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Legal Developments in the US

lse:frr

#38

Hi Symore I’ve lost track what was the Texas case about?


#39

Chiltern - Hope went to Texas court to enforce the personal guarantees that Zaza and SN had issued against the CLNs. Why Texas? Because SN is resident there and so is FRR’s HO.

Anyway, their guarantees were also secured by their personal shareholdings in FRR of 250M shares each. The cash coupon due on the Notes was around $2m hence the claim for that amount. Makes you wonder why the Directors would put their personal wealth on the line for a company that was seemingly failing. People also conveniently forget that they converted around $26m of their PRNs in to ordinary debt at a hefty premium of 1p thereby automatically subordinating their claim rights below OMF. And what did Hope do for our company? Sweet fck all. But he now wants to take the high moral ground for acquiring a deeply discounted debt. On top of that, he was colluding with other shorters (incl. YA) and interfering with the NOMAD. There is also the allegation of market manipulation. Ultimately, he chose to put himself in the middle of distressed company’s and if he ends up getting nothing, there will be no tears from my side. He is trying to loot FRR investors for his personal gain, and I just pray there is some dirt on him so he ends up with nothing. He will get his comeuppance (I like that word, comeuppance).

JMO


#40

Thank you Symore that clears the mud, I hope for all our sakes we hear some positive news soon


#41

comeuppance


#42

Does anyone know if the HQ in Texas is still occupied?


#43

Any thoughts on Ooopsi’s recent post:

Two NEW frontera entities registered yesterday (links below). Assuming that is Zaza’s son. Very interesting. Answers on a postcard.

Company Name: Frontera USA LLC Legal form: Limited Liability Company Identification number: 405373313 Registration number: 15/01/2020 Registering authority: LEPL National Agency of Public Registry
Legal address:
Georgia, Tbilisi, Vake district, k. Kekelidze St., N5 Additional Information: Email: fronteraus@gmail.com The person providing the information is responsible for the authenticity of the additional information.

Information on the process of liquidation / reorganization / insolvency
it’s not registered
Leadership / representation
Director - Nikoloz Mamulaishvili, 01017019486
Partners
Owner of Share Nikoloz Mamulaishvili, Shareholder, 01017019486 100%
Commitment

https://enreg.reestri.gov.ge/main.php?value=Frontera&state=search_by_name

SubjectCompany Name: Frontera Trading LLC Legal Form: Limited Liability Company Identification Number: 405373466 Registration Number: 16/01/2020 Registering Authority: LEPL National Agency of Public Registry Legal Address: Georgia, Tbilisi, Vake district, K. .Kekelidze str. N 5 Additional Information: Email: Email: fronteratradingllc@gmail.com

PartnersOwner of Share Nikoloz Mamulaishvili, Shareholder, 01017019486 100%Commitment

https://enreg.reestri.gov.ge/main.php?value=Frontera&state=search_by_name


#44

Interesting discovery from oopsi - perhaps another small flicker of sign of life but what’s driving this activity and why now? Probably more importantly, if there was/is intention to shaft the shareholders, surely it would have been smarter for Zaza to use another company name than ‘Frontera’ (given all the eye balls on us at the moment not to mention our own super sleuthers looking for any scrap of info). Having said that, the shareholder is Zaza’s son and not any one from FRR, so legally separate entities but related parties?

Anyway, still no update from Texas. Still no news on the Arbitration. But some traction in New York on the liquidation of FRCC, which continues to go through the process (and it appears Hope is continuing to put up a good fight despite racking up legal costs). But he will have a long fight on his hands if he tries to reverse the farmout from FEGL to FRUS (could take years especially if the Georgian Govt ratified the farmout deal). For now, I think the Texas hearing may provide a good idea where the whole legal thing is heading. Maybe the reason for having this hearing behind closed doors was to reveal to the Judge certain malpractices by OMF and also share this evidence with Hope without jeopardising SEC investigation. I speculate of course.

Finally for the record, our CLNs are fixed income bonds (@12%) bought by institutional investors (not banks) and fully repayable as ‘bullet’ on maturity. Bank loans are not arranged in this structure. The Original Bonds, which were restructured in 2011, were held by DDJ and Plainfield, both asset managers.

While the fight continues, we mushrooms should try to stay away from the dark side. If it does go very bad, there will be plenty of time to feel cheated and bitter.


#45

You could always get a Pizza delivered to the address and see if its accepted:-)


#46

The empty box is now clearly confirmed as full - and a fight to the death is taking place re ownership. Will we get our share one day?

Courtesy of Xenin on LSE …‘GEPlan Senior Geologist Angelo Ricciato said “Onshore Georgia and in particular the Kura Kartili Foreland Basin may turn out to be one of the most exciting emerging hydrocarbon plays of the coming 5-10 years.”’

And just in case you have forgotten the basin is here…

https://www.researchgate.net/figure/Map-of-the-Caucasus-region-showing-the-Tertiary-foreland-basins-Modified-after-Mauvilly_fig3_327120105


#47

And that’s exactly why we invested in FRR (some over invested). I have always had no doubt B12’s gas will get further explored and exploited. The Russkies weren’t interested in the gas but sucked all the easy oil up.

