Fozzer? - he ain’t no fool.
Booster is here to wind you up Gotreal - looks like he is doing a good job - to what end? None other than a sadistic need to feed off others’ misery.
Sticks and stones …. He’s harmless enough bless him and a reminder that we should be more careful how we invest in future. Like nettle rash - the unpleasant consequence of ill advised actions.
Fozzer? - he ain’t no fool.
Interesting post Devex. Throughout this debacle and the many posts on here and LSE I have found it difficult to fathom out exactly what is actually going on. Both sides agenda’s seem to make sense but i’m not sure even if either side wins they will actually get what they are after. But your comment about Baker Hughes brought a little bit of light to my tunnel. And yes Booster, I am a holder so I will tend to cling to any sign of life! But having been in business for 42 years I can safely say one thing. If at any time I thought I would not get paid by a customer I would no longer be working for them. As you say Devex ’ if Hope wins they are unlikely to see any return at all’.
Anyway somebody mentioned fools earlier, my mother always said ‘it’s better to remain quiet and be thought the fool than to speak and remove all doubt’.
Opps … I just spoke!!
Just like to add that I emailed Tim at YJ and asked the question ‘Can you tell me if Baker Hughes are still working for Frontera Resources in Georgia under their agreement?’ I can’t share the answer but I thought I could see a bit more light.
Blimey Kalan you don’t 'alf pontificate - “Sticks and stones …. He’s harmless enough bless him and a reminder that we should be more careful how we invest in future. Like nettle rash - the unpleasant consequence of ill advised actions.” All very wise after the event!
Last week he was just plain unsophisticated with a valid point of view and today he’s harmless with “a sadistic need to feed off others’ misery” . . . .give it a rest will you! It’s bad enough having B11 infesting the board without you keep giving him credence. He maybe harmless in the sense that he’s got anonymity but take that away and what’s left is a nasty individual who probably couldn’t get a dog to befriend him unless he tied a pork chop around his neck.
Fair enough Norris - but what real harm can he do - he repeatedly says the company are rubbish and are going to lose hands down. Everyone else, almost without exception thinks ZaZa is a genius who has outflanked Hope - without his posts there would be only one opinion. (Note I am not wise after the event - slagged this share off to high heaven all the way through whilst trading it).
Ignore him, ignore me, ignore who you want - why do people get upset by a dissenting voice - it can’t even influence their holdings value. Chillax. Over and out. Have a good weekend Norris.
Can you clarify the reason is as to why you can’t share the answer.
But what fool slags a share off whilst trading it and ends up holding onto stock as it delisted, along with every other fool that they were so happily slagging off for doing just that, holding?!
Talk your book
Take the medicine
I might do a study in human behaviour
As Obi-Wan said, “Who’s the more foolish? The fool, or the fool who follows him?”
i’m with you wodewick. It seems a bit of an unnecessary comment from Knickers at the end of his post. If he actually has been told something in confidence and cannot disclose it then saying what he did is inappropriate and unprofessional. If it was just for effect then
Gordon and Wodewick
I asked if I could share the answer and was asked not too. It was by no means definitive but I took it as positive. As I said before I am clinging on to every chink of light until it is finally turned off.
Thanks for the reply. Still very confused as to why information can be given out so long as no one else finds out.
Interesting reading the latest FRR submission. I personally think FRR lawyers have presented a strong case for the preliminary injunction to be granted, supported by many relevant cited/reference cases, which should make it relatively easy for the Judge to make a decision. But we also know that Judges are fickle/moody creatures, depending on which side of the bed they got out of.
Anyway, still no sign of a smoking gun but nevertheless, I think FRR has a good case for the breach in the fiduciary duties. In the latest submission, FRR highlights that Hope has openly admitted that he was conflicted and his first priority was Outrider and not to his Company or its stakeholders. I wonder if he will repeat these admissions under oath and in front of a Jury? What’s the penalty for lying in Cali?
Also, many People are saying that we have defaulted on a debt and all Hope is doing is collecting his debt. Well, that is true and it’s indisputable. Also, it makes no difference how much Hope paid to acquire these distressed CLNs - FRR owe the par value of the notes. Trading in the distressed debt market is a trillion dollar business and you can’t argue on the debt contract, although you could try to negotiate with the debt holder.
So what came first? Debt default or breach in fiduciary duties; a bit like the eternal unanswerable question, did the chicken come first or the egg? Anyway, the default wouldn’t have occurred if Hope had sided with the other Directors and approved the two lending proposals because that would have allowed continued operations (and payment to the creditors), besides there was no other options available at the time. We have said many times that Hope (as FRR BoD) should have approved the lending propositions but declined them at the OMF end and he would have been well within his right. I also recently posted an excerpt from the MOIL case, where there was a specific provision in relation to Outrider Director and Conflict of Interest/fiduciary duty, so he knew what he was doing when he came on to the Board (in Feb 2017).
