AVZ Discussion 2022

[Carlos Danger]

Anyone know approx the kind of coin $$$ we are going to need to get to the end on the legal process ? Will the DRC/China then have to pay AVZ legal costs once they get their arses kicked ?

Not sure exactly but I reckon the 20m USD agreed with Locke should cover it. 9card told us that a significant part of the costs for legal was in prep work and that can be used between the cases so funds needed on that end should be reduced moving forward. But obvs paying 7 board members to '2030 and beyond' (funny no one got up in his grill for saying that lol) is going to be a drain on the purse imo

 

[Mr_Tones83]

We were awarded legal costs last July I think it was, to the tune of 800k if memory serves me correct. Can’t say I’ve ever seen a cent of this come in on the books.
Even when we have a legal win and awarded costs they just ignore it. Have AVZ chased this money?

No idea on whether it's been paid or not, but I'm sure they're not going to forget about it.

 

[wombat74]

We were awarded legal costs last July I think it was, to the tune of 800k if memory serves me correct. Can’t say I’ve ever seen a cent of this come in on the books.
Even when we have a legal win and awarded costs they just ignore it. Have AVZ chased this money?

These could be questions for deboss in his new role .

 

[Retrobyte]

These could be questions for deboss in his new role .

For $1 per year I don't think deboss will be answering any questions

 

[Remark]

For $1 per year I don't think deboss will be answering any questions

It's the thought that counts

 

[Winenut]

These could be questions for deboss in his new role .

Reckon DeBoss will be getting on with some bulk/high return activities while at the same time making sure all of us Mum and Dad investors are looked after with comms and updates

I'm really appreciative he has offered his services for basically nothing and is working on behalf of all us fish....big and small

It means a lot

 

[Hodlandwin69]

It's a good play by Deboss, should AVZ do well and remain alive as a company, I'm sure he'd get voted in on the board should he put his hand up

 

[Goat]

Not sure exactly but I reckon the 20m USD agreed with Locke should cover it. 9card told us that a significant part of the costs for legal was in prep work and that can be used between the cases so funds needed on that end should be reduced moving forward. But obvs paying 7 board members to '2030 and beyond' (funny no one got up in his grill for saying that lol) is going to be a drain on the purse imo
View attachment 71307

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.

 

[Goldenboy]

For $1 per year I don't think deboss will be answering any questions

Wrong !!

 

[CashKing]

It's a good play by Deboss, should AVZ do well and remain alive as a company, I'm sure he'd get voted in on the board should he put his hand up

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

 

[Roon]

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.

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]

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.

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.

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

 

[wombat74]

I'm going to go out on a limb and suggest this "jumping for joy "/ "exciting developments " news about to drop in the coming week or so has something to do with securing funding .

 

[Flight996]

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

 

[Xerof]

I suspect that Lusaka forms part of the new concrete footings at the Mpiana Mwanga Hydro dam

or

he's having Friday afternoon margaritas on the beach on Epsteins Island

 

[Samus]

With the benefit of hindsight, I reckon Cong Mao might regret not pocketing the $US20m and relinquishing his 15% stake in Dathcom.

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]

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

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

 

[Flight996]

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

View attachment 71368

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]

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.

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

 

[Flight996]

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.