I would like to see the Ulander bonus that the BOD issued themselves cancelled. It was probably one of the most egregious acts the old BOD did(that I recall/or know about) to enrich themselves at our expense with nothing to show for it besides outright incompetence or malfeasance in going with Ulander to begin with. Not sure how the individuals involved could possibly defend themselves/justify their actions in any type of review/audit that takes place.
Does anyone recall just how many shares were involved?
Mike,
I would not be surprised that wasnât a whole lot more to the Ulander deal than just malfeasance. This involved the same bunch that slipped so easily into the Bermuda Short sting. Yes, I know they were acquitted, but that was mostly due to Fedsâ incompetence. Perhaps there was more than Chilean wine that swung the Ulander deal. I have no special information that puts this thought in my head, but Ulander wreaked and everyone knew it. Individuals on this board did the DD on him. It is far too uncanny to explain with mere incompetence. Besides, we all know that lying was part of the business model for Medinah Chile from the git-go. As an example, how many times did Les claim that there were side deals protected by an NDA? We know now that those were all lies. If folks on this board who communicated with Les over the last decade were willing to testify, there would be more than enough to recover ill gotten salaries and bonuses. May be enough to send to send some to jail.
If there was a Ulander deal bonus, it should not have been given out until the deal was consummated by payments. Paper shares in a worthless company are not payment. The cash payments never happened and were never going to happen. I agree with you Mike, bonus shares should be cancelled outright. What would the receivers do? Sue? On what basis? I doubt they would because it would expose them to testimony that would be more than unflattering if not incriminating. If the current BOD has the best interest of the shareholders in mind those bonus shares would be cancelled ASAP. This would be a good question to ask to their faces at the October meeting.
So, has the MDMN Shareholders Meeting been officially canceled? Maybe the next one will actually be called an Annual Shareholders Meeting and we will have one every year. Nice that Auryn will use the Mirage rather than Lesâs favorite place, The Orleans. How many shareholders already had booked rooms there based on MDMNâs previous commitment to Oct 1 and 2 meetings there?
I donât believe there is anything in the financials that is explicitly labeled an âUlander bonusâ. However, the shares were flying everywhere in 2012. Note from the 2012 15c-211 and Financials{1}:
The 2012 Helicopter-Share official record is:
Dec 31, 2011 = 711M to start
Q1 - 20M for Ciclon to JJ
Q1 - 31.7M issued to four âindividualsâ not Les, not Greg, not JJ. Reason not explicitly provided although it may be a âprivate placementâ of capital for shares - terms undisclosed.
Q2 - 39.2M issued to four âindividualsâ not Les, not Greg, not JJ. Reason not explicitly provided
Q2 - 76M to shareholders as a share dividend
Q3 - 29.3M issued to six âindividualsâ not Les, not Greg, not JJ. Reason not explicitly provided.{2)
Dec 31, 2012 = 932M to end the year
711 + 20 + 31.7 + 39.2 + 76 + 29.3 = 907.2M. The 15c-211 states 932M was the final tally on Dec 31, 2012. So there is an unaccounted-for 25M shares.
The total dilution in 2012 was (932M - 711M) / 711M = 31.1% . But thatâs not all.
ADDITIONALLY 7,350,000 additional Preferred shares were issued in Q1, the reason being given as payment of outstanding debts. This did include Les and JJ.{3}
Just note this does not include the 35M preferred / 350M common shares later paid to JJ for the 49% of MMC.
The six names (which include the âfourâ of Q1&Q2 are Vittal Karra, Mick Shindell, Donald R. Johnson, Anthony Arrigoni, John A. Toyer, Jr., James OâCallaghan, Robert Harris. The 15c-211 mistakenly says 129.3M were issued in Q3 but this appears to be a mistake.
I believe it was those preferredâŠthe outstanding debts were trivial compared to the value they gave themselves. As I recall, they deliberately used the distraction of the dividend issuance to hid that action at that time. The dividend was not for our benefitâŠit was basically a decoy. As a matter of full disclosure, I think part of the reason they did this was to help Larry Regis who had almost no share position left in Medinah and was having severe financial difficulty due to divorce etc.
