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Van Gold Resources Inc. deal in West Papua
https://pasifik.news/freedom-activists-sign-deal-for-west-papua-mine/
China Owes Billions-Fox News
http://www.foxnews.com/opinion/2011/08/26/its-time-for-china-to-pay-its-debts-to-united-states.html
"United States
By Peter Huessy Published August 26, 2011 FoxNews.com
"...Many decades ago, China sold sovereign bonds worldwide to investors in many nations. They sold tens of thousands of these bonds on U.S. soil to American citizens on the recommendation of our government, indicating it was a solid investment.
Over the last sixty years, China has refused to pay to these bondholders either the principal or interest on these full faith and credit sovereign bonds...."
"... But currently, the People’s Republic of China owes a debt of over $750 billion to American citizens who are holding these full faith and credit sovereign bonds (many of them denominated in gold) sold to them by the Republic of China. Worldwide, the debt China owes to all bondholders is estimated to be several trillion dollars..."
Why not? England paid on 300 year old bonds recently
http://www.theguardian.com/business/blog/2014/oct/31/paying-the-price-of-war-britain-makes-good-on-historic-debts
Bond issued in 1648 still paying!
FLIB bonds are much younger
http://www.bloomberg.com/news/articles/2015-09-16/yale-to-be-paid-interest-on-dutch-water-authority-bond-from-1648
Yale University will receive 136.20 euros ($153) in interest on a perpetual bond issued in 1648 from Dutch water authority de Stichtse Rijnlanden.
The 1,000 guilder-bond ($509), which is written on goatskin, is among five of the world’s oldest bonds that still pay interest, according to Clarion Wegerif, a spokeswoman for the water authority. The money will be paid out on Monday.
Foundation Capital Expresses Interest in Funding Formosa Liberty
http://www.otcmarkets.com/stock/FLIB/news/Foundation-Capital-Expresses-Interest-in-Funding-Formosa-Liberty?id=114156&b=y
http://www.releasewire.com/press-releases/foundation-capital-expresses-interest-in-funding-formosa-liberty-623304.htm
Foundation Capital Expresses Interest in Funding Formosa Liberty
Formosa Liberty Corporation restructures exchange traded and other defaulted debt instruments. The Company currently has a portfolio of over 10,000 defaulted debt instruments including 5000 Euronext traded bonds.
Lewes, DE -- (ReleaseWire) -- 09/10/2015 -- Formosa Liberty has entered into the initial stages of a funding arrangement with the Singapore based Foundation Capital Pte. Ltd. Under the agreement with Foundation Capital, the Singapore firm will make a best effort attempt to locate and deliver funding for the bond collection, litigation costs and defaulted debt restructuring efforts of Formosa Liberty. Foundation Capital Pte. Ltd is a venture capital and corporate advisory firm. The firm focuses on listing advisory as well as merger and acquisitions and reverse takeovers.
Foundation Capital reports that it is already in serious negotiations with potential Asian funders and that a deal should be consummated within 90 days. Formosa Liberty has instructed its legal counsel to immediately begin bringing administrative claims against the Republic of China in Taipei. In 1987, the People's Republic of China (Beijing) partially settled outstanding claims by UK holders of Chinese bonds leaving the vast majority of bondholders outside England as well as some UK holdouts looking for other collection outlets. Formosa Liberty believes the key to collection is to pursue the original issuer, the Republic of China, which is still the government of Taiwan.
FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Typically the longer sovereign debt has been in default, the less likely a settlement. Some debt is so old that the bonds have more current value as a historical document than as a security. Sovereign bonds that no longer trade on an exchange and have no current ISIN number should not be referred to as a security per se and are listed on the Company books as having no value. There can be no assurance that the Company will be able to successfully redeem the bonds in its inventory. Formosa Liberty makes no representation that defaulted sovereign debt can be redeemed or restructured successfully as a successful settlement depends on many factors beyond the control of bondholders of the Company.
