Stay application



From Moosematics on lse…

Section 42 and Section 50Today 18:20I think Section 42 says that Hope/OMF can only get what is due to them ie $2 million interest.
However, the final sentence of Section 50 offers a lifeline in that they shouldn’t take their $2 million and damage FRR’s “considerable market value”.
So, if the $60 million term sheet is a go’er then ALL the parties should be able to work together to find a debt restructure that protects creditors and the Company. Essentially this is the OOCS except that Hope/OMF won’t be paying any compensation to FRR but I feel that they are prevented from embarking on a fire sale and now obliged to work together to restructure the Company’s debts and realise value for creditors and eventually shareholders.

At this stage the only thing that is lost is gaining compensation of the fiduciary duties and unlawful interference bit. It feels to me that the assets are protected and their existence acknowledged via the “considerable market value” comment. Protection of the assets is the key positive here.

Just IMO



The document while extremely enlightening is from DEC. Its an old document. It is the initial lifting of the injunction.



I thought FRRs case was weak when the injunction was lifted. The judge is directing both parties to an oocs. I hope one has now been reached and today’s stay is the legal mechanism to stop the legal proceedings and allow for the settlement to be worked.

I’m still omptistic but it’s definitely time for a nice creamy ale.

Good luck.


Yes Star Rage was being very disingenuous in suggesting that it was from today. I have read the entire document and it it is clear that a draft ruling was circulated on 20th December and then issued on 22nd January. Have to wonder if it was leaked to the shorters.

However the Judge’s last words are that “The present dispute cries out for a commercial compromise rather than a final judicial resolution”, which I guess is what is happening, hence the request for a stay today with the injunction having been re-applied when an appeal was lodged.

The waiting continues…



Being an FRR investor reminds me of dating that “crazy girl” back whilst I was at college. We’ve all been there I’m sure.

I’m still confident today’s stay is for an oocs.

Best of luck


I still can’t get my head around how this plays out [on the negative side] how does Hope profit beyond what he is owed [$20M plus interest and fees], does he want to take control of Frr somehow and make a success of it, there can’t be any sort of transfer of ownership the Georgians will take the block back.

How does hope make back more than the debt he’s owed?


tmh, I think Hope can only get back more than he is owed in a full corporate restructuring - which would include other note holders, and assuming that the Georgian Government agencies would then allow the PSA to be transferred to that new corporate entity, which I think is highly unlikely. He’ll settle imho, but seems to be in a stronger negotiating position now than he was before this ruling.



Well having read the thing - and taken some time to reflect - I am not at all convinced this is end-game.

This legal statement is 3 weeks old and refers to the original claim. The judge is basically saying that FRR have to accept Hope but that the risk of a FRR going down the tubes is not going to help anyone. I suspect today’s hearing was about how the parties move forward.

Zaza s not going to make a statement until this has worked its way through - so yet another period of rectal muscle control is in play.


…So STILL we are at the stage of the NY funding getting approved, which i have a small query on the RNS clearly stated that $20M would be made available to retire existing debt the existing debt is more than $20M but i assume they are specifically talking about the OMF debt, BUT with 1st year rolled up interest AND the $2M cash interest that’s more than $20M?


Everyone enjoying themselves tonite…in this fantasy world you all seem to inhabit ?


Given this is the initial lifting of the injunction is there a possibility that this pre dates the dicovery ordered on HOPE?


That’s a fair question. Don’t forget he’s only invested 4m so not much to lose.

He also was involved with greasing the wheels with an MND hostile take over attempt a few years back so he’s well connected and motivated.


The debt is $22m (according to the court files) assume Zaza would pay the other 2m or could be money from T39 oil sales (we can dream)

This is far from over.


Pop, do you know when the discovery was made?


Sounds like you now hoping your new ‘bezzy’ mate Hope is an upstanding and virtuous type …lol

What happened to the parasite ?

Is it finally starting to dawn that shareholders gooses are cooked ?




Yep…you’re a goose…and you’ve been more than goosed…


Arhh…I see…geese…sorry!


Anyone here invested in a company led by a gambler…who throws good money after bad ?

Just asking…


I like gooses