If true that is outrageous. Why was helping Larry Regis a concern of MDMN? There was a time I almost had no share position left in mdmn because I was trying to front money for a house, why didnât the BOD help me out?
NOTICE:
To make it clear, the info meeting will be SATURDAY, OCTOBER 1, at THE MIRAGE, and the âfutureâ AGM Is NOT on that Sunday. And REGISTRATION in advance will be required, click register link at this site:
UPDATED: I removed my previous comments about the preferred share conversions.
I think itâs possible the â25M unaccounted forâ in 2012 (see above), or at least 20M of it, was probably because 20M had already been created by the transfer agent internally to the treasury by the end of 2012 for the next âbig property buyâ, but the shares were not issued until the following February. That is my best guess.
Anyway, from the 2013 public record {1}:
Dec 31, 2012 = 907M or so to start (the 2012 15c-211 claims 932M - see comment above)
Q1: 6M shares issued to Directors. Greg C returned 2.2M
Q1: 3.54M shares issued in private placement for $0.02 / shr to one individual, unnamed
Q1: 2M preferred shares converted â by unnamed party (maybe Larry Regis)
Q1: 20M shares issued for 20% interest in American Medinah Gold, which owns the Jota properties
Q3: 3.6M shares issued in private placement for $0.03 / shr to four individuals{2}
Q3: 2.7M preferred shares to common shares (1:1) by Larry Regis
Q3: 35M preferred shares issued to Juan for the 49% of MMC (convertible 10:1)
Q4: 0.8M shares issued in private placement for $0.03 / shr to four individuals
Q4: 0.7M shares for office space to Jeffery Chapin
Q4: 0.1M shares for services rendered to Anthony Grdina
Q4: 2.0M preferred shares to common shares (1:1) by Larry Regis
Dec 31, 2013 = 949M at end the year or about 4.6% dilution
COMMENTS REMOVED
CHG
PS: If anything is outrageous it was the ridiculous way MDMN handed out shares to Juan and family for properties that had no demonstrable present value. Having said that, in Dec 2013 the Ciclon 1/2 deal from 2012 was cancelled in Dec 2013 and the shares were returned to Medinah. As an interesting curiosity, as part of the Ciclon deal not only were 20M shares issued but 5% ownership in something called âthe Turner propertyâ was âreturnedâ to Juan, but when the transaction was cancelled that 5% ownership did not come back to Medinah. Who knows âŠ
âCall to armsâ was an over-exaggeration on my part - probably due to your comments following on the heels of L&Gâs incessant barrage of posts over the week.
You and I both know all to well that shareholders have to stay vigilant and on top of management in pinky land, in particular MDMN. Many shareholders gave management too much benefit of the doubt while others went over the top on certain subjects.
I want to see what comes of the new managementâs analysis of the books and records first before spending money on an audit. We may disagree on that notion, but Iâd like to see what the new Auryn-based team is bringing to the table at this point. Hopefully the results of their analysis will be available before the shareholderâs meeting. I forget how long the Days took, but CDCHâs records probably werenât too much better than MDMNs.
CHG. Always appreciate the time you spend going through the details. Iâm not going to depress myself reviewing past financials, again, but the 2012 preferreds resulted in a couple hundred million shares ++. I believe Les collected around 80 million shares in one quarter alone. Also important to keep in mind that only a portion of the preferreds have been converted. This is why itâs so important to remain âvigilantâ as HR stated.
After the books and records are reviewed, best case we get some shares returned to the Treasury (Les and JJ are essentially broke so I donât expect much of a clawback) but worst case would be more dilution from the 2012 preferreds along with the new preferreds announced in the last quarter. Never underestimate the greed of criminals, especially those who have gotten away with same âcrimeâ for the better part of two decades.
