Don’t know. I assume we will hear from Auryn soon after the drilling has actually commenced. Medinah will likely have their own news to share in addition to whatever Auryn comes out with.
I’m still easymillion, same as I’ve been on other 3-4 blogs, although had I given it a little more thought, I would have made it easymillion$
there has been no talk of a sub-.10 buyout.
[quote=“wrapitup, post:44, topic:286”]
I don’t post on the free forums or Ihub site.
[/quote]1st time blogger, eh? My thinking is Letts would definitely do everything possible to avoid a conflict of interest in any negotiating of a TO or intention to buy shares on the open market after it was publicly announced.
Your opinion is noted, but does not align with the professionalism shown by the Letts family and the family’s reputation, IMO. Why not wait for news to come out of the NY meeting?
A buyout wouldn’t include the 15% wouldn’t it ?
It’s hard to keep up with all of the speculation over the last months, but people have talked about buyouts anywhere from .07 to .20+. Years ago it was in the dollars, now it is common to hear that people are happy with cents. No one knows jack, so what is there to argue about? We wait, and take what we are given.
I will go back to just reading the board and waiting for whatever announcement comes from whomever. Again, good luck to us all, and here’s wishing for north of cents.
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Here come the .01’s congrats to those who have held on
Makes me sick to my stomach!!
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something shady is definitely going on
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The share price really sucks. Something is happening. I think its called manipulation. In my opinion I think something big will happen shortly. Please don’t ask me what.
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This property is really better and more valuable then what the share price is telling us.
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Lot of trash talking for a green day.
No reason to get your panties all in bunch. Take a pill people…
Mike Mike, please, don’t be fooled by the ending green color. The entire day, the majority of the shares were traded while we were in red at around $0.02.
There is nothing about green today.
Believe me I want this to fly as much as anybody else.
Just my $0.02 
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Yep…that it is exactly that kind of pessimistic mindset that I’m talking about. Today was green and deserved to be.
All the sure signs of capitulation are here while at the same time it is well known that great things are afoot with Medinah. Smart investors are buying…
Last week I doubled my position Mike. I hope you are right!
No hope involved. For starters…we know for a fact that Auryn has commenced or is about to commence the second round of drilling…that is reason enough in itself to double down. Good one…
Hi wrap,
I understand your frustration but I beg to differ on a few points. I think that it is incredibly beneficial to Medinah to have Sr. Letts on the Medinah BOD. Before joining the BOD he had the resources to check under every single rock to detect any corporate legacy issues that might expose him to liability in the future. If a tender offer is in the works then he will have doubled down on that bet. After his legal team did the due diligence he then opted to join Medinah’s BOD. He has a lot more to lose from a reputation point of view in South American society than any of us do in North American society.
From a legal liability point of view, joining the BOD of a publicly traded corporation is a little more involved/risky than we might appreciate. The repercussions for misbehavior by a BOD member are much more significant than for a non-BOD member business partner. The ability for shareholders to recoup damages from a misbehaving BOD member are much better than from a mere business partner with no fiduciary duties owing. Some of the atypical terms of this ADL option purchase agreement clearly suggest that Medinah and AMC are already joined at the hip.
Because of his joining the BOD, Sr. Letts willingly accepted the fiduciary duties of care, candor, fair dealing, UNDIVIDED LOYALTY, etc. owing to us lowly Medinah shareholders. A fiduciary duty is a legal duty to act SOLELY in another party’s interests. A fiduciary duty is the highest standard of care at either equity or law.
We shareholders gained a very powerful advocate as well as some free due diligence on Medinah’s corporate affairs. You just don’t join the BOD of a company whose shareholders you are trying to screw especially if there is no D and O insurance present. Nor do you buy somewhere around 40% of the shares Medinah has issued and outstanding unless you’ve checked out the corporate affairs and assets very thoroughtly and have already decided to go the distance. Proper risk mitigation principles just don’t allow these activities.
Any BOD member’s duties of care are owed firstly to THE CORPORATION itself and not directly to the owners/shareholders of the corporation. Relevant case law upholds that it is the LONG TERM SUCCESS of the corporation itself and not the share price at any given time that should be the focus of the BOD’s efforts. Moves by management seeking the LONG TERM SUCCESS of the corporation are often going to be at odds to the desires of frustrated shareholders seeking a quick pop in the share price in order to gain an exit point.
