I would discount this rumor.
One doesn’t tend to buy what they previously received for free.
IMHO.
1 Like
Some taking profits betting on a retrace. IMHO Also some nonbelievers taking the double from the 1’s.
Of course Les was insisting Claro was done selling about two months ago and Auryn was to be buying in the open market to take control to the sum of hundreds of millions of shares “any day now” for the last year and a half
On the topic of buying and selling shares Les’ information is as accurate as his ‘next week’ IMO, i.e. to be heavily discounted
If the buyer is Auryn this move should have legs. If not, the stock risks retracing these “gains” as soon as the block disappears.
I understand the concept of showing a large order to generate interest but showing a bid representing 10-20x the average daily volume is suspicious to me. A bit lazy and almost makes think that this buyer is more interested in time over price. This would be a different tactic than what we saw last August when they bought ~150M shares.
I realize that Bogdan is a very unlikely possibility but a forced buyback for him or, alternatively, a forced buyback for Claro’s shares that were “supposedly” sold without his permission would make a lot more sense. If the custodian holding Claro’s shares sold without his permission they could be forced to come into the market showing 60M shares “out loud” until they get filled.
If we really want to wade into the conspiracy waters, we could speculate that broker who supposedly sold Claro’s shares and has now been forced to buy them back, would be incentivized to call up his buddies at another shop to cross the orders and basically shift the shares from one entity to the next…this would explain a lot of the selling and would protect the broker facing the forced buy-in with significant losses (if they had to pay higher prices). Their average is probably closer to 3-4 cent so covering here would not hurt them.
2 Likes
Well they have had 62 million chances to sell and take a profit, I can’t believe that 62 million shares have been dumped and we are still at .02. Once the 23 million has been covered where do we go and how much would it take to move this SP because 62 million didn’t do it.
depends on how many of those tens of millions were Claro shares that would now be eliminated as an overhang, if true
1 Like
It looks like the buyer may be taking an early lunch. Lol!
WTIC now at $26.30
Gold just hit $1252
2 Likes
I filled up my gas tank this morning at Costco 2.29 a gallon. Cost me $41 to get 18 gallons. Who would have ever thought
1 Like
Our gas at Costco is $1.54 for Regular.
2 Likes
[quote=“UsualSuspect, post:247, topic:880”]
Maybe all this buying is Bogdon, finally covering 
[/quote]Actually, it could well be - all appeals were exhausted, supposedly 90M shares, but who is selling? Don’t tell me all these shares are going back to JJ! 
$1.49 in Phoenix. Would love to trade 2 shares of Medinah for a gallon of gas. 
2 Likes
too much volume showing at the BID and hitting the ASK above our BIG BID BUDDY. He’s going to have to raise. Will it be today yet? Tomorrow morning?
1 Like
That is what I posted when this all started, which the exception of who the seller was.
Let me unpack my thoughts a bit more . . . ALL SPECULATION BASED ON RUMOR. I have no idea what here is accurate or not. But at least this seems reasonable to me.
-
We were up to $0.025 a couple of weeks ago on 1/10 the volume we’ve had recently.
-
Per LP, JJ reneged on his share agreement with AMC. It’s not happening.
-
Supposedly, JJ’s shares will be held in trust with LP under control.
-
That means Claro’s only way to sell whatever remains of his shares is in the market.
-
It also means if JJ needs any walking around money he’s going to have to sell some.
-
Claro didn’t work for his shares, didn’t pay for them, doesn’t care about MDMN or mining and has been hearing how rich he’s going to be from papa because of this property since he was a little boy.
I don’t think JJ would sell much because he thinks the property is worth billions, thus he rejected and did not honor his initial sell agreement with AMC for most of the 350 million share block. But we’ve all heard he’s land rich and cash poor. This is the chance to get some cash, perhaps? If Claro has shares left, it’s far more likely that now that he knows there’s no chance of getting what he was going to from AMC, he’s just dumping and moving on.
So that to me is a rational argument for the major seller. As for who the buyer we can speculate. Is it Masglas? Is it the mysterious London group? People around AMC? I have no idea.
2 Likes
My confidence is quite high that the seller is Claro, and my guess is he’s got maybe 20 - 25 M shares left to dump. If someone wants to keep track of that I’d be interested in seeing how accurate it is, but I can’t do it myself due to my attention being on the futures for the majority of the trading day.
2 Likes