I would like to see an agenda item for the October meeting that reports out on the promised examination of Medinah books.
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What else will Medinah have to talk about? Nothing else going on. Everything else is in Auryn’s court going forward.
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Auryn will audit Medinahs books only to the point that they have confidence they are not purchasing any hidden liabilities when they TO for it.
If MDMN the publicly traded entity exists a year from now, I will be surprised.
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If there was a Ulander deal bonus, it should not have been given out until the deal was consummated by payments. Paper shares in a worthless company are not payment. The cash payments never happened and were never going to happen. I agree with you Mike, bonus shares should be cancelled outright. What would the receivers do? Sue? On what basis? I doubt they would because it would expose them to testimony that would be more than unflattering if not incriminating. If the current BOD has the best interest of the shareholders in mind those bonus shares would be cancelled ASAP. This would be a good question to ask to their faces at the October meeting.
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So, has the MDMN Shareholders Meeting been officially canceled? Maybe the next one will actually be called an Annual Shareholders Meeting and we will have one every year. Nice that Auryn will use the Mirage rather than Les’s favorite place, The Orleans. How many shareholders already had booked rooms there based on MDMN’s previous commitment to Oct 1 and 2 meetings there?
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I don’t believe there is anything in the financials that is explicitly labeled an “Ulander bonus”. However, the shares were flying everywhere in 2012. Note from the 2012 15c-211 and Financials{1}:
The 2012 Helicopter-Share official record is:
Dec 31, 2011 = 711M to start
Q1 - 20M for Ciclon to JJ
Q1 - 31.7M issued to four “individuals” not Les, not Greg, not JJ. Reason not explicitly provided although it may be a “private placement” of capital for shares - terms undisclosed.
Q2 - 39.2M issued to four “individuals” not Les, not Greg, not JJ. Reason not explicitly provided
Q2 - 76M to shareholders as a share dividend
Q3 - 29.3M issued to six “individuals” not Les, not Greg, not JJ. Reason not explicitly provided.{2)
Dec 31, 2012 = 932M to end the year
711 + 20 + 31.7 + 39.2 + 76 + 29.3 = 907.2M. The 15c-211 states 932M was the final tally on Dec 31, 2012. So there is an unaccounted-for 25M shares.
The total dilution in 2012 was (932M - 711M) / 711M = 31.1% . But that’s not all.
ADDITIONALLY 7,350,000 additional Preferred shares were issued in Q1, the reason being given as payment of outstanding debts. This did include Les and JJ.{3}
Just note this does not include the 35M preferred / 350M common shares later paid to JJ for the 49% of MMC.
CHG
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Filed Mar 18, 2013: http://www.otcmarkets.com/financialReportViewer?symbol=MDMN&id=101077 and http://www.otcmarkets.com/financialReportViewer?symbol=MDMN&id=101076
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The six names (which include the “four” of Q1&Q2 are Vittal Karra, Mick Shindell, Donald R. Johnson, Anthony Arrigoni, John A. Toyer, Jr., James O’Callaghan, Robert Harris. The 15c-211 mistakenly says 129.3M were issued in Q3 but this appears to be a mistake.
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15c-211, pg 18-19: “Between February and March 2012, the Company offered and sold 7,350,000 shares of Class C Redeemable, Convertible Preferred Stock to a total of eighteen individuals. … The issuances were made to the following individuals: Juan José Quijano Fernández, Larry Regis, Ian Dow, Vittal Karra, Pamela Fitzpatrick, Christopher M. Day, Paul Donnelly, Mick Shindell, Donald R. Johnson, David Dessecker, Anthony Arrigoni, John A. Toyer, Jr., Cynthia R. Shindell, Richard Bengard, Gregory A. Chapin, Leslie Price.”
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I believe it was those preferred…the outstanding debts were trivial compared to the value they gave themselves. As I recall, they deliberately used the distraction of the dividend issuance to hid that action at that time. The dividend was not for our benefit…it was basically a decoy. As a matter of full disclosure, I think part of the reason they did this was to help Larry Regis who had almost no share position left in Medinah and was having severe financial difficulty due to divorce etc.
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If true that is outrageous. Why was helping Larry Regis a concern of MDMN? There was a time I almost had no share position left in mdmn because I was trying to front money for a house, why didn’t the BOD help me out?
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NOTICE:
To make it clear, the info meeting will be SATURDAY, OCTOBER 1, at THE MIRAGE, and the “future” AGM Is NOT on that Sunday. And REGISTRATION in advance will be required, click register link at this site:
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Do you have any idea if there will be a web cast for those who can’t attend? I think it should be done that way.
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Web cast would be cheaper for them. Lot fewer donuts and coffee to provide if we all could stay home and watch.
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UPDATED: I removed my previous comments about the preferred share conversions.
