Ann: Arbitration Notice, page-150

I don't have all the information, just speculating on the worst case scenario.

If I was on the other side, my argument would be, a New Agreement (offer by parent company to settle debt of Morila, the subsidiary) superseded any prior written agreement, and that action constituted a parent guarantee of the subsidiary company (Morila gold).

It is interesting to note, the parent company (FFX) didn't offer shares in either Morila Gold or Morila Ltd, but in FFX shares, to settle the debts. That action could be interpreted as the parent company acknowledging they have a legal obligation to settle debts of their subsidiaries, notwithstanding a prior written agreement.

As I stated above, I don't have all the facts surrounding the negotiations at the time.

Just speculating.