US Congress supports Georgia December 17th 2018 The US Congress approved a bipartisan bill in support of Georgia Tbilisi: The US House of Representatives unanimously approved a bipartisan bill in support of Georgia, which is a clear confirmation of the willingness to bring relations between Georgia and the United States to a more qualitatively higher level, the Georgian Foreign Ministry spreads information about this. FULL ARTICLE: FrontNews The US Congress approved a bipartisan bill in support of Georgia The US Congress approved a bipartisan bill in support of Georgia
Cayman Court Listing week 10th December Hi Out of court settlement still have to go through court procedures?
Cayman Court Listing week 10th December I think people are dissecting interviews etc too much - this is due to no information coming out. Zaza’s English is not the best, so trying to dissect an podcast or written interview is, imo, a bit pointless.
Cayman Court Listing week 10th December Posted on ADVFN this HedgeCo.net news item from 2011. Hope take note! Update: Cayman Hedge Fund Directors Fined For Neglect New York (HedgeCo.net) – The Court of the Cayman Islands has found two hedge fund directors guilty neglecting their duties, fining them $111 million each. The hedge fund, Weavering Macro Fixed Income Fund, was found to have failed because of the directors’, “Decision not to take any meaningful role in the business of the fund, and their decision to simply sign documents which were put before them, without applying their minds to their content.” The court said. Like many Cayman Islands investment funds, the directors had indemnity, covering all losses, with the exception of failure caused by the directors’ own wilful neglect or default. The Court found that the directors’ conduct fell well below that which was required of them. “The case shows that directors of Cayman Islands investment funds cannot sit idly by, leaving the management and control of the fund to its service providers. A director’s duty to supervise the affairs of the company, and to exercise reasonable care, skill and diligence are non-delegable” said Shaun Folpp, Managing Associate at Ogier Cayman who, together with Will Jones, Associate, acted for the successful Plaintiff, led by David Lord QC. (Note) One of the directors fined was the younger brother of the investment manager and the other their elderly stepfather. Link: [link]
Joint Operating Agreement Prompted by Eyesonhawk on the Cayman’s Court thread I did indeed watch the last Zaza video again, and if you link it to the last Q&A and to the proposed $60 million loan facility you have to conclude that there will be a joint operating agreement to develop the Tarabani field. In the Q&A Zaza left both farm in and operating agreement options open - but it was clear to anyone there that he didn’t really want to share ownership of the asset. And he also implied that sharing a portion of the asset was a complication that he would prefer to avoid - it would require opening up and re-assigning part of the PSA agreement with all the complexity and delay that would ensue. (I also assume that it would involve relinquishing a portion of the $400 million of oil profit offset). In the video, towards the end, Zaza refers to an operating agreement involving both parties putting their capital at risk. He seemed to gloss over the farm in option. And of course this week we heard about the vehicle intended to raise that capital - no doubt to enable the shared risk he has referred to. I wouldn’t be at all surprised if BH were somehow involved here - at least in assisting with the business case that would have had to be presented. And they will certainly be involved in assisting the technical due diligence required in the field visit. I have to say that in the interests of longer term value realisation this has to be the best way forward. And as I suspect BH are very likely to be a provider of some of the vendor debt they will be very keen to get the next phase moving ASAP. There - and I didn’t mention the word Cayman once!
Cayman Court Listing week 10th December Lets hope Hope is digging a large hole for himself,in fact large enough to bury him ,Outrider and those ‘Suppurating Pustules’.
Cayman Court Listing week 10th December I see on Twitter, Share Prophets are at it again, claiming shareholders will lose out after the court hearing on the 18th. Bunch of shysters. TP
Cayman Court Listing week 10th December Worth a listen once again to Zaza’s interview as noted just now by Mossematics on the LSE board. “If anyone hasn’t seen this interview with Zaza then it’s worth listening to. Even if you have it’s worth listening to again Up to about 06:45 they are talking about operational aspects of FRR. At 06:45 Zaza is asked about Hope - he says as much as he can but it all gives me confidence that Zaza knows what he is doing and has a solid case… At 09:45 the conversation switches to YA. At 11:30 Zaza is asked about the investment case for FRR with the key discussion about how Zaza thinks this is all coming together at 120 Zaza says that the legal activity has been necessary followed by some relaxed scenes with the interviewer. At 12:25 Zaza starts reeling off some exciting numbers with smiles. Zaza is not a man staring into the abyss!”
Intriguing allegation Let the punishment fit the crime, great line from G& S Mikado, very appropriate.
Intriguing allegation Are the authorities, including the police, not duty bound to take action where a criminal offence has been committed? If Hope has broken the law then an official investigation should be undertaken with a view to criminal charges being levied for these alleged nefarious activities. Let the punish fit the crime!!
Cayman Court Listing week 10th December Now this is all getting very exciting indeedy!..Again many thanks to the knowledgeable contributers! eyeson…now waiting for the movie “Hope (less) - The Big Short”
Cayman Court Listing week 10th December Interesting revelations. I think these court dates should be cross-referenced against the timelines of the Company’s RNS’s. So, initially, “Discovery Order” denied by the Judge on the 8th November but just 8 days later [16th November], he granted the order. Roughly a week later [on 22/11], FRR released an RNS seeking damages of US$56M. So, to me, this tells me that this order was very important to the claim. Now, while I am no US lawyer, I believe the Discovery Order, allows FRR to submit all the information it has collected on Hope and Outrider without “breaching Hope/OMF client confidentiality”. Plus, if our presumptions are correct that FRR may have collected evidence from the likes of YA [and others as mentioned in the 2016 court papers], this guy could be in serious trouble and therefore, it would be in his interest [and his firm] to settle out of court…that is unless, FRR wants to exact retribution from all the years of torture and pain he has brought on to the Company, BoD and its shareholders. Deal or No Deal? Interesting few days coming up. But I think an out of court settlement before Tuesdays submission deadline seem highly likely but on what terms, that is the Million dollar question [or 56milion!]. JMO
Cayman Court Listing week 10th December We dont need to. The order has been granted allowing the discovery which is the important part and they have confirmed he now works/resides there for the purposes of the matter being dealt with in the Caymans. Under the laws of the United States, civil discovery is broadly construed and parties to a civil action can ask for virtually any material which is reasonably calculated to lead to the discovery of admissible evidence. This is a much broader standard than simply relevant evidence, because it contemplates the exploration of materials and testimony that may not be directly relevant itself, but that could lead to the discovery of other evidence that would be relevant. Crucially it also includes electronic discovery for information stored in electronic format, electronically stored or otherwise. Screws are being tightened…
Cayman Court Listing week 10th December Yes, looks that way. Pity we can’t get access to the pdfs
Cayman Court Listing week 10th December StarRage: Duknweev, that’s the old order from the 8th Nov denying Frontera discovery against Hope. The latest document appears to show that discovery against Hope has been granted. You are correct, I was simply filling in the background detail. Seems the 7 additional exhibits have swung the decision.