I think it’s possible the “25M unaccounted for” in 2012 (see above), or at least 20M of it, was probably because 20M had already been created by the transfer agent internally to the treasury by the end of 2012 for the next “big property buy”, but the shares were not issued until the following February. That is my best guess.
Anyway, from the 2013 public record {1}:
Dec 31, 2012 = 907M or so to start (the 2012 15c-211 claims 932M - see comment above)
Q1: 6M shares issued to Directors. Greg C returned 2.2M
Q1: 3.54M shares issued in private placement for $0.02 / shr to one individual, unnamed
Q1: 2M preferred shares converted → by unnamed party (maybe Larry Regis)
Q1: 20M shares issued for 20% interest in American Medinah Gold, which owns the Jota properties
Q3: 3.6M shares issued in private placement for $0.03 / shr to four individuals{2}
Q3: 2.7M preferred shares to common shares (1:1) by Larry Regis
Q3: 35M preferred shares issued to Juan for the 49% of MMC (convertible 10:1)
Q4: 0.8M shares issued in private placement for $0.03 / shr to four individuals
Q4: 0.7M shares for office space to Jeffery Chapin
Q4: 0.1M shares for services rendered to Anthony Grdina
Q4: 2.0M preferred shares to common shares (1:1) by Larry Regis
Dec 31, 2013 = 949M at end the year or about 4.6% dilution
COMMENTS REMOVED
CHG
PS: If anything is outrageous it was the ridiculous way MDMN handed out shares to Juan and family for properties that had no demonstrable present value. Having said that, in Dec 2013 the Ciclon 1/2 deal from 2012 was cancelled in Dec 2013 and the shares were returned to Medinah. As an interesting curiosity, as part of the Ciclon deal not only were 20M shares issued but 5% ownership in something called “the Turner property” was “returned” to Juan, but when the transaction was cancelled that 5% ownership did not come back to Medinah. Who knows …
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Filed Feb 12, 2014: http://www.otcmarkets.com/financialReportViewer?symbol=MDMN&id=116216 and
http://www.otcmarkets.com/financialReportViewer?symbol=MDMN&id=116215 -
“Thomson J. Barclay, Jim O’Callaghan, Donald R. Johnson, and Robert W. Harris”
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“Call to arms” was an over-exaggeration on my part - probably due to your comments following on the heels of L&G’s incessant barrage of posts over the week.
You and I both know all to well that shareholders have to stay vigilant and on top of management in pinky land, in particular MDMN. Many shareholders gave management too much benefit of the doubt while others went over the top on certain subjects.
I want to see what comes of the new management’s analysis of the books and records first before spending money on an audit. We may disagree on that notion, but I’d like to see what the new Auryn-based team is bringing to the table at this point. Hopefully the results of their analysis will be available before the shareholder’s meeting. I forget how long the Days took, but CDCH’s records probably weren’t too much better than MDMNs.
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With the new communication effort going on…I expect we will find out in due time if there will be a webcast of meeting.
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CHG. Always appreciate the time you spend going through the details. I’m not going to depress myself reviewing past financials, again, but the 2012 preferreds resulted in a couple hundred million shares ++. I believe Les collected around 80 million shares in one quarter alone. Also important to keep in mind that only a portion of the preferreds have been converted. This is why it’s so important to remain “vigilant” as HR stated.
After the books and records are reviewed, best case we get some shares returned to the Treasury (Les and JJ are essentially broke so I don’t expect much of a clawback) but worst case would be more dilution from the 2012 preferreds along with the new preferreds announced in the last quarter. Never underestimate the greed of criminals, especially those who have gotten away with same “crime” for the better part of two decades.
Happy to see the majority of folks around here have FINALLY recognized the BOD’s true colors vs. accusations of anger itches or personal grudges. However, while the BOD may be new the past actions of legacy members still need to be remedied.
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The information sessions are broadly outlined for all shareholders.
1 hour is devoted to Medinah’s presentation and double that time, 2 hours, devoted for AURYN to present.
I expect the major emphasis and information going forward is with AURYN’s plans for discovery, defining targets and exploitation. We will likely hear goals for AURYN’s short-term monetization expectations. Hopefully all those who can attend will do so, and ask questions deserving of answers.
Perhaps shareholders should realize by now that this speculative investment is moving forward in monetization mode and spend less time focusing on the past, and more focus on the future. Those insisting on flogging the dead horse of the past on this forum are not likely to get the PPS up to fair valuation any faster, although time, energy and effort is being spent by Medinah’s new BOD to correct the mess created in the past.
MASGLAS, a significant Medinah shareholder, will work in concert with Mr. Goodin to accomplish a comprehensive analysis of Medinah’s books and records to ensure the continued integrity of Medinah’s financial statements. During this process all of Medinah’s assets and liabilities will be scrutinized in detail.
