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#422

This has clearly been the intention of FRR from the outset. Hope’s appurtenant duties were to Frontera and not, as he now wants to claim, other 3rd parties, in particular those he is associated with, whether now or in the past, as in OR.

I am struggling to understand here how he can be so ignorant of his fiducial duties and the fact that his legal team have revealed everything they have at this stage without any recourse or challenge to the more serious allegation of failure in his fiduciary role and requisites staggers me. They must be aware of the consequences and were I instructed by him would be advising him in the strongest terms to prove, first to the legal team and subsequently the ability to prove to any court, that he has acted within his duties to the company. Any hint of non-compliance would be disastrous and his situation become not only untenable but potentially serious with the SEC focussing their lens in his direction too.

The big question is, whether he is willing to risk all that over a personal argument with ZM & SN. Clearly, pride has overtaken logic here and I feel, the latter 2 have allowed the non-payment to engineer this situation in the knowledge of Hope’s ulterior motives being true, w which is what appears to be evidencing now.

Hope’s lawyers are making a lot of noise, and that is really all they are doing. Not much of it is anything that suggests any serious wrong-doing by Frontera, the fact they had circa $75k in the account is nothing, many companies operate on thin margins and all these lawyers achieve is creating a poor smokescreen to detract from the serious issues at hand.

It would not surprise me if this never reaches court given the high stakes at play, but when it becomes personal [Hope] all bets are off and sensible course s of action become quickly ignored. Were it me, and knowing my real intentions when I took hold of the loan notes coupled with the potential of the SEC examining my performances I would be quick to withdraw and avoid that particular lens. Nobody wants to go to prison, least of all someone with an ego like Hope. Best to withdraw and find another sucker to draw in… Booster11, do you need some financial support??? :wink:


#423

Have to say that despite earlier views - mine and others - that the fiduciary case was weak - the latest reveals have been pretty powerful. No doubt in my mind that this was the core legal advice from the beginning but of course the journey has gone all over place since October. A couple of observations…

  • don’t ever underestimate the influence of Levan here and I see Bugsy has spotted his appearance at an AmCham event a few days ago. A few more grey hairs but that Levan is still there is testament to in part the strength of the argument, in part his loyalty and in part I suspect a very significant shareholding.

  • that Hope has not once tried - as a director - to act as a director is surely now beyond dispute. So the issue here will be how either a jury sees that - or more importantly how the lawyers think a jury will see it. Once in court there is no turning back for Hope.

  • the blanket of silence is now I think understood by all. But to be clear the simple fact is that some shareholders are clearly in the enemy camp so the decision to cease all communications became unavoidable

  • where this ends up I do not know. But in my view this has now to be the binary bet of all time. The downside is so obvious but for key players - including the likes of Levan - to be still at the table demonstrates for me that winning here is about far more than just survival

The end game is clearly not that far away


#424

As we approach Thursday’s hearing, worth remembering there are two major issues for the Judge to opine on: 1) Discovery Order and 2) Preliminary Injunction.

For the injunction order, remember FRR had suggested to Hope’s legal team that in order to save court time and money, they should not challenge the injunction because according to them (and their court submission) OMF proceedings are unaffected by Cali proceedings (but they still objected).

On the Discovery Order, FRR team agreed to OMF’s request that in case they needed an extension of time to respond they would not object to their request but this was in exchange for OMF not contesting the Discovery Order, they didn’t agree.

Either way, we will have a better idea of where we stand after Thursday. But next weekend could again be a bit of nail biter as we may have an update by Friday evening. But if the two items go in our favour (i.e. granting of the injunction and discovery order), it may force Hope to rethink his approach perhaps consider entering OoCS with FRR.

But overall, I feel, after FRR’s latest court submission where the focus was firmly brought back on the issue of Fiduciary and Directors duties (equivalent to the ‘Magna Carta’ for the Directors), we stand a good chance on Thursday but I still have everything crossed.


#425

Everything is crossed for Thursday SB.

I think this the make or break day, a favourable ruling could see this whole dynamic change and the odds swung back in our favour. If we fail on Thursday I’ll be very worried for our shareholding.

Best of British luck, what a ride eh!!!


#426

Fozzer why not best of Scottish luck kits not all English folk who invested in FRR just a thought unless you are a bigot.


#427

I thought Scottish, English and Welsh are British?
I’m a 1/4 Irish btw.

Good luck.


#428

fozz Scottish is Scotiish English is English Welsh is Welsh and Irish is Irish and my passport says Scottish cheers and good luck to all holders of frr shares, if we lose we lose and that will be me finished with shares for the rest of whats left of my life with a warning to my daughters dont get involved in stocks and shares cheers and have a good day.


#429

No worries Toatie1, my passport states my nationality as British.

Hopefully we can start talking about being shareholders in the 6th biggest gas field in the world in a few weeks but what will be will be.

Best of luck to you.


#430

Mine says I’m British as well even though my grandad was Irish and Dad Scottish while Mum is English. My dad tried to get me born in Scotland but my mum was having none of it. If he’d had his way I could have had one of those fancy Scottish passports. I still got called a Jock because my dads strong Glaswegian accent made an impression on my peer group.

Notice Kickmuck turned up over on LSE. Tracked down by Zen on RBW board. He replied.

Hi Zen, thanks for the nudge.
No one is saying anything at the moment, which is understandable. Certainly a very frustrating time for PI holders, but these things take time and folks just have to trust that key players are aligned, as significant holders themselves, in this very valuable asset.

Not sure there is anything to make of this. He caused quite a reaction with his limited posts on FRR and the Troy statements.


#431

Toadie

Last time I looked all passports were British. There was an act of union you know! and when asked in referendum the scots voted to stay in union! Seems its not Fozzer that’s the bigot.