Good luck all.


#48

Interesting find from ‘Chris572’ and ‘Looed’ from the LSE BB [sincere thanks to them].

Again kinda puts things in perspective as to why Zaza and co are tight lipped right now; so many big issues on the go. Anyway, I think a lot hinges on a favourable Arbitration outcome; perhaps a farmout has already been agreed subject to them getting a longer PSA.


#49

That’s massive news SB. We may still get out of this mess with our shirts. Note the names cc’d on the letter, massive just massive.


#50

Chris572 LSE
RE: Letter from US Congressman to Georgian Govt, references FRRToday 08:49
Sergi Kapanadze is a deputy speaker of Georgia’s Parliament and here his comments regarding the letter (article was posted 30mins ago btw)

European Parliament lawmaker Sergi Kapanadze says the critical letter from US Congressman Marvin Malin should be a “wake-up call” to the authorities. The lawmaker stated this with the main channel.

https://on.ge/story/48987-??-???-???-???-???-???-???-???-???-???

Use Chrome to translate


#51

HEADLINE…This should be a good wake-up call for the government - Kapanadze’s letter to Congressman

TEXT …European Parliament lawmaker Sergi Kapanadze (and a Deputy Speaker) says the critical letter from US Congressman Marvin Malin should be a “wake-up call” to the authorities. The lawmaker stated this with the main channel .

“Congressman Malini’s open letter to Giorgi Gakharia is another clear confirmation that the United States is concerned with the processes taking place in Georgia,” Kapanadze said.

A member of the US House of Representatives, Republican Marquin Malin sends a letter to the Georgian Prime Minister, Giorgi Gakharia, expressing his concern about the deviation from democratic values ​​and the worsening economic situation.

As the congressman writes, despite the progress made since independence, Georgia has shown negative tendencies toward indicators of democracy and a free market economy that have not gone unnoticed in the United States.

“As a result, foreign direct investment in Georgia has declined, as American and European business interests have been subject to expropriation and harassment,” wrote Congressman Malin.

He cites the example of the oil and gas company Frontera Resources and the deletion of profile pages from Facebook . Marquin Malin notes that the 2019 and 2020 budget laws, passed by both chambers of Congress and then signed by the president, reflected concerns about the Georgian government’s hostile actions toward democratic values, free market principles, and American business interests.

“For the first time in modern Georgian history, your country has been treated with a negative light and caution when discussing US budget laws,” the congressman said.

In addition, Malin says calls for sanctions and other punitive measures have increased due to negative training. He joins calls for reform, noting that earlier this year he submitted to the House of Representatives an act that sanctions Georgia’s fair business practices.

“However, I hope that Georgia will continue to be America’s strategic partner for many more years. I also hope that your government will cease aggressive action against US companies and act quickly on concerns that threaten democracy and economic well-being,” the Republican congressman said. the chive.


#52

This could be a raising of the stakes as this was April 2019, either way I really like it.


#53

Control Georgia and you control the pipeline, now if Georgia can even in part fill the pipe you’re providing energy to Europe whilst having leverage over Russia ie play ball or we’ll completely fill it.

This IMO is why we are seeing a quick escalation in this situation, remember the arbitration is in the Netherlands which will have a requirement for gas and oil and I would imagine that point has also been made.

Don’t underestimate what is going on here.


#54

Georgia Govt response to letter from USA SenatorToday 11:37 Looed LSE

Vice-Speaker of Parliament Gia Volski says the critical letter from US Congressman Marquin Malin is biased and serves the interests of a particular company, Frontera.

Republican Congressman Malin in his letter to Prime Minister Giorgi Gakharia expresses concern over the deviation from democratic values ??and the worsening economic situation.

As Congressman writes, Georgia has shown negative tendencies towards the indicators of democracy and free market economy, which have reduced foreign investment. He cites the example of the oil and gas company Frontera Resources and the deletion of profile pages from Facebook.

In response to Malin, Gia Volski said that Georgia-US relations have not been at such a high level since Georgia’s independence. As for Frostera’s Vice-Speaker, the dispute is pending before the Arbitration Court and is a commercial dispute.

“I think the announcement is biased and is in the interest of a particular company … I think it is so baseless and so contrary to the reality of Georgia that I am convinced that specific well-known political parties will somehow get an objective and real picture,” he said. Volski told reporters.

As for Malini’s resolution on sanctions on fair business partnership in Georgia, Volski said the congressman had a similar initiative in 2017, but the document was not discussed.

Frontera Resources is a US-based company that aims to extract oil and gas. Frontera Western Georgia has been operating in Georgia since 1997, and during that time they have repeatedly announced that they have found a large supply of gas, but this has not been confirmed.

Frontera Western Georgia owns a 50-percent stake in the state, namely the Baptism and Gas Corporation. The state and Frontera are suing each other in the arbitration court.

Posted on https://on.ge/story/48991-???-???-??-???-???-???-???-???-???-???


#55

So outcome from arbitration is still “pending”. I wonder if Frontera are negative towards the arbitration result hence calling in the US political backing.


#56

That’s the main concern here, if they in reason surely it sets them up for more business in the future


#57

*act…