So the question remains, will the Judge accept FRR’s version that Hope openly admitted that he didn’t give a hoot about FRR despite being its Company Director? Openly admits that his first priority was to Outrider and not all the Company’s creditors/stakeholders? Or confirmation that his intention (and Outriders business model) was always to takeover the company for the sole benefit of himself and Outrider? Well, his actions since the cessation of Cayman Island proceedings, confirms yes!
So back to the core question (no, not about the egg & chicken although that still deserves more pondering), did the Fiduciary breach lead to the debt default? If the answer is yes, then you might be ok, otherwise, Nicandros may have deliberately initiated a high risk ‘Mexican Standoff’ with Hope without knowing who is the quickest to draw. Let’s pray is Clint Eastwood vs. Jr Ewing.
Feeling nervous, let’s pray there is a backstop from the much famed $150m loan although I give this no more than a 10% chance right now.
Good Morning SB,
10% chance of the 150m loan? I’d agree.
A 22m cash injection is urgently needed into the business to get the liquidators of the company’s back or the judge to grant a jury trial, this would bring Hope to an Oocs. Does FRR have a fairy godmother? If so now is the time to wave her wand!!!
Fozz, FRR has been trying for ages to secure new financing but has not succeeded. The numbers keep getting bigger (reminds me of gas resource estimates) but no conclusion. But you never know, may be it’s real this time but obviously will only happen once the court case is now concluded.
Anyway, also interesting to note in the latest FRR submission are the details supporting the illegal interference and collusion, with MND (+VtB) and Lothian. I assume this is to demonstrate to the Court Hope has been working against FRR for many years. Perhaps when we get to the trial, the Jury hears these accusations, may be they will see Hope for what he is.
On the Madagascar Oil situtation, which Outrider successfully acquired via the purchase of distressed debt, MOIL obtained an Undertaking that the Outrider Director i.e. Hope that he will not vote in any Board Meeting where he is conflicted. I posted the link to the doc on this thread back on the 30th April, but main bit was this (from Page 16):
Undertakings as regards Investor Directors:
To procure that the Outrider Director:
(i) will not vote in any meeting of the Board where conflicted;
(ii) will not, without the consent of the Independent Directors, participate in any committee or action taken in relation to the conflicts between any Original Investor, Original Investor Director or their associates and the Company; and
(iii) will act independently from the Investor and have due regard to his fiduciary duties.
Hope to God FRR gets the injunction and can manage to get this to trial otherwise I have little faith that FRR will be able to raise the cash to pay off Hope.
Any thoughts what Hope is after? The license expires 2021 unless there’s a commercial declaration which I suspect there now is with T39. FRR not releasing flow rates kind of makes sense now with Hope on their back, I still think T45 and Dino were “disappointments” though but that T39 delivered.
FRR must be after a discovery to see if Hope had a plan with another entity…Exxon? GOGC? Block? If Hope had a plan being devised during his time as an FRR director then that’s a slam dunk for the legal side as can be argued in court his real “motivation” behind his decisions which right now he is arguing that he was acting within his rights as a creditor and the mortgage 2016 agreement. To be fair to Hope he seems to have acted within his rights as much as it pains me to write this. He must have had a plan don’t you think?
I would guess that for Hope this is no longer about the money and is now about cold blooded revenge. He will be happy that he has totally destroyed everything SN and Zaza have been working for over the past few years and if it costs him a few bob so be it.
Zaza has clearly pissed him off big time.
Nooooo, it’s all about the money as the Rap folks always say. I would say that I don’t believe Hope will settle out of court now unless his back is up against the wall. I’d say FRR’s best bet is to pay him off asap.
You just can’t help yourself Foz can you …
Best bet to pay Hope in full and grow the company.
To pay Hope Do they have money, who is willing to FUND?
This year we had two names ready fund?
BUT there is NO one to sign the … lines
Except we gave lots of money only on ZAZA
Bullseye talk in London and via other means.
Now we are been cheated our livelihood
And BOD trying to do the same with cheating Hope . Hope may be a bad character but FRR went to bed knowing so he cannot be blamed.
Who to trust now with our money?
Even diehard LTH like Semore says on 10% chance FRR getting 150m funding.
It all has to come to a head by July when they have to pay YA 2mill.
It’s highly unlikely they have that, so they will need a loan to pay that otherwise they will have YA on their back as well as Hope.
I actually think FRR has a 80% chance of winning the fiduciary case based on the revelation that Hope has openly admitted (in Board minutes) that his first priority was towards Outrider than the Company. How will he rebuke those claims as well as previously trying to orchestrate a hostile takeover, which has now been brought in to this case? He will have to answer these, under oath and in front of a Jury. Also there are plenty of test cases on breach of Fiduciary duties but few where a creditor has put himself in a position of conflict. He was so eager to get his hands on B12 that he started interfering with the NOMAD too. Fiduciary breach is considered worse than fraud!
On the financing side, given the situation we find ourselves in, I don’t mind a one in a 10 chance. But this is based on not knowing the current flow rates from the 3 wells drilled last year. If they are over 1,000 bpd, I’ll raise it 50%. But higher the flows rates, the higher the chance, and perhaps there is a clue that rates were ‘good’ because they have managed to raise the facility ticket size to $150M.