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Thanks for the painful reminder that this exercise in starting AUMC came with a whole other set of problems that are still plaguing us from 10 years ago. Just shows the damaging irresponsibly of many parties involved in the decision making.
Please give me your opinion since noone seems to want to answer, why hasnāt anyone sued Greg Chapin for more damages? I seem to recall he stood in Vegas back in 2012 either completely clueless or complicit (both inexcusable as an officer) in the defunct share structure. A shareholder tally was even conducted at that AGM. Baldy was the only one calling out shortly afterwards that something was very wrong with the supply side of the trading. He called for the shareholder base to force a share audit, but of course nobody listened. You and others chalked it up to endless NSS. Instead Chapin and the other clowns stood by as LP continued fraudulently blowing up the share structure along with the corrupt Transfer Agent. Then he has the audacity to show up the AUMC meeting in 2016 to mingle and shake hands. Im surprised he wasnāt run out of the place. Isnāt Gary Goodin a smart lawyer that sat by as well as the fraud was taking place? Wouldnāt you think he should have known? Iām sure he has a boatload of money. Why doesnāt he and Chapin pony up the $250k fee for the stock transfer. Hereās another thought, why not at least pay the small fee to get MDMN off the grays while this plays out to give the long suffering MDMN shareholders some much needed liquidity and opportunity to add to their positions/cost average down. Also, why hasnāt the TA been pursued legally? Btw, did we ever recover damages from LP and his estate? We havenāt ever been formally updated on any of these matters, yet we are supposed to keep taking our MDMN medicine including a gray market decision. Can you sayā¦thank you sir may I have another. 
Am I asking too many questions? Is this going to hurt our chances of getting the conversion/share dividend because we are just suppose to take our medicine and stop asking questions? MC ran away with the assets and left that huge MDMN share structure mess in the wind to deal with 13 plus years later.
Thanks again for reminding us that MC did what was expeditiously convenient at the time to pull the assets out of the disgraced vehicle known as MDMN with little regard as to what it would mean to MDMN shareholders in the many years (decades to come).
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You keep saying (in your other posts) youāre grateful for what MC did for us, but the truth is you are NOT. The man literally rescued us - and thatās not to mention the efforts of Wizard. Take it from me, a retired lawyer: They could have done a LOT more to us than what actually happened and most likely would have walked. If MC decides to abscond with our shares (IMHO he will not), then that will be a different story. In the meantime, on the doorstep of PRODUCTION, describing you as āungratefulā is more than charitable.
How come YOU didnāt file suit in federal court back in the day? YOU could have done so for court costs of about 1,000.00 - and a lawyer you could have paid on a contingency basis.
You did not.
But, I do see youāre not reluctant to volunteer other peopleās time and money. Thereās a word for that.
does it matter whatās it trading, if we donāt get the shares owed us? Or did everyone get their shares and they missed me? Havenāt looked at this in a couple years. Hope you all bought gold and silver years ago!
Actually, youāre right, it doesnāt matter what the share price of MDMN is. The conversion ratio is what really matters and then the price of AUMC from there. Youāll get the same amount of AUMC shares regardless of the MDMN price at that time.
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This is an interesting perspective. Always two sides of a coin. He took 95% of all of the assets. His holdings/claims/tenemants were irrelevant and likely cost less than $50k to consolidate. So, yes, the remaining 5% left over is preserved and its hard to argue that this equity wouldnāt have been wiped out without his involvement. MDMN would have been wiped out. No doubt but Iām not sure how $0.0008 is much different from being wiped not. Nor is a non-tradeable security. However, one could argue that MDMNās stub holding in AUMC is additional value, in addition to the 5% that was preserved.
Only in Medinahland would a 95% dilution (with zero upfront money) be considered a charitable act (see Geolyās comments re: shill). Anyone who complains or questions the actions of Maurzio has an ulterior motive but Iāve figured out the disconnect. The blind optimists praise Maurizio b/c they are in love with the story. BB has never been involved to make money. Heās been, literally, writing the story for the better part of a decade. The ulterior motive of the ānegative Nancyāsā is to simply realize a return on their investments. The BB or Bubbaās will never admit to this dynamic but its clearly the source of friction: the story trumps the ROI.
