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There has been some activity in the above case in Harris County. Apparently, Georgia is now a signatory to the Hague Service Convention which allows for alternative methods of service on foreign defendants. FIC/FRGC now in the hands of the liquidators are still pursuing SN and ZM and were never able to successfully serve ZM before. They are now attempting to serve ZM under the Hague Convention, which they say is a lengthy process. They have therefore filed a motion to postpone the trial date to October 2025. The motion is unopposed by SN.
There is also a new trial date set for September/October 2024 for the Yellow Jacket case.
This is never ending.
So, from this development we can deduce that there is no asset or value in FIC, hence the liquidators are pressing ahead with the call up on the personal guarantees that were given by SN and ZM back in 2018 when Hope agreed to restructure the interest and debt. They (Griffin & Hope) must be under the impression that SN has the wedge to repay $30M+ in debt. Or it’s got extremely personal between Hope and former FRR Directors, in that he would rather see these guys declared bankrupt than to move on (given it would cost him more money in legal costs).
Definitely more complication to an already complex situation and testing of our patience further.
The more pertinent question is whether this will affect the liquidation case re FRC? I think it could depending on the fragility of SN’s state of mind and his motivation levels. Having said that, he has already agreed to punt this case to 2025, so no immediate squeeze and may be he thinks he can untangle FRC in this time to get production up and running again to agree a repayment plan with Hope.
Montiburns – the reason this development has happened now is not because the court asked the parties for a status update. This unopposed motion was filed to both update the court and avoid the need to make an appear before the judge. The motion is yet to be approved by the judge but as it is an unopposed motion I think there is every reason to expect it will be so ordered.
FIC / SN have been ‘collaborating’ since at least June 2023 when parties first filed a joint motion for continuance following settlement with Hope. The move to serve ZM began in the later half of 2023.
Regarding Yellow Jersey. The court wants to “D-WOP” the case (Dismiss for Want of Prosecution) but YJ filed a pre-trial report so keeping the case on the docket. The pre-trial report has a glaring inaccuracy so I imagine both the court and FRC will take a dim view of this attempt to continue this action.
Sorry - first line should ready "..this development has happened now because the court..."
Feeling deflated Looed. I don't know what to make of the latest developments.
Do you think we'll hear anything from the company re our investment, license renewal. I feel for those older than us, who might not see the nd of this. Will feel very unhappy if the company doesn't give us a msg in next few weeks.
Unfortunately, the only guarantee on news flow is that Deloitte will provide an update at some point in time. Either the committee have persuaded all creditors to fall in line and they can get Deloitte to accept their proposal (and that proposal remains a return to the pre-wind up status) and present it to court or Deloitte say, “times up” and update the Grand Court to complete the liquidation. In either scenario, Deliotte should update all stakeholders before they proceed to petition the court. So, news will come from them at some point outside of potential news from any other sources.
Announcing on here that you are deflated won’t change anything. Why not log your displeasure with them directly and explain your reasons why. That way you have more chance of being heard than a post on here.
Cheers, tried previous communications but had no response,will try again.
I'm pretty sure they've previously hinted they do look at the boards,who knows when the last time was.
They might not reply but that inbox is monitored so they will receive your message.
If this share does ever make it back will you guys sell or hold?
Surely if it returns then all the lawsuit will have been sorted out
This was supposed to be 50p - £1 at some point, with the massive potential of it being the large field that can carry 20 years of gas supply to EU.
You don't fight over an empty box!
Thank you for sharing your thoughts Looed. Yes, agreed that we are now only likely to get news from Deloitte once the final outcome has been reached. So, on that, one has to wonder that after all this time (3 months since the first creditor meeting was held), what is the hold up especially as FRC does not have any assets or cash to repay the creditors. But voting down any proposal from SN will result in zero recovery for creditors. On the other hand, no creditor will agree to a massive haircut if they feel that SN is not being fair. Perhaps discussions are ongoing but crystallization of the deal is subject to renewing the PSA, which in turn is subject to availing the bank facility that is apparently is in place.
Looed, I seem to remember possibly before the wind up, FRR had a substantial loan approved, I think it was in the region of £100 million plus. If that is correct, has all all that money now disappeared?
If not, do you happen to know how much of that remains and in relation to how much is owed, how far away is it in paying the outstanding balance.
Also, in relation to the decision going South for us and the liquidation is completed then surely that has to be the worst outcome for those that are owed money, surely ?
SA17 - The "100 million" was only ever a proposal. If you have the Creditor Report you can see that the company has no liquid assets. Page 17 of that report does explain the current non-binding financing proposal which was subject to various deals and compromises which includes fulfilling the terms of the MoU .