MASGLAS has stated self funding monetization is it’s immediate goal for the Alto and the Alto is where the resources will be focused and expended in the immediate future. This includes immediate exploitation of the Caren and Fortuna claims. MASGLAS has 9 other properties to maintain and move toward monetization. Circular ownership of the three companies (MASGLAS, AURYN and Medinah) working together is the best solution to mutually further the goals of all. IMO
Italo Volante Gomez served “with responsibility for the expansion and development of environmental projects over most of Latin America” and is now with Medinah.
Raul Del Solar founded “One Family Office S.A., an international financial consulting firm specializing in equity, bond, and portfolio management, institutional consulting, and trust planning.” Medinah is NOW in good hands.
AURYN is confident it’s preliminary production estimates will be met. The PPS will respond to increasing production figures and this is where MASGLAS expects to get the most bang for the buck!
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From the 2014 public record {1}:
Dec 31, 2013 = 949M to start.
Q1: 1M shares issued in private placement, unnamed
Q1: 0.95M to Jeffry Chapin and 0.1M shares to Anthony Grdina
Q2: 7.5M shares issued in private placement, unnamed
Q2: 4M shares issued to Donald Johnson for $0.05 / sh
Q2: Larry Regis converted preferred shares to 3.5M common shares
Q3: Juan converted preferred shares to 350M common shares for the purchase of 49% of MMC
Q3: 24.6M shares were issued to GXK Ventures, Inc (LES PRICE) - probably via conversion of preferred shares from 2012
Q3: 2.5M shares issued to Donald Johnson for $0.02 / sh
Q3: 1M shares to Dennis Tenney for services rendered
Q3: 0.75M shares to Jeffry Chapin for office and registered agent services
Q4: 8.9M shares issued to directors etc. for services rendered.{2} Greg, Juan, and Kirkland returned shares
Dec 31, 2014 = 1350M shares, a 42.2% increase in 12 months.
So in 2014, those 7.35M preferred shares issued in 2012 (see above) continued to give in 2014. I made mistaken comments in my 2013 post above, which I edited this morning - see in bold. I think this is probably the “bonus” MG had in mind with his comments yesterday although the formal reason formally given was payment for past debt.
I will stop with this post. I am as tired as anyone of the harping on the past. And frankly TMP has become tiresome and tedious because of it. But these three years were the critical years in terms of share issuance and the Amarant events leading up to the Auryn present. So if someone feels compelled to comment on the past at least let it be on the basis of the actual data from the past not just stuff made up with the emotional damage of the present.
cheers,
CHG
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http://www.otcmarkets.com/financialReportViewer?symbol=MDMN&id=133537
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Tenney, Thomas, Letts, Juan, Greg, Kirkland.
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FYI - from Medinah’s Facebook Page:
A quick follow-up for those asking.
There will not be a MEDINAH shareholder meeting at the Orleans on Sunday. A full explanation as to why will be given at the meeting.
This informational meeting is being hosted by AURYN. There is no cost to MEDINAH.
The meeting will not be streamed live, however an effort will be made to make the meeting minutes and presentations available on our website sometime after the meeting.
We’re looking forward to a great meeting at a new venue with AURYN’s leadership and very much hope to see you there!
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Can I get an Amen?!
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Expecting accountability for potentially criminal malfeasance and corruption is not “harping on the past.” Rolling over and accepting it is self defeating, rewards the bad behavior, and ignores potential restoration of damages done. Speaking of tired–I am tired of folks saying that we should expect this kind of crap because this is a pink sheet stock. Pink sheet stuff means that we are taking a bigger risk on the financial success of the company. It does not mean that we should expect criminal behavior on the part of management.
Fact - the LDM was given away in a glad handed insider deal with prior knowledge of discoveries not shared with us.
Fact - we were told that ore was being stock piled out of the LDM. Where did it go?
Fact - the Ulander deal was done an individual with a known criminal record who had no resources to back the promises. Who makes deals like that? You wouldn’t sell your car to someone like that much less the ADL.
Fact - we were told that there were side contracts to the Auryn deal and nda’s prevented us from seeing them. This has now been shown to be a lie.
Fact - Les Price and others spread distracting rumors about BS like the Bogdan insanity, Claro share selling, Juan’s uncle, etc etc etc. How much of this was true and how much was designed to keep us hanging?
Fact - The day the Auryn deal was announced someone started selling and the selling hasn’t really stopped. The total volume of selling points to an inside element. Claro? Juan? Les? Auryn people? This selling has made no sense.
I could go on but will be accused of harping on the past. Ultimately, we have been cheated out of a significant chunk of our investment’s potential. Why do we have to stand for this?
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