I would argue that holding onto 5% of my original investment after already suffering from massive, previous dilution MAY NOT be a better option than been wiped out. Holding onto and (God forbid) even adding to a stock that has gone sideways to down over the past eight years (the āMaurizio eraā) could arguably be considered a worse outcome vs. just taking a loss and moving on and allocating time and money to almost any other precious metal co in a generational bull market.
Two sides of a coin and not relevant to the next 8 years. The primary issue would be that AUMC is not trading as some microcap with massive upside potential (IMO). A $100M market cap for a pre-production Junior with no resource is VERY rich (in my and AIās opinion). I appreciate that a 10-20x from here is a prerequisite for most to breakeven (and closer to a 100x to breakeven in MDMN). Unfortunately, anyone with a precursory knowledge of the sector and the relevant valuation would tell you that a 5x from here is going to be an exceptionally tall task. If you question this analysis I would strongly encourage you to dig in, do the proper due diligence and/or, even better, find an informed individual (unburdened from the MDMN saga) to give you their opinion.
Happy Holidays!!
Jimmyp- It was kevin the wizard who stepped up and guided mdmn out of simply dissolving when Price and Chapin and JJ left, I donāt know the details of how that all worked out, but we all benefited by retaining our shares for how ever much was salvaged after he got us legitimate again. Yes it would be nice to get the conversion to AUMC done and finally resolve that whole era.
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Hi, everyone. Just a quick update: Medinah (MDMN) has been placed into court-appointed receivership. The court appointed Pub Sec AI LLC as the Receiver ā Iām the sole member of Pub Sec AI LLC.
This creates a structured, court-supervised process to secure Medinahās assets and establish a court-approved claims process. I canāt answer questions or discuss the case here or privately with individuals. I set up medinahreceiver.com to share official updates and select filings. Please donāt post personal information here.
This will be my last post here until the receivership is completed. Merry Christmas, Happy Holidays, and Happy New Year to those who celebrate.
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Would like to know what the meaning of all this is about?
something that caught my eye on that website states No Distribution is guaranteed. Would Like for someone to share more light on what this is about. TIA
We can throw out the BB theory on Aumc trading at a higher price for a conversion to happen. I sure donāt see this as any good news for us MDMN shareholders. And if it does happen it can take years.
That is standard legalize. This is an indication that the neccessary steps are being taken to move forward towards freeing up our MDMN shares. Iāve been in this for over twenty years letās not piss on a glimmer of light. LOL
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Looks like we are finally moving in the right direction.
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Yup. The receivership is going to clean up many of the outstanding obligations/liabilities. Usually in favor of the creditors. It typically wipes out the equity but Iām sure Wiz took this step to facilitate a cleaner distribution of AUMC shares. Not an easy task trying to manage all of those shares outstanding, double counting, and a very large number of shareholders no longer living but its a start. Yes, we can rule out that delisting the shares was part of some grand plan. LOL. Put that in the same bin as 100ās of other attempts to gloss seeingly obvious, negative developements BUT I highly doubt Wiz is making a post on this board re: a receivership that is going to have negative repercussions for the long suffering holders of MDMN while wishing everyone happy holidays!!
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I would be stunned if after creditors come out of the wood work, there is anything left for common shareholders. No one should see this as a positive for long time Medinah investors, and it is a necessary process to finally put an end to it. Even the final process will cost legal fees that will also take priority. The only silver lining is that after decades of naively believing mdmn will come through, that part of our brains can get some closure.
There are almost 3 billion shares out there with a mountain of debt, pun intended. We likely donāt even know all the debt.
Sorry to be a downer, but short of maybe peeing on LPās grave, there will never be satisfaction for us.
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BE, you mentioned in previous post conversion rate of 100-1 when the original conversion rate was around 65-1 Wondering why you stated 100-1 now? Does new debt have something to do with it?
It is just my opinion, but I doubt it. Kevin was CEO and involved in the cleanup of the Les Price mess. He should be well aware of the company debts. I donāt think he would step up to be receiver if there was not going to be anything left for shareholders.
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They better hope this is not the case. If so, some shoul be looking over their shoulder
Thanks Kevin for the much needed update and your efforts. Iām assuming any baseless creditor claims will be squashed and thrown into the fraud category. If you can get us 200 to 1 or better, God bless you!
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Question is there a deadline for all the creditors to come forward?
By the bar date, yet to be set until the claims notice process finishes
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