Media Relations Contact
Clement Chigbo
202-355-6428
Email | Web | Profile
Follow Formosa Liberty Corp.
Formosa Liberty Corp. - Logo
Formosa Liberty Corp. Logo
Source: Formosa Liberty Corp.
Examiner News story on $FLIB
http://www.examiner.com/article/republic-of-china-to-face-bill-collector-over-defaulted-gold-bonds
Apparently this is a big deal in CHINA....
Republic of China to face bill collector over defaulted gold bonds
http://breakingnewsday.org/article/republic-of-china-to-face-bill-collector-over-defaulted-gold-bonds
Delaware-based Formosa Liberty Corporation announced on Sept. 9 a new debt-collection strategy. The company currently has on assignment a portfolio of over 10,000 defaulted debt instruments, including Chinese gold bonds. The new strategy to recover defaulted bonds from the Republic of China in-exile is based on the notion that if the ROC is a nation then it needs to act like one and pay its bills. Most of the defaulted gold bonds predate World War II and their current value is determined by collectors of historical documents.
Formosa Liberty's new strategy follows a corporate shake up. The debt-collection company earlier announced the appointment of Clement Chigbo to the Board of Directors. Chigbo is a lawyer and is currently a director of Capital Venture Europe. Following Chigbo’s appointment, Peter Hsieh and Jay Huang resigned from Formosa Liberty's board. The change of leadership is said to signal interest in ROC gold bonds by the Singapore money market and a harder line can be expected.
A formal statement said: “While the previous management focused on collection efforts against quasi private entities, the new strategy will seek public confirmation by the government of the Republic of China (Taiwan) as guarantor of its defaulted debt under Article 63 of the Act Governing Relations Between Peoples Of The Taiwan Area And The Mainland Area which states that the pre-1949 sovereign debt of China shall be dealt with upon national unification.”
The United States imposed the Republic of China on the island of Formosa, as Taiwan was then called, after World War II. Formosa was occupied Japanese territory until 1952, when the San Francisco Peace Treaty left the island in legal limbo with the United States as caretaker. Because of the Cold War and the fear of “Red China” the United States allowed the exiled Chinese Nationalists to remain on Formosa following their defeat in 1949 during the Chinese civil war. The ROC continues to administer Taiwan although it lacks legal sovereignty over the island. Meanwhile, the People's Republic of China claims Taiwan is a renegade region and seeks so-called unificiation.
With all the “one China” talk, the Chinese Taipei labeling of Taiwan, and the current tilt toward the People's Republic of China by the ruling Kuomintang government, it is time to prepare for settlement of debt says Formosa Liberty. Diplomats may favor Taiwan's unresolved international status but the bill collectors seek resolution.
Formosa Liberty instructed its legal team to immediately tender a demand on the Republic of China Control Yuan for an audit of the gold reserves and cash necessary to redeem the bonds once the unification prerequisites of Article 63 are met. Former Republic of China Justice Minister Chen Chung-Mo has confirmed by affidavit in a previous federal court case that the bond series held by Formosa Liberty are covered under Article 63 and may be redeemed in accordance with law.
Previously, ROC gold bonds were the subject of a lawsuit brought by the Taiwan Civil Rights Litigation Organization which won by default against the Kuomintang Business Group which TCRLO said converted the money from the gold bonds into the infamous “black gold” of Chinese politics. When TCRLO sought to enforce their win against the Kuomintang, U.S. District Judge James Ware took the unusual move of dismissing the case without being asked.
Formosa Liberty has now instructed its legal counsel, Johnathan Levy, to also supply the firm with a collection plan for defaulted Russian debt instruments and to brief management on current developments in Argentine sovereign debt restructuring cases. Levy is a gold bond veteran who handled the TCRLO lawsuit and has tackled the Vatican Bank in other matters.
Formosa Liberty's new strategy of focusing on the ROC instead of the KMT presents a new set of problems, including sovereign immunity. Levy declined comment beyond saying, “I have a few tricks up my sleeve.”
