Go and look at Catalyst Capital and the companies they have operated over the past 15yrs. The majority of success came on their Series I issue... the past four Series (II to V) issued have been major failures. In fact, many of the companies Catalyst Capital has run over these past 15 years have either resulted in bankruptcy or being sold off for pennies on the dollar. Additionally, it's also been involved in numerous court battles. In fact, it's incredibly difficult to find many "success stories" that Catalyst can brag about over the past decade. It's clear they have no problem buying into distresssed companies, but their success rate at turning these companies around for a profit is adymissal at best.
When one looks at Frontera, it's another example of a company that Catalyst has failed to add shareholder value. Share price has nose dived since 2018! To say they have a tremendous amount of money riding on the sale of their Guyana assets (corentyne and CGX stock) would be a massive understatement.
I have no doubt offers have been made for the aforementioned assets and will continue to be made. An irony, however, is that Frontera feasted on CGX due to their financial weakness. I have no doubt the tables have turned and other IOC/NOC companies are doing the same with Frontera given their own challenges going forward.
To this end, I have no doubt a deal will finally be made. There is no upside potential left for Catalyst to keep allowing Frontera to pumping money into Guyana/CGX. But will they get a deal they actually want? Their past success rate with numerous other companies suggests no... guess we wait and see how this dog and pony show unfolds.