This is a relatively simple process - assets are marshalled, creditors are required to file claims (which can be contested if need be), and then a distribution of the remaining assets is made. This process is helpful and PROTECTS us.
We already know who the creditors are and how much they are due (or a good estimate) - should not be many surprises.
IMHO, this is simply intended as a court-supervised process for distributing our shares after payment of debts.
And Wizard should be compensated for his time administering it - and thanked too.
When I said that there may be debt we donāt know about, I wasnāt including Kevin in the 'weā. I mean no disrespect to Kevin. He has been more an insider than any common investor. Besides, I wouldnāt be surprised if Kevin isnt a creditor given all he did for the company.
If you own MDMN shares and are waiting for a potential distribution, you do NOT need to file a Proof of Claim. Any shareholder distribution is handled separately and is subject to Court approval.
Itās the best news in a long time just to know that the end is near- good or bad. I know there has previously been a list of debtors posted here - Iām sure there are probably more. Can someone repost what the estimates are. I seem to recall it not being that much, way less than 1M. And, would MC have any claim here, his debt is with AUMC, right? Thanks Kevin for taking the bull by the horns.
Bubbles. Before you get on your soapbox praising the charity of others,remember that the wizard received 1 million shares *** for his last efforts. Those were shares that were rewarded post the massive delusion. With the exception of Mauricio he will be one of the only people who stands to actually make money here. In a receivership the receiver is the first in line to be compensated. The wizard is the receiver for whatever reason. After the receiver the creditors that have valid claims are paid. After those liabilities are covered the balance would go to the equity holders. there is zero risk of the wizard not being compensated for his efforts
(Mod note: *** this figure has been debunked and countered in a later post)
And wizard will be incentivized to be as efficient as possible in his capacity as receiver to keep those shares worthwhile! Much better with his company knowledge and general smarts than being assigned some random fiduciary.
A point of clarification because I do, at least attempt, to be accurate with what I post on this board:
After the cash call from Auryn Mining Chile SpA and then the reverse and conversion to AUMC, the BOD (in its entirety) received 600,000 restricted shares. With the Wizardās allocation of that being 40% - 240K shares (not one million shares).
Medinah has or will have debts (I assume those debts will be paid in AURYN shares, but could be MDMN shares [in which case what is the ratio for payment ? $1 in debt = 1,250 MDMN shares @$0.0008 but that $ amount is arbitrary]
MDMN did āownā 13,780,526 shares of AURYN (I believe, as of June 30, 2023 [correct me if Iām wrong] )
So 13.78M / 2.822B = 0.00478 = 1 AURYN share for every 209 MDMN shares.
IMO, I think the ration will be lower ā¦ 1:200 or below that, say 1:190
You are correct, Rod has the wrong number.
And Rod, why would they pay off debt with worthless MDMN stock that cant even be sold? They would either sell the AUMC shares or wait for a small cash dividend to be issued from AUMC. I guess that would depend on what the legally required date that is assigned to pay off the debts, if there is one.
200:1 should be worst case scenario in my opinion for the conversion. Hoping for 180 or better.
No, I meant that it doesnāt matter if MDMN is selling at .01 or at .0001 at the time of conversion, your amount of AUMC shares received will be the same.
Are you SURE Wizard received one million shares of MDMN for his work? Feel free to cite a reference in the form of a news release. I havenāt seen that. You have an affinity for the truth, right?
And if he did get one million shares of MDMN, itās a mere pittance for all the work he put himself out there to do for us.
Since you have such a solid relationship with MC, you have me wondering why he didnāt choose YOU to work through the Les Price drama. Youāre so smart, right?
Honestly, I donāt trust a single word that comes out your mouth.
IMHO, the only reason youāre here is to harass BB. Get over it. Youāre supposed to be a big boy - and big boys take responsibility for their own decisions, investment and otherwise.
Bubbles. Having a bad Xmas? No need to be an angry elf just b/c your beloved investment needs to go thru a receivership before you know what value your shares hold. All occurring in a massive, once in a generation bull market in PMās!! Silver is up 8% just today. Has AUMC even traded today?
While I appreciate it may be hard for you to recall things from a day ago, you will see that I did indeed change my post on what the Wizard received as comp. As per me ājoining the causeā a mere decade ago to salvage this investment that is now trading for fractions of a penny, halted and headed to receivership, you clearly have consumed too much eggnog.
You should probably resign yourself to the fact that nobody that has a brain even reads your posts - we all know it will be laced with your hate for BB anyway (the guy that has been a selfless contributor to this community ā¦ā¦ for YEARS).
Before we go onā¦ Our investment has become at the leastā¦ very interesting.
Iāve received a few complaints about how conduct on the board has run rampant. While we all appreciate the input from all anglesā¦ letās try to be a little more focused on what is now happening.
Grades that have been expected, progress on the mountain, time frames and the news about our receivershipā¦
We donāt need attacks on individuals.
While Iām not a historianā¦ letās give those who are a little latitudeā¦.
I truly hope everyone had a Wonderful Christmas and Hope and pray for a Great New Yearā¦.
No, Iām here because I am an INVESTOR. People who are not investors, or who are shorts, could have opinions that make no sense or are even hostile. One thing is for sure, their existence is not constructive for this board. Sure, if I saw MC posturing himself to rug us all, Iād be 100% on board. But, there are ZERO indications of that. In fact, itās the OPPOSITE. And, I think talk of grade expectations and potential production is fair. People can disagree with that, and I have no problem. But suggesting any level of scienter by MC (and Wizard) is actually slanderous and will not stand.
