say at 1p as everything is a goer with a major and lists for 1p that short then owes £100k?

Well at least they have £12k towards that bill I suppose


#102

How does the shorting work with IG as they have already payed out the profits they were showing to the point of delisting

Eg someone had a short on 10 million shares @ 0.4p so £40ks worth but only 4k as 10:1 leverage 0.28p was the delist sp so value £28k so profit £12k so that was payed out with the £28k sitting in the account pending the outcome of the court case? So if the company hypothetical speaking somehow come back and relist say at 1p as everything is a goer with a major and lists for 1p that short then owes £100k?

Well at least they have £12k towards that bill I suppose


#103

Qed it is clear they do not have evidence yet

Pophead. Is it?
Not yet disclosed doesn’t mean they don’t have it. You could be right though. Rules of discovery may require disclosure of all evidence.
Who knows?


#104

Hi Mick,

I’m unsure what IG have in mind. The fact the shorters money is suspended in a holding account means IG are not ready to pay and this must be driving the shorters mad, IG are probably giving FRR a little longer, perhaps till Nov 2019. Good question on a re-list scenario, yes I would imagine those with a short position may get smashed. You’d have to call IG and speak with someone to find out the details. From what I’ve heard IG have been inundated from those short FRR. It seems we’re not the only ones worried.

I’m feeling cautiously optimistic on FRR Mick. The DOS has been submitted to the “voluntary liquidators” and the prized B12 asset seemingly has been protected from Hope through the directors guile. The DOS is a legal affidavit from the directors that all debts in the subsidiary can and will be paid back within 12 months. The longer this goes on the better it looks.
If FTI reject the DOS they have to go through the courts and so far they have not choose to do this.

Good luck, this is not over yet, far from it in my opinion.


#105

FRR could/will be talking direct with the ‘Liquidators’ and Hope has already said he has nothing to do with them so he has no input/sway on any opinion they (Liquidators) will form so the fact there is no continuation process (of the liquidation) speaks volumes.

Assumption therefore is the liquidators have seen something that would make them happy to stop the process, otherwise we’d see something in the court listings.

The process is only stopped/suspended on facts not “we think we’re solvent” statements.


#106

Thanks that was an old message as it was put on hold due opening account Jacknife replied

It’s in a suspense account. The last time that I had one of these it was paid out six months later.

So looking at December to get payed out this should all be wrapped up before then and hopefully we have everything sorted
good to see your in a more optimistic mood :+1:


#107

It is Torridon it says the following.

…and some facts and allegations are not yet able to be proven, since discovery has not commenced.

It’s just too fanciful to keep on thinking that the lawyers are holding something back. Pure speculation. The statement above is not speculations and says clearly that some of the facts and allegations can be proved when discovery has commenced. FRR know what is going to come to the surface in a discovery and so does Hope.


#108

As the one-legged man said when his other leg was amputated ’ I stand corrected’.


#109

Hi Tm , not sure your right . The process of Voluntary Liquidation requires a DOS from the directors as part of the process, in fact if one is not made/ filed Liquidator or director can face a $10 k fine .
The DOS does not stop the winding up of the companies affairs , that continues .
What it does stop is the liquidation being supervised by the court.

However Caymans Company Law 131 /132states…

  1. When a resolution has been passed by a company to wind up voluntarily, the liquidator or any contributory or creditor may apply to the Court for an order for the continuation of the winding up under the supervision of the Court, notwithstanding that the declaration of solvency has been made in accordance with section 124, on the grounds that-
  2. (1)
    (a) the company is or is likely to become insolvent; or
    (b) the supervision of the Court will facilitate a more effective, economic or expeditious liquidation of the company in the
    interests of the contributories and creditors…

I cannot see any time limit on above being able to be requested, so I suppose we will be looking over our shoulders until Hopes dealt with / companies affairs are wound up.
Dons’t alter the fact though that our boys have made this DOS on fear of fine / jail …so at some point over the next twelve months they are confident of complying with the wording of the DOS


#110

Nice post from Ziggy from the LSE on the liquidators responsibility .

Extraordinary Gazette
out today , only a couple of entries …not us
Also
Been referenced a number of times about the assets being transferred out of the company and will Hope challenge that move , probably stating the obvious but I would assume that is now out of his hands and it is for the liquidator to decide if the move should be challenged . Can Hope have any input with liquidator , be naïve to think he won’t try , but …

Insolvency practitioners’ fiduciary duties are defined through several fundamental principles. These are as follows:

  • Integrity
  • Objectivity
  • Professional competence and due care
  • Confidentiality
  • Professional Behavior
    The wait continues

The liquidators have to be completely unbiased during the VLP process. We strongly suspect that FRR have moved the prized assets away from Hope’s reach in FRCC. My only concern is that FRCC has new directors and am wondering if they’ll either let sleeping dogs lie or if they will attempt to reserve the maneuver that FRR may have performed. If the new FRCC directors attempt to reverse the maneuver during the DOS and this causes great harm to the parent company and also FRCC will the “new FRCC” directors be liable for their actions?

Imagine this is now a complex situation for all concerned, one thing is for sure, Hope was not planning on FRR’s crafty maneuver.

Good luck all.


#111

Any ideas how long this will play out ?


#112

I think this is going to drag on for another 6-9months at least. Don’t expect to hear any news from the company anytime soon and I’m starting to feel we may end up being the losers in however this plays out. We’ve been a nuisance to the company for along time and we won’t be the priority here. The case of Black Swan is in the cellar and won’t be touched until we know either way…how good it tastes will depend on the outcome. Atb to all who continue to search for any hints of information on the www.


#113

Any update guys ?


#114

My own view Jay is that we’re unlikely to hear anything, be that good be that bad, until the court case is resolved. Frustrating I know.


#115

Lots of understandably panicked posts over on the LSE during the past 24hrs.

Ask yourself, what exactly did the DOS contain that held off the liquidators from seeking court supervision? It had to have been either real evidence of a loan or a JV/Farm out with a major.

Watch this space, all we can do. From what I can tell the GG haven’t taken the license back, the FRR core employees are still with FRR, the FRR website is still up and FRR are still taking Hope to a Jury Trial and FRR is still being backed by the US gov as shown in the Dolphin bid.


#116

Frontera seems to be attracting everyone from Russian fake news to misinformation by numerous posters, it is becoming impossible to tell lies from fiction. Think we will all be glad when this sorry affair is put to bed. Still confident of a positive outcome.


#117

My take is that if there is no information from the likes of Devex, Seymour and Mole then it’s pure guesswork. Apologies to those regulars I’ve missed.


#118

I havn’t checked the LSE board but a friend has mentioned that a FB message from Frontera workers in Georgia that there was no drilling and that the workers had not been paid. How genuine is this ?


#119

What’s odd is according to Zib, Coggy, Puddy and a few others their digging around on FB and LINKDIN has left them very very positive. WHO TO BELIEVE!!!

No one???