Happy to see the majority of folks around here have FINALLY recognized the BODâs true colors vs. accusations of anger itches or personal grudges. However, while the BOD may be new the past actions of legacy members still need to be remedied.
The information sessions are broadly outlined for all shareholders.
1 hour is devoted to Medinahâs presentation and double that time, 2 hours, devoted for AURYN to present.
I expect the major emphasis and information going forward is with AURYNâs plans for discovery, defining targets and exploitation. We will likely hear goals for AURYNâs short-term monetization expectations. Hopefully all those who can attend will do so, and ask questions deserving of answers.
Perhaps shareholders should realize by now that this speculative investment is moving forward in monetization mode and spend less time focusing on the past, and more focus on the future. Those insisting on flogging the dead horse of the past on this forum are not likely to get the PPS up to fair valuation any faster, although time, energy and effort is being spent by Medinahâs new BOD to correct the mess created in the past.
MASGLAS, a significant Medinah shareholder, will work in concert with Mr. Goodin to accomplish a comprehensive analysis of Medinahâs books and records to ensure the continued integrity of Medinahâs financial statements. During this process all of Medinahâs assets and liabilities will be scrutinized in detail.
MASGLAS has stated self funding monetization is itâs immediate goal for the Alto and the Alto is where the resources will be focused and expended in the immediate future. This includes immediate exploitation of the Caren and Fortuna claims. MASGLAS has 9 other properties to maintain and move toward monetization. Circular ownership of the three companies (MASGLAS, AURYN and Medinah) working together is the best solution to mutually further the goals of all. IMO
Italo Volante Gomez served âwith responsibility for the expansion and development of environmental projects over most of Latin Americaâ and is now with Medinah.
Raul Del Solar founded âOne Family Office S.A., an international financial consulting firm specializing in equity, bond, and portfolio management, institutional consulting, and trust planning.â Medinah is NOW in good hands.
AURYN is confident itâs preliminary production estimates will be met. The PPS will respond to increasing production figures and this is where MASGLAS expects to get the most bang for the buck!
Q1: 1M shares issued in private placement, unnamed
Q1: 0.95M to Jeffry Chapin and 0.1M shares to Anthony Grdina
Q2: 7.5M shares issued in private placement, unnamed
Q2: 4M shares issued to Donald Johnson for $0.05 / sh
Q2: Larry Regis converted preferred shares to 3.5M common shares
Q3: Juan converted preferred shares to 350M common shares for the purchase of 49% of MMC
Q3: 24.6M shares were issued to GXK Ventures, Inc (LES PRICE) - probably via conversion of preferred shares from 2012
Q3: 2.5M shares issued to Donald Johnson for $0.02 / sh
Q3: 1M shares to Dennis Tenney for services rendered
Q3: 0.75M shares to Jeffry Chapin for office and registered agent services
Q4: 8.9M shares issued to directors etc. for services rendered.{2} Greg, Juan, and Kirkland returned shares
Dec 31, 2014 = 1350M shares, a 42.2% increase in 12 months.
So in 2014, those 7.35M preferred shares issued in 2012 (see above) continued to give in 2014. I made mistaken comments in my 2013 post above, which I edited this morning - see in bold. I think this is probably the âbonusâ MG had in mind with his comments yesterday although the formal reason formally given was payment for past debt.
I will stop with this post. I am as tired as anyone of the harping on the past. And frankly TMP has become tiresome and tedious because of it. But these three years were the critical years in terms of share issuance and the Amarant events leading up to the Auryn present. So if someone feels compelled to comment on the past at least let it be on the basis of the actual data from the past not just stuff made up with the emotional damage of the present.
There will not be a MEDINAH shareholder meeting at the Orleans on Sunday. A full explanation as to why will be given at the meeting.
This informational meeting is being hosted by AURYN. There is no cost to MEDINAH.
The meeting will not be streamed live, however an effort will be made to make the meeting minutes and presentations available on our website sometime after the meeting.
Weâre looking forward to a great meeting at a new venue with AURYNâs leadership and very much hope to see you there!