Xerof
Biding my Time 1971
I can't recall seeing anything about GJ's appeal. Did he get the same courtesy as PAPALAS?
AVZ Discussion 2022
- Thread starter GazDix
- Start date
I can't recall seeing anything about GJ's appeal. Did he get the same courtesy as PAPALAS?
Carlos Danger
Top 20
Need for immediate arrest stopped. Dathcom’s damages bill reduced from 50m to 25m.
This is now pending appeal to the DRC Supreme Court which is on hold while the ICC does its thing
Important to remember that this was a criminal trial and appeal regarding whether the creation of the updated share certificate was valid. Even the original judge repeatedly says that this needs to go through arbitration to determine the merits. His and the appeal judge’s view is that Dathcom should have initiated the arbitration rather than proceeding with the lodging of the share transfer instruments but they are both wrong about that imo
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Mr_Tones83
Regular
How long is a piece of string!?
Award of costs will be determined on final resolution and depend on the strength of the oppositions' cases (as far as we all know extremely weak). We would likely get awarded majority of costs, but the lawyers will need to be paid along the way rather than all at the end (also subject to their ability to pay costs).
Award of costs will be determined on final resolution and depend on the strength of the oppositions' cases (as far as we all know extremely weak). We would likely get awarded majority of costs, but the lawyers will need to be paid along the way rather than all at the end (also subject to their ability to pay costs).
Cheers . Cong and Jin Cheng are not short of a quid . They can pay .
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?
Carlos Danger
Top 20
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
Regular
Retrobyte
Hates a beer
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
Top 20
It's the thought that counts
Winenut
Go AVZ!
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 updatesThese could be questions for deboss in his new role .
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
Regular
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
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.
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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