To your last point, generally speaking, liquidation is preferred if a company has no assets and a creditor has little to no chance of recovering monies owed. It means the liquidator has tried everything they can (or as much as available cash will allow them to try) to unearth funds in ways not available to creditors, it offers legal closure to the creditor and the monies owed can be written off.
Worth also considering that a legal closure (ie completion of the liquidation process) also enables these creditors/companies to tax deduct written off debt, providing they have healthy profits to do so. For someone like YA, it’s a no brainer given their size but accepting this can be seen as ‘bad for business’ given their reputation as being a ‘corporate loan shark’.
On the potential financing facility in place, this needs to be taken with a pinch of salt, as these types of intimation offer letters have a shelf live of a few months only.
Finally, given FRC’s financial condition, surprised that this is still ongoing meaning that SN has most probably put his hand in his pocket to finance until (at least) GG reverts on the PSA extension request.
On a wider note, been looking at Georgia and Ukraine with respect to Russia and their aspirations of joining NATO, which was openly declared a red line for Russia when the CIS started to disintegrate. Perhaps this explains the creation of Dream Party in 2012 and post the 2008 war, and covertly working with the Kremlin to keep Georgia onside. Georgian Politicians can also be considered as top-notch hoodwinkers of projecting pro-West intents to their people, to the US and to the EU but all along working with the Russians and taking their directives/blessings. This behavior also reminds me how ZM was managing FRR shareholders and the BoD, while all along, he was trying to take the company away from under our noses.
@batiatus
i think the chances of it coming back are close to zero, if by some miracle it does make it back, i imagine it will be enormously diluted and no-one will make their money back.
a disaster from start to finish, endless ****, worse and worse, year after year.
a fool and his money are easily parted and i've been a huge one.
Amoured bear that is the problem here . Everyuone thinking for nearly six years thta all we need is the litigation sorted and we are back in business. Unfortunately it will not look the same it does survive and we long suffering share holders will be so dilluted our shares will be worthless. someone has paid for all the costs associated with all this and they will want their case back big style
Just a thought tabs!????
If the box is full, full that much it really can supply large amounts of gas commercially, so much that it can feed not only Georgia but as some state the E.U or at least parts of.!? What costs does each and every household pay for said “possible” gas?
Let’s throw in carbon capture to please the greens and hopefully help our lovely planet earth in the mix, would those sort of figures help pay for what “has” and “still” continues needing paid for!?
I am absolutely convinced our leader fights not just for “his”company but also “our” company.
Why on earth go this far if it wasn’t worth fighting for?
Time tells all tales holders, hopefully I am not the only one who sees the positives in this dark tunnel!
All things bright and beautiful, all companies great and small….. just like ours?
FRR is a mystery. Farage has called for peace talks with Putin
and is now under attack. What next?
I sent a handwritten letter to the FCA and may get a response.
Shall be in the London area soon and would love to meet
someone important. "I have a dream , a fantasy,
to help me through reality" etc. Abba 1976.
Take care and pray for peace everywhere.
On another note, if Frontera were to get back in the field, what is the cost going to be to get the fields back up and running? What state were they left in? They currently have no employees, the ex-employees are still very disgruntled... I think it is safe to say, the box is actually empty... its just a case of saving grace...
so what about the part of frontera that sn was supposed to have shifted to a subsidiary of frontera over in texas or wherever and ringfenced from deloitte?
aside from that to my mind it makes little sense the creditors going for liquidation if there is any path for them to see if there is any chance frontera can be resuscitated. they are owed money, frontera it looks doesn't have any assets of note just research data on a big oil & gas field that no one else has and a now expired license.
if i were a creditor i would be thinking, what about striking a deal with frontera. the debt is written off for shares, the debt would be written of for nothing anyway if liquidated. then you tell sn to get his **** in gear to get a new contract with the gg to work this field. remember frontera are the only ones with the necessary data so they are in a prime position. once the contract is gained then the company is worth more money again, either further finance or just sell on the company. something along those lines. sn is a wealthy man i don't believe he can't dig into his pocket to temporarily lend money to frontera to achieve more a little way down the line. i think this hold of a problem could be gotten out off if a bit of movement and action were taken.
unless of course there is another plan and sn really has hived off the asset from deloitte as above.
I was under the impression the fields are still in operation just not in Frontera's control but by the Governments OG operators?
Correct - the fields have been operated by the GOGC. The MoU is explained in the 2022 GOGC accounts (on the GOGC website) and is discussed in the Creditor Report (p16). If the company cannot fulfill the terms of agreements made then the contract area remains with the GOGC.
A hearing on the Motion has been docketed for 8 July. As the motion is unopposed, the court is likely to approve the request to reschedule the trial.
Thank you for the update Looed