If Formosa Liberty is able to litigate the legitimacy of the Republic of China debt, the ROC may decide to settle the matter and pay off gold bond holders to avoid a courtroom showdown that could have wider political ramifications.
The debt firm's prepared statement concluded, “The Company also continues to reach out to potential financial backers in Singapore and Hong Kong in order to finance litigation and acquisitions and has undertaken a search for additions to its management team skilled in Asian finance
GXG RIP August 18, 2015
Asia money coming according to press? Looks like they need an infusion of cash from Singapore to make this work: http://www.examiner.com/article/defaulted-chinese-gold-bonds-get-attention-of-delaware-debt-collection-firm
Going Grey? Will be interesting to see how long this stays Pink Stop since management won't take it current and loses its GXG listing as of August 18.
Contact USOP and demand they reactivate their Pink ticker USOPF, then you can transfer the GXG shares over to OTC. Takes an attorney but if you jump through the hoops it can be done.
The CISE deal fell through:
http://www.guernseyfinance.com/press-room/news/2015/08/cise-ceases-discussions-with-gxgs-sme-marketplaces/
USOP does business exclusively in the USA but won't bother to clean up its Pink Stop on the ADR or reactivate its Pink Ticker. Got to wonder what is wrong with these blokes who will soon leave all their GXG shareholders high and dry.
Defaulted Chinese gold bonds get attention of Delaware debt collection firm
http://www.examiner.com/article/defaulted-chinese-gold-bonds-get-attention-of-delaware-debt-collection-firm
All Africa News Wire Picked up Sika Story:
http://allafrica.com/stories/201408120702.html
Somalia Security Dicey
The Somalia security situation looks dicey to me:
http://africanarguments.org/2014/05/27/off-track-in-somalia-parliament-attack-exemplifies-lost-momentum-weak-leadership-deepening-crises-by-yusuf-m-hassan/
Might make more sense to sell that interest and try another play elsewhere. Didn't KIMJF's CEO mention North America was in the works?
Bottom is at around .003 based on history and can bounce 100% any given day.
Selling off the Somalia Block - I am still thinking KIMJF is going to sell off and move on to another block or project with big oil coming into the surrounding blocks:
http://www.intelligencebriefs.com/company-seeking-somalia-oil-block-buyer/
They never said it was - more of a secessionist region according to KIMJF's own materials and numerous sources on Google:
http://www.voanews.com/content/cabinda-still-waits-for-independence/1515340.html
But if they do win independence - the KIMJF concession will be worth billions. Same position as London AIM listed oil companies have taken in Western Sahara.
Anything under .005 seems to bounce up if you wait a few days.
Early stage company, give it time.
News? Company Seeking Somalia Oil Block Buyer
Home » Energy Intelligence » Company Seeking Somalia Oil Block Buyer
Company Seeking Somalia Oil Block Buyer
http://www.intelligencebriefs.com/company-seeking-somalia-oil-block-buyer/
May 28, 2014 12:08 pm by: David Goldman
A foreign company with an oil exploration contract with the Somali government is looking for a company that can buy out its stake in the oil block.
Somalia which has faced decades of anarchy and militancy is viewed as a frontier for massive oil and gas fields .
Several companies have already started exploring oil in the war ravaged company.
Soma Oil, a British oil and gas exploration firm was the first to start farming out oil in Somalia.
A foreign firm believed to own stakes in a highly prospective oil block in Somalia has confirmed its interest to sell off its stake.
It is common practice in the oil exploration industry for companies to sell off oil blocks to other firms and make a profit.
Somalia is the Sleeping Elephant - the majors have been poking around there since the 1940's - all KIMJF needs to do is reopen the old Sinclair Somal wells in the NI51-101 that hit oil and gas in the Fifties and Sixties. Same geology as Saudi - some say the civil war and the majors were part of a conspiracy to keep billions of barrels off the market until peak oil. The KIMJF block was known as the Government Block, the only one not under claim by majors who are now returning and kicking out the juniors. Now with Ukraine and Russia crisis they are all flocking back.....
