I have always been of the opinion that once Letts came on board that our BOD was in check. Not that Letts would assure that us shareholders are taken care of, but that he would make sure that Auryn and the Letts family interest would be taken care of and being a shareholder by default our interest too were in better hands. Now I am of the opinion that the Letts family have finally completed what they sought out to and that is acquire the ADL asset. The issue now becomes without Letts on board it appears we once again have the fox in the hen house and that sure does concern me especially when in comes to issuing common stock, convertible preferred stock and exchanging debt for equity. Not sure why Goodin was placed on the BOD we should be reducing our board not increasing it. I would love to see that our the Board is only Greg ( or a shareholder elected individual maybe better) and a Auryn BOD member. I do not believe we need more than two. JMO
I have been waiting to hear the other side of the story on many issues over the years. The BOD has almost always declined the opportunity to clearly provide all of the information to clearly inform the shareholders through the web site in the form of “updates”. The ball has always been in their court and under their control. They have always known the questions that the shareholders have had but they (the BOD) have allowed those question to go unanswered while communicating so ambiguously in those updates that they generated many times more unanswered questions than they answered. This poor communication on the BOD’s part has developed into a conditional response that automatically cause me to read their update trying to figure out “why did they say it that way and what do they really mean”. It remains up to the BOD’s to correct this issue, not me. They are in control, not me, until they aren’t.
We need to get the ETRF bid (Doc’s group?) and the CSTI ASK to finish up this negotiation of a tenth of a cent and then maybe SP progress can begin
and again today at 11:01 EST
One last post from me regarding the BOD . . . just so everyone is clear on my personal position and approach.
I think a “shareholder coup” or a “throw the bums out” approach is the WRONG approach. Wrong in all senses of the word, i.e. it won’t accomplish what shareholders hope for, it is wrong in spirit, and in fact given the real details of where we are and how we got here (not completely known by everyone.)
If it wasn’t for Greg Chapin and Les Price, JJ would have folded up shop a long time ago and we would have nothing. Also if Greg didn’t open his checkbook, same thing. Needless to say there will be various levels of disagreement on that or people will point out that none of this was done without compensation, etc.
Can we all agree that everyone of us would have handled things differently? I assume that’s the case because we are all unique. But we also can agree that not everyone would have agreed with the particular way “we” would have handled things. Everyone is of their own mind. Current management and BOD did the best they could or knew how given the circumstances. And what’s done is done. Let’s move on.
Here is my approach. Generally speaking I see 3 constituencies.
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The current BOD, insiders, and management friendlies.
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AMC (210 million shares) and their friends and families and affiliates.
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The public shareholder base who get most of their information from theminingplay.com and aurynblog.com.
Those aren’t hard lines as some people consider themselves in more than one of these constituencies.
Right now we have Greg Chapin, and two other board members (Gary Goodin and Vittal Karra) who were selected by Greg Chapin and Les Price.
I think once this deal closes a better makeup of the board of directors would be one member selected by each constituency. That board needs to work to make sure all debts are settled appropriately under reasonable terms with the least cost possible to shareholder equity. That board should select a representative to sit on the board of AMC so that MDMN has representation with AMC given its 25% stake. Then the board needs to work toward the following:
i. Lean management structure
ii. Low cost operation
iii. Limited dilution
iv. Payment of dividends mandatory
Then we can really be an efficient, trusted holding company, that distributes profits accordingly . . . a company that everyone has confidence in and we can move forward with a win for all and leave the past in the past.
[quote=“Karl, post:370, topic:1133”]
Now I am of the opinion that the Letts family have finally completed what they sought out to and that is acquire the ADL asset.
[/quote] I believe this is true to the point that Letts guided the steps “by the book” that were necessary to acquire and monetize the claims in a contiguous block. Job is done. Now AURYN can set about developing the claims without interference. I don’t think AURYN cares about MDMN any further than that. I’m not sure that after JJ reneged on the sale of 350M shares that they were even interested in having a stake in MDMN after that. It wouldn’t surprise me if AURYN no longer has aspirations to acquire a major stake in MDMN. Plans can change dynamically as the conditions change. AURYN’s main interest is to exploit the early production hi-grade surface gold, create a revenue stream quickly to monetize and fund further exploration and formally prove up resources and reserves on the claims AURYN owns. An AURYN member on the MDMN BOD at this time would only be a hindrance and liability, thus Letts is no longer there. IMO
Perhaps CHG said it best:
The BOD does need restructuring and downsizing at this juncture as many have already commented.
Wise Counsel
Once again, a good point. The best way to resolve differences of opinion is to talk about them. I hereby nominate Bald Eagle to make the case for shareholders and against management at the AGM. Will he stand behind his words? Don’t get your hopes up.
I missed one important BOD issue and that is one of our BOD members, non-AURYN-Letts affiliated needs to sit on the Auryn BOD.
Covered in the proposed list I made. Also, I believe that will be welcomed by AMC.
Sorry if this has been previously discussed, but how do you send a private message to another member on this board?
The irony in this is rich. I suppose sticking your head in the sand is more astute in your mind. As well as having Baldy run circles around you on most, check that, on all of these topics. And no, I don’t know anyone here nor have I brought anyone to this investment. I struggled to inspire any confidence when asked about management.
Thanks goodness for the mountain and for Auryn’s tenacity. I still think we’ll succeed despite the ineptitude of your “leaders”.
Bubba. Because you a “bit slow on the draw” I’ll try to help you out a bit. The reason why nobody pays attention to your “other side of the story” is because there is never anything to it (per DonD’s comments). Simply stating that a neutral arbitrator would view the Medinah Gold situation differently lacks any substance. Especially for those who know exactly what transpired. There is no other side of the story as it was a zero sum end result (Medinah Gold holders got zero and insiders now control all of AMNP). Just because you and BigBaboon like to think that our BOD should be given the benefit of the doubt (despite looking foolish for doing so over and over again) doesn’t mean that you are offering an alternative to those offering criticism. It’s empty content because you lack an argument.
Either way, thanks for the nomination. I’m honored.
Again, you are too DENSE to understand.
SAYING the other side of the story lacks substance versus actually hearing it from the other side (or at least from somebody who does not have an axe to grind) is really quite different. I think every person on this board understands quite thoroughly YOU will not be offering us a vigorous defense of management’s past actions. You really do not understand the value of this exercise, do you? Do you have any post-secondary education? Did you even graduate from high school? GED?
Again, I nominate YOU to present your one-sided story at the AGM. Do you have the guts? I am very confident you do not.
Your point is well made. One has to put themselves in the other’s shoes in order to see one’s own blind spots. Unfortunately that’s tough to do in this case because the information isn’t available to do so. Again, that’s part of the problem of operating like you’re private when you’re not.
Check out MUX
As L&G pointed out it’s not just MUX, the GDXJ is showing some life. Some non-producing names that have good formal reserve backed assets and have been trading below NPV of those assets are seeing a sudden in flow of money: AAU, MUX, etc. BRIZF was up 15% yesterday and was up another 15% today for a while with a little profit taking this afternoon.
Looks like another step in money flowing back into the gold equity space and now even the quality non-producing junior space.
If Auryn can pull off their 2016 production plans and generate some formal resource/reserve reports they may end up having pretty good timing in relation to the recovery from this historically low gold-share down market we have been in. It’s still too early for that to show up in the MDMN SP, but its a good positive sign.
Still a long way to go:
10 year:
See the surge of the last few days on the 6 mos scale:
All this crap is BS and just designed to undermine other peoples opinions and posts. Everyone is free on this forum to state their opinions freely here without the bashing that goes on all the time This of course is my honest opinion.