I’m a long-term shareholder of CDCH in both my personal account and fund that I previously managed . I’ve spoken to Patrick on many occasions to offer my advice but recently he’s gone completely silent and some of the information (your email to a shareholder as an example) are extremely alarming as they relate to the future of this investment. I’ve also spoken to George about providing financing for some of the deals he’s been looking at.
I’m baffled that a transfer agent, appointed by Les to run the company, is still in control of any decisions given his seemingly obvious conflicts and ultimate liabilities related to the MDMN fiasco.
Can you let me know when you have availability for a call tomorrow. I’m here to help but, admittedly, growing very concerned by the thickening fog around the company’s only real asset (5% of AMC). Any dilution of this asset seems incredibly irresponsible for us poor saps who still own shares. Bottom line: I’d like to discuss why CDCH feels the need to operate independently of MDMN and have several ideas on how to back the worthless shell out of the equation. I look forward to speaking with you.
I support the idea of bringing Cerro into MDMN, making them one entity, if it is at all cost effectively possible. I see no reason why they should be separate at this point.
I say let Cerro deal with it’s garbage/baggage (preferred shares issue; uncontrollable BOD exercising control and taking it many directions) and let Medinah deal with it’s garbage/baggage (bloated capital structure; lawsuits; Les). You could easily equalize the value of assets each owns and get them on a par (just percentage ownership’s in Auryn). But there are too many unquantifiable issues with the liabilities to ever equalize an across the board valuation.
You all do not know how out of touch the BOD is. They put NO value on the Auryn stock. They thought it was another Les Price scam. If some of the shareholders had not informed them of the deal Tupper cut with Auryn on the cash call. They would have let it go and we would have been traded out of our Auryn stock at 1 share for ever 360 we had owned. Down to .0138 percent instead of 5percent of Auryn. You all need to email Patrick and let him know that you are up to speed on what is in the mountain. He is overwhelmed with his day to day, operating American Registrar and Transfer now that his brother has been bared from anything to do with securities. He is leaving everything up to the attorney Labertew and he is in it for himself. he needs to know that shareholders are watching and involved.
Protect your investment.
Get involved and email him!!!
Yes, but since Patrick Day has the super-voting preferred shares, he by himself controls the company. So yes there needs to be a vote. The vote will go however Patrick votes.
This has been discussed here several times in the past. I believe this occurred a couple of AGMs ago - it was a way, I think, to get control away from JJ / Les. Someone else will have to comment in detail. But that’s where CDCH is. Unfortunately PD and the attorney seem to despise everything Chile due to the Les / JJ experience and thus they seem to have more interest in the CDCH shell and their own business ideas than in the Auryn/ADL ownership (5%) they have in hand.
Patrick and his brother Chris gave themselves the stock in order to obtain a quorum so the company could vote on things and move the company business ahead. None of the previous board members ever read the company by laws that had very stringent requirements on the operation of the company. Christopher gave back all of his stock, once he was charged with SEC violations.
I believe Patrick wants to do the right thing by the shareholders, Labertew may not.
Let your voice be heard and send them both an email of two.
This is accurate and yet totally bewildering to me. What sort of businesses do these guys plan to pursue with a worthless shell? I would guess that 99% of shareholders in CDCH own this investment b/c they believe the 5% in AMC is the ONLY asset. Without this ownership there is no value to the company and therefore no ability to pursue any other businesses. This is very basic stuff. The irony, is that a BOD, who was appointed via an known fraudster (without Les, who they despise, they wouldn’t be holding their seats), feels that they can determine what is and isn’t of value.
The best thing they can do at this point is come to a reasonable deal with Maurisio, wait for AMC to go public, receive the pro rated shares and THAN they can do whatever they want with the shell. Until then, I have no idea why they assume the right to consider any other options. This is NOT a legitimate BOD. Inevitably, if they lose their only asset, they are violating their fidicuciary responsibility to shareholders and opening themselves up to further liability. The course should be very obvious!
I encourage everyone invested in CDCH to reach out to Michael and Patrick and express your views. A MDMN transfer agent and non-director/lawyer are in control of your investment. Just when you think things couldn’t get more twisted.
Early on March 11, I wrote the following correspondence to Michael and Patrick:
Recent news on cash call: Medinah is pleased to report that on March 10, 2017, it signed an agreement with Auryn Holdings Corporation to finance Medinah’s portion of the raised capital. The basic terms of the agreement are as follows.
Has Cerro negotiated a similar loan arrangement with AURYN? If not, why not? Can shareholders expect to hear some good news shortly, or alternatively, are shareholders going to continue to hear nothing from the company? What is Cerro’s path forward? Will CDCH management work with AURYN to protect the interests of current shareholders, or are other plans being made on behalf of shareholders in moving forward?
(signed)
shareholder
This was a followup to the following letter I wrote on March 9:
Gentlemen,
Am i correct in assuming you have been notified of the following:
AURYN Shareholder Meeting Announcement March 9, 2017 @ 7:02 pm Auyrn Mining Chile SpA recently sent an announcement to its shareholders regarding a shareholder meeting scheduled for March 15, 2017, at 11:30 am (UTC -3). The meeting will be conducted with the assistance of a Public Notary as required by law. The main topic of discussion is a proposal to increase the operating capital through a cash call to current shareholders.
Was CDCH explicitly exempted from future exploration costs or cash calls? Have either of you been in discussions with AURYN management regarding future plans for CDCH as has been previously suggested? What are CDCH’s future plans regarding it’s equity interest in AURYN and AURYN’s intent to file an F-1 application for a possible IPO later this year.
Also Michael, it does not appear you were successful in hearing back from the OTC, or at least not favorably. It appears to me there is an unofficial “chill” on CDCH stock, much to the detriment of current shareholders. Are shareholders in for more bad news. or do we have some good news moving forward?
I attended the last AGM and have had numerous correspondence voicing my concerns over the past year. Needless to say, I was disappointed not to have received a reply, although Michael did for some reason write a detailed reply to an inquiry from Sawmillguy as was posted 8 days ago. I’d like to see some definite changes in favor of existing shareholders. If you agree, then let PD and the attorney know what you’d like to see.
You are receiving this email because you have contacted me and/or Cerro Dorado in recent weeks regarding a requested update. We are appreciative of the input that you have provided. In coordination with Patrick Day, I am drafting a comprehensive letter that will be posted on Cerro’s website early this week, which addresses:
Management changes
Status of negotiations with Auryn Holdings related to the Auryn Mining capital call
Upcoming shareholder meeting (May)
Implementation of non-dilution mechanisms for existing CDCH shareholders
Status of mining and non-mining acquisition opportunities
I’m hoping to have it completed and posted by tomorrow, Tuesday, but it may not be until Wednesday. Once it posts, I will send out another email to this group and ask that you reach out to the various blogs and chat rooms, to help make as many people as possible aware of the posting. The details will also be part of a mailing to shareholders as part of the notice of the annual meeting, but that (the mailing) will not occur until later in April.
Michael L. Labertew
Labertew & Associates, LLC
1640 Creek Side Lane
Park City, UT 84098
Tel: 801-424-3555
Fax: 801-365-7314 www.labertewlaw.com
Nope. But I really didn’t expect them to meet their own proposed timeline either unfortunately. I suggest a healthy dose of patience. You don’t become the next Berkshire Hathaway overnight, you know.