I once remember being told by a proud Scot that ‘all the best is in Scotland’, he wasn’t as proud when I retorted ‘it must be, because f**k all good has come out of it!’


#433

Oh my…I think someone’s got his Scottish knickers in s twist…


#434

I think it was just a joke but 700 years since the LongShanks is not going to be enough. Could be thousands of years before the bitterness and anger subsides. They will have removed the Chernobyl Sarcophagus before the Scots can take a joke about themselves from a sassenach.


#435

Back on FRR. BP looking for people for remote part of Georgia.

http://eugbc.net/bp-announces-public-tender-on-the-following-scopes-👇/


#436

BNP hate those that are not British.
SNP hate those that are not Scottish, especially the English.
Why is one hounded and the other tolerated?


#437

Nasty folks those BNP people. Anyway back to FRR, big week ahead, we’re all united in our struggles with this share despite what our passport states. I personally don’t feel proud to be English or British, I just feel very grateful and lucky to the people that sacrificed to make the UK a great place.

Interesting post on the LSE regarding BP setting up what looks like a forward operating camp in Georgia, this does suggest that a team of BP explorers is up to something, perhaps a deep gas drill, it seems that could be a possibility, wonder if Reg can drop a hint?

Potentially good news for Block also with a new gas distribution center being set-up near one of their key areas of gas interests, one to watch and has a good shareholder registry with the GOGC owing over 10% of the company.

If you look at page 12 of the presentation http://www.blockenergy.co.uk/wp-content/uploads/2019/05/bloe_corporate_presentation_may_2019.pdf we can see why the big boys are in Georgia, it’s for the gas. Some nice historic flow rates on Schlumberger’s concession.

If BP thinks B12 can produce gas with flow rates over 10mmcfd then no wonder they are sticking with FRR through this bump in the road.

Have a good day all.


#438

Well, nice to see things are gearing up operationally for BP in Georgia. Makes you wonder why when they don’t have any blocks assigned to them (as far as I am aware) - can’t be all infra related as the pipelines are finished. But then why would BP bother going through all the hassle of expense and time of virgin exploration when FRR has done all the leg work? Plus we know they have been talking to FRR for best part of 18 months, finally culminating in the NDA. We can only assume that BP has decided to sign on the dotted line and farmed in to FRR’s mega Gas field with an upfront payment to repay Hope (but will continue with the Fiduciary court case). Who knows. May be wishful thinking of a desperate FRR shareholder but with BP signing a deal with Kosmos in Africa on the gas, clearly shows their primary focus has shifted on gas and Georgia could be strategic for BP on a few levels, so farmin would be strong a strong fit. Also, many super majors have stepped in to Georgia (Exxon, TOTAL, Repsol, Schulumberger, Chinese etc), which may have been a catalyst to get the BP NDA signed last Sept. if this the case, then the $30m court case with Outrider becomes a side show.

All just food for thought. Immediate eyes on Thursday/Friday.

Can we say (#bp): come out, come out wherever you are?


#439

Great post SB, cheered me up, let’s hope you’re right. There’s always been great gas potential in Georgia, I’ve just been reading up on Canargos gas discoveries. It does seem one of the big issues in the past was the political climate and infrastructure hence why there were just small caps doing the donkey work.

I suspect the political climate has significantly changed during the past 18 months with Georgia firmly looking to the west as a reliable partner. Well the big boys have definitely arrived in Georgia and it would appear it’s the gas that they are interested in.

Fingers crossed BP are about to drill a new gas well at B12. Whatever is going on FRR have money for staff and expensive lawyers which is a positive.

I know I keep shifting positions (who can blame me?) but I’ve a good feeling FRR are going to come through this mess intact.

1p cocktail party at the Hilton roof top bar SB?


#440

Lots of jittery shareholders nerves around Fozz but our solace (for now) should come the fact the Directors are fully aligned and are fighting this court case hard with Hope, with top notch lawyers. In fact I think FRR lawyers played a bit of a blinder in California. Consider this, FRR’s preliminary submission was ‘light’ (deliberately?) and Hope’s legal team responded with a robust rebuttal, but in their response, they did not address the primary allegations of breach in his fiduciary duties, which is what this case is about! Finally, FRR team countered with a damn strong response quoting relevant test cases and legislation. It will be interesting to now hear how they intend to re-address or justify Hope’s own admission that his primary focus on the Board was to protect OMF debt. This case could potentially become another test case where a Creditor takes on a Board position to protect his own interest (and what NOT to do). If he is found guilty, they will throw the book at him because the Court cannot allow any Creditor to behave in a toxic, self serving (but privileged) position.

JMO


#441

How do we know that BP are advertising due to their alleged coop with FRR ? Could be Bloe…


#442

jay, it could be any of the existing explorers in Georgia.

However, we know BP have signed an NDA with FRR and we know that FRR have unfinished gas business at B12. FRR must drill a commercial gas well before 2020 is out otherwise the license could be in jeopardy, BP will be well aware of this. It does seem reasonable to assume that BP’s forward operating camp is related to FRR’s B12. Ud2 was actually a great “technical” success, it’s just a shame it was an old battered re-entre well with resulted in its integrity compromised. However, BP have the experience (from Azer) to get the next well done properly, hopefully Bugsy Malone can find out some more info!!!

On a side note so long as FRR is solvent I cannot see Maples liquidating the company.

It’s a right mess but I now believe FRR and shareholders are going to come through this. I think if things were really that bad FRR would have conceded to Hope by now and done an oocs to save their skin, the directors would probably still get their money back through their loan notes (approx. 9m+). There’s no doubt Zaza is aligned with shareholders.