Oil prices up on Ukraine fighting
http://business.iafrica.com/worldnews/940986.html
AfDB Reaffirms Support to Somalia's Reconstruction
27 MAY 2014
SPONSOR WIRE
The African Development Bank has reaffirmed its support to Somalia's reconstruction as the country embarks on the path of irreversible and durable peace and stability.
This was during the roundtable on Somalia held on Friday, May 23, on the closing day of the 2014 of the Annual Meetings of the African Development Bank in Kigali.
Speaking on behalf of the Bank, Gabriel Negatu, the AfDB's Regional Director, Eastern Africa Regional Centre, said the Somali Country Brief for 2013-2015 was approved in April 2013 and lays out the Bank's scaled up programme of reengagement, through the Somali Enhanced Programme (SEP) which will form the basis for the Bank's Multi-Donor Trust Fund.
"An initial concept note for the AfDB Multi-Partner Trust Fund for Somalia has been prepared and is currently being reviewed by colleagues in the Bank's Resource Mobilization and External Finance Department before being discussed with external partners and potential donors," Negatu said.
He pointed out that $3.9 million approved in December 2013 for strengthening governance and capacities is now effective for disbursement.
Under the Bank's Somalia Enhanced Programme (SEP), the objective is to establish a macroeconomic and budget framework that will promote fiscal discipline, strategic and efficient allocation and use of public resources. It will also contribute to macroeconomic stability, he said
"About $1.6 million has been set aside to finance statistical capacity building in Somalia as a whole, including Puntland and Somaliland.
This capacity is critical for, amongst other things, macro-fiscal planning and onto an International Monetary Fund (IMF) Staff-Monitored Program," he said.
Currently the Bank has two ongoing projects including the $0.5 million for a country wide population estimation survey, which is being supported in partnership with other donors and implemented by the United Nations Population Fund (UNFPA), and $ 0.5 million for building capacity of the Somaliland Statistics Department.
"The Bank is planning a similar capacity building project in Puntland ($0.5 million) and has committed $160,000 in partnership with the World Bank, who will contribute $200,000) to support the preparation of a National Strategy for the Development Statistics," Negatu said.
Since November 2013, the AfDB has been working in partnership with the IMF and the World Bank to develop a comprehensive financial governance programme which is being managed and implemented by the Financial Governance Committee.
"The Bank's representative on Financial Governance Committee will be on board from next week," Negatu said.
During the roundtable, donors and strategic partners agreed on the importance of strengthening coordination of support to the country and the need for government ownership for any support programmes to succeed.
The importance of speeding up the process of clearing the arrears of the country while, at the same time, continuing to support the country's public financial management systems was also underscored.
"We have continued implementing our economic agenda in this critical year, in which gains in security have to be accompanied by restoration of basic government services," said Ali Issa Abdi, a Senior Adviser to the Central Bank of Somalia.
He pointed out that among the key measures implemented by the Government includes the country's 2014 budget which includes significant steps to improve revenue collection and that the Council Of Ministers recently endorsed the new Procurement Act.
In addition, the country's Parliament is deliberating the public financial management and the Development and Reconstruction Bank Acts among others.
"With progress in economic policy implementation, the Government hopes to start an IMF Staff-Monitored Program later this year. In this, we count on the flexibility in data and other requirements for a Staff-Monitored Program in view of Somalia's post-conflict situation," Issa Abdi said.
The Government is also working to achieve a 60% increase in domestic revenue especially through inland taxes and administrative measures.
"In line with the compact and other recent donor commitments and pledges, we are looking forward to increased contributions to multi-partner funds and other forms of collaboration among donors," Issa Abdi said.
After more than two decades of civil conflict, Somalia is currently at a "turning point" in terms of positive political and security developments as well as the commitment of the international community for a sustainable resolution of the protracted crisis in the country. Somalia has entered a new phase of peace-building, stability and recovery, after the end of the political transition on August 20, 2012.
