Interesting…Letts letter of resignation was dated March 23rd. He is no longer listed on the Medinah website…
Perhaps it is to remove any final conflict of interest in this new deal? He may well be a lot busier looking over AMC’s consolidated venture and MDMN won’t need him any more with a resolution here. I think it means we are close to hearing something definitive.
Just one possibility.
Probably indicative that the the deal has been completed and as rumored, no cash being paid to MDMN.
How would this relate to a cash component?
If Auryn was going to be handing over tens of millions if not a hundred million dollars, most certainly Mr. Letts would be staying on the BOD to make sure those funds were safeguarded and handled in an approrpriate manner. We know they own at least 200 million shares of Medinah.
I don’t see how Mr. Lett resigning from the board can be spun into a good thing. I hope someone can tell me differently.
The Letts’s have not been involved I think for over a year now. I believe they left Auryn when Juan reneged on his share deal with them.(when Auryn pulled down the list of Management from their website.) It is one of the reasons why last Summer/Fall was so quite from Auryn as they reorganized. I assume Auryn will have a new BOD member placed into Medinah that better reflects the current composition of Auryn but that it is only a guess. FYI…I expect big news out of Auryn Monday. (I should note that I think the Letts still have their shares.)
I sure would like to hear what Mr. Letts has to say about the posture, in general, of this project and his opinion of the various principals involved. I gather there’s much enmity between his family and the Quijanos, but there has to be other things going on and I think we could all gain from his perspective. People do business with others they “hate” all the time - it just happens or turns out that way. Most professionals can overcome this by keeping their heads down and focusing on the task at hand, as they know litigation is always expensive and usually pointless in the end. In this case, there was something that poisoned Mr. Letts from simply moving on, even after JJ became uninvolved - it would be nice to know. So, Mr. Letts, any time you’d like to school us, feel free.
How ironic they release this on April 1st when much better news was not released because of the date. Many of us have been played for a fool for a long time. Some of us have become far wiser because of it. Others continue to think due diligence consists in talking to the fox in front of the hen house.
“The game is afoot.”
I’m very much looking forward to the new Medinah once everything comes to light and things move forward.
We are in far better shape than some people realize and we were in far worse shape than some people were told. That has always been a problem for MDMN.
It doesn’t need to be spun. A couple of us have been saying in various ways that MDMN is not a junior mining or exploration company.
MDMN has no employees, no expertise in mining, and no money. It has 1.4B shares, a checkered past, 100% ownership in 3,000 hectares of land outside of Santiago, Chile, some shares in CDCH, and 15% of the shares of NUOCO (who owns 5% of AMC.)
Thankfully for those of us who own shares in MDMN, the real estate is on the Altos de Lipangue and has real value to someone who knows how to actually be a junior minor. AMC is about to go into production right next door to MDMN and will return significant profits. They have demonstrated that MDMN’s Merlin claims have value. In addition, MDMN’s land is likely part of a large economical porphyry system. It’s going to take lots of money and know how to monetize this. Medinah doesn’t have any of that.
For those of you who missed it, this post said it all.
It’s now time to consolidate our property with our neighbors in exchange for a share of the profits from the entire operation. It’s time to stop playing around and put this incredible project into the hands of someone who will explore, develop, produce, and return profits! It’s time to mine the mountain and not shareholders.
Yes. Not surprised that Letts bailed as there’s simply no need for his services once AMC “officially” controls the entire mountain through the restructured deal which should come early next week.
HOWEVER, we the collective shareholder base, with a CONTROLING interest do have a little more meat left on the bone before we can kick back and let AMC determine our fate. We still are dealing with a group of self-dealing scumbags (yup I’ll use the word) who call themselves our BOD along with snakes like Les, the ultimate “non insider’s” insider, along with the remants of the original source of most our problems: JJ “the Mule” Q.
Please do not assume that these “gentlemen” won’t make some last attempt to enrich themselves on their way out. Let me reemphasize, they are on their way out. No more 2M shares a year for cutting and pasting. The decks need to be cleared as soon as this deal is done. A new BOD needs to be assigned with a bare bones annual expense budget.
We need to be vigilant on where the $2M+ supposedly owed to insiders came from and, if it’s actually legit, how many shares are issued for the same. An audit of shares allocated to insiders in the past should be considered (see: common shareholders having voting control now). Are there still preferreds from 2012 (the ultimate share robbery) that are going to be exercised? Does the 1.5B cap get lifted so these jokers can issue themselves 100’s of million of shates? What are our options for recourse?
This isn’t about how wrong the MDMN “apologists” have been allllll these years (very fwiw) it’s about tightening up our share count to the best of our ability while getting rid of the cancer that has driven a WCD into a sub 2 cent stock. CDCH was our first trial balloon and, from what we’ve seen, it went pretty well.
Once the dust has settled we will have a normalized capital structure, a BOD that doesn’t make you embarrassed, and a stock price tied to the efforts of a team that actually understands how to monetize the mountain. I
I still anticipate a TO by the end of the year BUT we should create a company/structure that has stability and endurability nonetheless.
You forgot 90M shares of non-trading Alluvia and 20M shares (15%) of AMNP. Just keeping it tidy …
[quote=“Baldy, post:223, topic:1111, full:true”]
We need to be vigilant on where the $2M+ supposedly owed to insiders came from and, if it’s actually legit, how many shares are issued for the same. …[/quote]
I’lll make an initial proposal that we pay $930K of any $2M debt (I’m just copying that from your post) with 90M shares of non-trading Alluvia. The latest MDMN balance sheet claims the shares are worth that much so should be good to go …
Oh, and the 20M shares of AMNP should be good for another $120K.
Again…you seem to be stuck in the past.
The current composition of the BOD is NOT the same one that pulled a few things at our expense.
A BOD consisting of Juan, Greg, & Larry influenced by Les due to his close ties with Juan is drastically different than the current BOD of Greg, Vittal, and Gary.
I’m not all concerned about the BOD making the right decisions going forward.
Mike, at some point it’s not only a matter of making the right decisions. It’s a matter of making a clean break with the past and moving forward under new leadership who have a positive relationship with the shareholders.
We’re not yet at that point. Let’s close this deal first.
Sure but in the meantime, shareholders should not be worried that the BOD is going to issue themselves a big preferred share bonus or do something stupid.
Well Mike. Given that you weren’t concerned about the previous BOD making the right decisions during your past two decades here I think you may have some credibility issues on the abilities of the new BOD. These are all the same muppets and puppets of JJ’s properties anyways. I assume you understand the AMNP/Medinah Gold larceny? I always find it odd when people jump to the defence of those who have stolen from them. Either way, any consideration for the existing BOD to stay in place would need to be voted by shareholders and, in case you haven’t been paying attention, they ain’t going to be getting much support outside of maybe you, Kleen, and the Dr.
At least Kleen was smart enough to join the insiders game for outsized profit (the fact that he led the AGM in prayer is classic Medinah and should definitely make it into one of Doc’s “papers”)
I’m not living in the past. The trash from the past still smells until you throw out.
John since Lett is no longer on the BOD does that release the BOD from the 1.5 billion share cap? Also since the shareholders are now in the majority how can we actively protect ourselves from our BOD increasing shares and have a audit on past share issuance? I won’t even get into the LDM #1 deal or CDCH deals. I
This is EXACTLY the attitude that got us to 1.4 Billion shares.
?? You are just repeating yourself.
Juan is no longer part of Medinah. Get over it.