We’re all frustrated but management and the BOD still have to do things by the book and “the book” is dictated by case law as well as the “BUSINESS JUDGMENT RULE”. In a situation like Medinah finds itself in wherein a BOD member is also an affiliate of a group that owns about 40% of Medinah’s shares, another shareholder protection legal standard is triggered. This is called the “ENTIRE FAIRNESS STANDARD”. Once triggered, the BOD assumes the burden to demonstrate that a proposed transaction is FAIR to the shareholders by demonstrating that FAIR DEALING as to the process taken and FAIR PRICE as to the amounts involved are achieved.
If you haven’t noticed over the last 18 years, most press releases revealing good news cause a slight pop in the PPS followed by a systematic “walk down” of the PPS to earlier levels. This is how these markets work especially if the prior acts of certain “market professionals” have given these people a huge financial incentive to block upwards progress in the share price. They know that all waves of buying induced by the release of positive news must eventually come to an end and they know how incredibly easy it is to simply “walk down” the share price when the wave of buying ceases. It is very predictable what would happen if management were to risk ticking off AMC by breaking certain restrictive covenants involving putting out sporadic blurbs in vain just to support the share price. The risk wouldn’t be worth the reward from a CORPORATE SUCCESS point of view because the risk is real and any reward would be very short-lived at best. Management would be negligent in not recognizing this pattern over the last 18 years. Clearly a different approach is needed in this case.
The securities laws treat “contractually mandated” stock purchases (if these are indeed the case) different than regular stock purchases when it comes to “insider trading” issues. An analogue might be a 10b 5-1 plan. “Conflicts of interest” are everywhere in business relationships. It’s how the party in conflict deals with them that is critical. This is where things like “fairness opinions” are brought into play as well as the recusal of certain BOD members to vote on certain issues especially if they are on both sides of an important transaction. We shareholders have a lot of protections built into the system.
Another issue that management and the BOD need to be cognizant of has to do with ECONOMIC ADVANTAGE and its role in whether or not to disseminate what might be “material nonpublic information”. You’ll notice that AMC/Medinah recently tied down another 4,000 hectares at an undisclosed cost. They also recently identified 5 new parallel vein systems called the Merlin veins. Since “magnetite” (an iron oxide that is the most magnetic mineral on earth) is associated with our ore I would assume that the results of the high intensity aeromagnetic survey and the recently completed geomapping/geosampling program of 15% of our property complex had a lot to do with both these discoveries and the acquisition of the hectarage in certain strategic locations.
One could argue that the results of the aeromagnetic survey constitute “material nonpublic information” and should be released to the public in an effort to support the share price but I could rebut that argument by suggesting that Medinah/AMC would have lost ECONOMIC ADVANTAGE on these recent annexations hopefully at a good price. Medinah management owes no “duty” to our next door neighbors. If CORPORATE SUCCESS is the agreed upon ultimate goal for management’s actions then I would argue that they correctly witheld that information from the public and our next door neighbors. This is especially true knowing what the ultimate market reaction would be i.e. perhaps a small pop in the share price followed by a “walk down”.
Releasing the specifics of the formula agreed upon to determine the final purchase price for the ADL might involve similar issues related to ECONOMIC ADVANTAGE. Does AMC have the right to protect themselves from a potential competitor trying to figure out what price is going to be needed to exceed to somehow steal the property from AMC despite the presence of an option being in place. I don’t know but I do know that there are very few recent discoveries in this sector and I do know that mining firms need to constantly be replacing their reserves NO MATTER WHAT IT TAKES or die.
I think I would think of Sr. Letts presence on the BOD of Medinah as the first step in a transition of AMC affiliates taking over BOD control proportionate to their cumulative shareholdings of Medinah at the time. AMC clearly already has OPERATIONAL CONTROL over the activities on the mountain.
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Multiple reasons to just calm down … thanks very much …
Green!! wow great to see it
lol
Good luck, Unfortunately I cant double up. Im down just about 800% from when MG was telling everyone to buy at .14.
Not his fault… it was mine.
“There is a monumental naked short position/MM manipulation”
I’ve been seeing these comments for several years. Could someone explain to me in 3rd grade terms how this works and how they could have held that many short shares for that long of time (don’t they expire)? What is a naked short compared to a short? And how many shorts shares do you think there are and what happens to the holder if the price goes up to .20 or higher and stays there?
Sorry if this has been answered or addressed in the past…