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.
Who gave this azz the power to control the company, wow!!
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 thatâs 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.
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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 wouldnât be holding their seats), feels that they can determine what is and isnât 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 couldnât get more twisted.
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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 Medinahâs 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 Cerroâs 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 CDCHâs future plans regarding itâs equity interest in AURYN and AURYNâs 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 âchillâ 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. Iâd like to see some definite changes in favor of existing shareholders. If you agree, then let PD and the attorney know what youâd like to see.
ooopps! my mistake.
Gentlemen:
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 Cerroâs 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
Iâm 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
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If there is no more dilution and reverse split,i will buy some more.
KMT for CEO CDCH. make it happen! we need someone who would protect us!! not themselves.
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Any word on this update?
Nope. But I really didnât expect them to meet their own proposed timeline either unfortunately. I suggest a healthy dose of patience. You donât become the next Berkshire Hathaway overnight, you know.
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Patrick apparently has the final draft of the letter for posting, so hopefully weâll see it in short order.
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The latest is Patrick is having difficulty getting the update posted on the website. With the webmaster being long gone, he is apparently struggling to upload it. Donât shoot the messenger.
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Thanks Tex for keeping us informed.
tell Patrick to call Kevin. And hand over the car keys while heâs at it.
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I donât disagree with you, but my updates havenât come from Patrick. And Iâm only providing updates on timing because we are expecting an update. I definitely wonât become a parrot of ânext weeksâ for anyone.
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Amazing! Patrick and Michael know that most of us shareholders are not on board with their plans and are skeptical at best and the first time they come out with a timeline for providing official information they fail to meet it.
Strike One!
I just sent CDCH the phone number of the old CDCH webmaster⌠Maybe he can help them get into post update. I have not talked to him for years
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When I first read that delay excuse, my first thought was âthatâs something like Les would sayâ.
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