There hasn't been a mention of Locke for a while now, I don't think it's proceeding unless it's all happening behind the scenes under darkness.
AVZ Discussion 2022
- Thread starter GazDix
- Start date
Wrong !!
CashKing
Regular
Kinda feels like a Langford thing but hopefully I’m wrong as Deboss actually gives a shit and has been to site.
Wait so did Langford a while back
Let’s see what he’s got
I just want this mess cleaned up and sorted as so we all I’m sure.
Btw JAG your lawns overdue mate, No money in meter box, No Money No Honey hahaha..
Hope all well bro
GLATH
I'm guessing we had told Locke they'd be first in line for any recouped cash, and that Locke considered the 20m sitting in escrow as the most likely form of on-hand security for their loan (due to likelihood of Cong losing out at ICC and needing to pay compensation), but as those funds may now have gone up in smoke we are at a loss to provide Locke with any collateral for their loan.
Carlos Danger
Top 20
I’ve been saying this for a long time. The requests for escrow balance checks from AVZ to Christian Lukusa line up 1 to 3 weeks before Locke updates in official announcements and the first mention of the need for an ‘appropriate security package for the facility’ was just 6 days after ‘Mr Lukusa demonstrated suspicious resistance’ to communicating information relating to the account. Nothing else makes sense imo
October 30, 2023: At the request of AVZ a Rawbank account statement showing a balance of USD 20,053,000.57 was provided by Mr Lukusa
November 17, 2023: Binding Term Sheet Signed for Funding Facility of up to US$20,000,000 - AVZ will provide access to relevant due diligence materials to Locke to advance towards the execution of a formal agreement to effect the Funding Facility
March 14, 2024: Again at the request of AVZ a Rawbank account statement showing a balance of USD 20,036,427.02 was provided by Mr Lukusa
April 2, 2024: Extension of Exclusive Due Diligence Period for US$20 Million Facility with Locke Capital - Locke has substantially advanced its due diligence process and is now working through a relatively small number of outstanding issues
June 14, 2024: Further Extension of Exclusive Due Diligence Period for US$20 Million Facility with Locke - The Company advises that it continues to work closely with Locke to close out a relatively small number of outstanding issues to finalise the litigation funding facility
July 24, 2024: Mr Lukusa demonstrated suspicious resistance claiming that the request made in the context of the formal notice of July 22, 2024 would violate the banking secrecy applicable to Rawbank
July 30, 2024: Continuing Negotiations with Locke - AVZ advises that negotiations between AVZ and Locke in respect of a formal agreement for a funding facility are continuing including in relation to an appropriate security package for the facility
August 27, 2024: AVZ has raised A$1.4 million via an initial issuance of unsecured convertible notes - Negotiations between AVZ and Locke in respect of a formal agreement for a litigation funding facility are continuing including in relation to an appropriate security package for the facility
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According to AVZ, the missing $US20m belongs to Cong Mao Huai as payment for his 15% of Dathcom.
According to Cong Mao Huai and the DRC criminal court, the missing $US20m belongs to AVZ as returned payment for his 15% of Dathcom.
Regardless of who actually owns the $US20m, its ownership has been in dispute since 2021. Therefore it could never (prudently) be used as security for Locke or any other debt facility. When this is viewed through the lens of AVZ's only other significant asset, the disputed tenement PR 13559, unfortunately there is not much that AVZ can offer a financier, which is not already encumbered or in dispute.
However, all is not lost. Given Cong's well-established contacts in Kinshasa's seedy underbelly, he should be able to locate and retrieve (somebody's) $US20m in a heartbeat, and in the process possibly moderate Christian Lusaka's boyish enthusiasm.
With the benefit of hindsight, I reckon Cong Mao might regret not pocketing the $US20m and relinquishing his 15% stake in Dathcom.
Just musing on a wet Friday afternoon.
Cheers
F
According to Cong Mao Huai and the DRC criminal court, the missing $US20m belongs to AVZ as returned payment for his 15% of Dathcom.
Regardless of who actually owns the $US20m, its ownership has been in dispute since 2021. Therefore it could never (prudently) be used as security for Locke or any other debt facility. When this is viewed through the lens of AVZ's only other significant asset, the disputed tenement PR 13559, unfortunately there is not much that AVZ can offer a financier, which is not already encumbered or in dispute.
However, all is not lost. Given Cong's well-established contacts in Kinshasa's seedy underbelly, he should be able to locate and retrieve (somebody's) $US20m in a heartbeat, and in the process possibly moderate Christian Lusaka's boyish enthusiasm.
With the benefit of hindsight, I reckon Cong Mao might regret not pocketing the $US20m and relinquishing his 15% stake in Dathcom.
Just musing on a wet Friday afternoon.
Cheers
F
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Samus
Top 20
It's doubtful, they are all under the thumb of Xi Jinping and the CCP including the Congolese elites, CATH. The Chinese in particular will have zero autonomy outside of that.
Dissidents aren't tolerated, Simon Cunt will have to grin and bear it.
Carlos Danger
Top 20
Of course the funds in escrow can be prudently used as security
If the funder agrees that the SPA’s were completed correctly and that the losses sustained to be recovered will cover the amount
I think there is more chance that DLA piper don’t understand basic contract law than it being a coincidence that there was a 6 day turnaround between the suspicious resistance in confirmation of funds and the need for an appropriate security package for the facility being announced but you do you boo
The issue is not about funds being in escrow, but the uncertainty about their ownership.
I doubt any financier would accept as security money whose ownership is in dispute or yet to be established.
Further, AVZ's claims are not dealt with at this stage, and no decision or award tabled.
Carlos Danger
Top 20
Fun fact if the claims had been dealt with and the decision made with damages awarded we wouldn't need financing
But I guess we are 11 months deep into this process because the original plan for an appropriate security package for the facility is proceeding exactly as planned lmao
Yes, that's the unfortunate irony, and world we currently live in.
One day, AVZ will be vindicated, and those lying, thieving knuckle-draggers will turn on each other with clubs and machetes.
Cong did relinquish his 15% stake in Dathcom when AVZ handed over $US20m. Cong returned it because sellers remorse with Lusaka setting up an escrow account and placed in charge of that transaction.
Missing money is purely between Cong and Lusaka with nothing to do with AVZ. Sellers remorse is not a legal argument for thinking the deal can be reversed.
Correct me if I'm wrong , but did we not also give Cong 200+million shares ? A nice $200 million + pay day for the taking . Or did he sell them for peanuts because he thought the Manono project was a dog with fleas ?
Carlos Danger
Top 20
We defo agree on that
Hopefully geo's joy jumping party means we don't need the financing either way
Have a good weekend mate
Carlos Danger
Top 20
The going rate for damages in regards to this matter is currently $25m USD according to the DRC court system
So while it currently has nothing to do with AVZ if Cong doesn't wise up and beg for a deal like the little going back on his word that he signed notary deeds confirming bitch that he is Dathomir will be put to the sword at the ICC and the money in escrow will legally become ours imo
No mention of Cong getting 200+million shares with the deal.
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