Lucas Don Velor
Regular
Nigel should approach Locke Capital for the latest dispute resolution funding hahaha… Deadshits!!!
AVZ Discussion 2022
- Thread starter GazDix
- Start date
Hodlandwin69
Regular
Issue seems to be that AVZ announced that it had agreed to lockes terms, perhaps didn't formally agree to the actual arrangement though?
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They're cut because their dodgy deal wasn't accepted and now trying it on in court. Got to be happy we didn't enter any agreement with those cun*ts!
Idk, that sounds like they agreed to it to me.
Hodlandwin69
Regular
They agreed to this "term sheet" in November 2023. And if AVZ breaks it they owe a $1mil break fee.
I'm happy to not pay it, just seems a bit suss from management.
But hey, may as well fight it and try get out of it.
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Samus
Top 20
Indeed it seems you are correct and I didn't dig back far enough.
Ah well what's one more legal battle
Xerof
Flaming 1967
They didn’t terminate the Term Sheet, it progressed to a formal agreement, and then withdrew without drawdown
So no break fee, imo
And Locke didn’t meet the deadline for exclusivity whilst DD undertaken, despite 3 extensions, so no $200k payable
AVZ free to deal with anyone else, which they did
Our resident corporate bush lawyer may like to peer review my assertions - they could well be spurious
So no break fee, imo
And Locke didn’t meet the deadline for exclusivity whilst DD undertaken, despite 3 extensions, so no $200k payable
AVZ free to deal with anyone else, which they did
Our resident corporate bush lawyer may like to peer review my assertions - they could well be spurious
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But what chance of recouping any of that in the near term?
Interesting take.
I always read it as though we were up for max USD 200k to cover Locke costs regardless of what happened, plus the USD 1M break free for terminating.
I had assumed we paid all this out of the CATH money. Guess not!
Rechnerhand
Regular
US firm to build $1.5bn Angola to DRC power line --> I know not our business but engagement by the US and private sector is hardly trying to be noticed.
Rechnerhand
Regular
Rechnerhand
Regular
Rechnerhand
Regular
Sammy_da_Smile
Regular
RHyNO
Regular
Always pegged Locke for a bunch of fwitts. Absolutely hilarious, imagine running a law firm of this sort. Offering exploitation level terms and then suing companies that don’t take your your high 5 when drowning. I suppose Hell needs demons. Fuck em fuck em all! Hold the fort Nigel, but for fucksake try not to get outplayed…….again.
And exactly what support was that?
The funding sought by AVZ was intended to cover legal fees, expert fees, local law support, investigation costs, arbitration and court fees, and related activities against the DRC and other parties. Pretty much the same as the CATH deal.
Locke's proposed facility was secured over all of AVZ's assets, including those of its wholly owned subsidiary AVZ International Pty Ltd (AVZI), Green Lithium Holdings PTE. Ltd (GLH), and the shares held by the group in GLH and Dathcom. That's a lot of security against a piss-ant loan.
I understand that in return, Locke Capital would also acquire 60 million fully paid ordinary shares in AVZ, and be granted an option to subscribe for additional shares upon the occurrence of key value milestones. I do not know the strike price for the additional shares.
However, all I saw for 12 months was Locke fucking-over AVZ by demanding additional collateral, and driving AVZ almost to the point of insolvency. AVZ dodged a bullet when it cut Locke loose, and went with CATH instead.
A pox on Locke and all its employees and their emotional support llamas.
I need a drink. The sun is past the yard arm somewhere in the world.
Cheers
F
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Xerof
Flaming 1967
Yeah, I’m trying to look at it from AVZ perspective, following the stated conditions in the Term Sheet. It’s an aggressive perspective, but the law is precise.
I agree with @cruiser when he says this was delayed for an unreasonable amount of time for ‘whatever’ reason, but I think we can assume some form of nefarious behaviour was working behind the bamboo curtain.
After all, delay after delay had only one goal - to ensure AVZ ran out of funds
I agree with @cruiser when he says this was delayed for an unreasonable amount of time for ‘whatever’ reason, but I think we can assume some form of nefarious behaviour was working behind the bamboo curtain.
After all, delay after delay had only one goal - to ensure AVZ ran out of funds
Hodlandwin69
Regular
I'm sure DLA piper were heavily consulted before the board expressed their gratitude towards Locke 
I hope your right my friend.
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