The TFG has given way to a new Federal Government of Somalia (FGS), a provisional Constitution and a Parliament. The outlook is more positive than it has been in a generation. However, the situation remains extremely fragile. Joint and concerted domestic and international efforts need to be sustained and enhanced to ensure national reconciliation, durable peace, stability and state-building.
Ukraine changes everything
Oil prices are up and demand strong but where is Europe going to get gas. The hot war in Ukraine is escalating into another Yugoslavia. Just a matter of time until the pipelines are shut down from Russia.
No wonder Chevron, BP, Shell and Conoco are headed back to Somalia despite the civil war there. With good security the gas and oil can be pumped. Kilimanjaro is sitting on the best block just 30 miles from the capital with a NI 51-101. Opportunity never knocks twice!
Chevron Corp Return to Somalia Oil Fields?
May 25, 2014 8:56 pm by: David Goldman
http://www.intelligencebriefs.com/chevron-corp-return-to-somalia-oil-fields/
Will Chevron Corp return to Somalia?
The Somali government has formerly written to Chevron Corp seeking its consent to return to its Somalia oil fields.
According to Hussein Ali Ahmed, managing director of the state-owned Somalia Petroleum Corp Chevron Corp. hasn’t formerly answered the Somali government’s call to come back.
Somalia has formerly invited several companies including BP to return to their oil farms and kick start exploration.
Chevron Corp’s shares fell in value after poor results and falling global crude prices.
Somalia has started a program to sign 30 oil and gas production-sharing contracts in 2014.
It has started by inviting companies that operated in the country before its government was toppled more than two decades ago.
Conoco Phillips to Start Oil Exploration in Somalia
http://www.intelligencebriefs.com/conocophillips-to-start-oil-exploration-in-somalia/
May 25, 2014 9:38 pm by: David Goldman
ConocoPhillips lease for a Mogadishu oil block is still viable and the company intends to farm it and explore oil and gas.
According to Hussein Ali Ahmed, managing director of the state-owned Somalia Petroleum, ConocoPhillips was contacted by the Somali government and confirmed it would kick start oil exploration in Somalia.
While at the present the company isn’t exploring in Somalia, ConocoPhillips confirmed that it has not relinquished its interests in the war torn country.
ConocoPhillips is one of the companies that operated in Somalia before its Mogdishu government was toppled more than two decades ago.
Somalia Has Specific Blocks Whose Oil and Gas Potential Could Change World Energy Prices
http://www.intelligencebriefs.com/somalia-has-specific-blocks-whose-oil-and-gas-potential-could-change-world-energy-prices/
May 21, 2014 7:24 am by: David Goldman
A critical study of geological surveys on rock formations, oil sips, and tests on wells drilled by explorers by Strategic Intelligence Energy analysts shows a possibility of Somalia becoming one of the worlds biggest petroleum source.
The oil and gas potential in Somalia is significantly high and the problem lies in the insecurity sponsored by terrorists based in the country.
Exploration of oil and gas in Somalia started 60 years ago.
Our Energy Intelligence study team traces the exploration dates to early 1950's.
The first oil and gas explorers in Somalia being Agip, an Italian explorer and Sinclair Oil Corporation, an American company.
The two firms studied the petroleum geology of Somalia. Their findings have set the pace for stiff competition for lucrative oil blocks bids by foreign multinationals.
Fewer firms have been lucky to acquire rights to specific oil blocks which the geologists and industry experts regard as the gold mine.
These blocks have been sought after by firms like BP Shell and Eni among other oil and gas explorers.
With the chances of a stable Somalia increasing, it will be interesting to see which company will succeed in drilling or acquiring these specific oil blocks.
They do a big deal and it will come up. MMs may have accumulated a big position, could be some shorting going on, any number of things. The company is solvent and moving forward.
Price is irrelevant unless there is volume - whne big news hopefully comes in Nigeria or Somalia - watch this fly/