If that turns out to be the case, more power to him but it’s important to keep in mind that he was complicit in the fleecing in MDMN Gold shareholders. It wouldn’t surprise me if he was rewarded with shares at some point over the past decade vs. being able to afford 75 million to purchase in the open market.
Overly skeptical? If people knew half of what these guys have been doing to our capital stucture (CDCH as the latest example) there really would be pitchforks. Let’s see if AMC’s informal audit yields any results. It sure would be nice to clean up some shares. Even Bogdan shouldn’t be difficult to reconcile with a sliver of effort.
I would “expect” some higher volume and buying before the Chile Conference. They wouldn’t be presenting unless they have some GOOD information to share!!! It’s not rocket science…
He was only involved with Medinah Gold/American Sierra Gold as a director during the period from August 2012 till June 2015.(Directors have come and gone with Medinah but historically all the power was with Juan/Les with Greg a distant 3rd.) We both know who is responsible for that debacle and it certainly wasn’t Vittal. In any case, it appears those properties ended up having little value based on the performance of American Sierra Gold to be sure and Medinah shareholders still own 23% percent of it on the chance that one of their properties actually gets developed. It is clear that Auryn must have no interest in them or something would have happened with them by now as it was previously reported that they were seeking a JV etc I believe.
I’m sure the audit won’t show that Juan/Les come out smelling like roses. I’m sure the informational meeting will likely be revealing on these matter for those that attend.
I wouldn’t expect that as long as we have respected shareholders who feel that one of our board members was complicit in the fleecing of MDMN Gold shareholders. I doubt many people would want to get involved with a company where the board was accused of fleecing it’s shareholders.
As if this is news??? About fleecing shareholders. You present this as if it just broke this morning…that news is dead dead dead. If you hadn’t noticed it’s a new day, and there are going to be lots of good reasons for new investors to jump in…stay tuned. Film at 11.
Does anybody know or want to take a crack at what Auryn/Masglas will be presenting at the Chile Conference? Will anyone be covering it, so we get some feedback on what was said?
It’s truly a shame that MDMN has the reputation it has. We can blame the mistakes and misguided decisions of past management for that. Unfortunately MDMN’s reputation has jaded current shareholders to the point that the default reaction to the recent shareholder disclosures of Vital Karra and Jim O’Callaghan is one of suspicion and distrust - tacitly implying that their shares must have been acquired through some kind of shady dealings rather than in a normal course-of-business and investing over decades fashion. This is wrong IMO. I understand being vigilant about your investment, but facts should be checked before stones cast.
I’ve been reading posts publicly and privately regarding the new disclosures by O’Callaghan and Karra. I don’t know either personally, but I know they are long time MDMN-friendly shareholders. Others who do know them have vouched confidently for them and I can accept that even if others don’t. I know from past public filings that O’Callaghan has provided capital to MDMN over the years. While Karra appeared to be more of a management placeholder than a company steward during his tenure, he hasn’t done anything to warrant any suspicion about his share holdings. Very few here know the financial makeup of these individuals so it is wrong to make assumptions…and particularly defaulting to the least positive denominator.
John makes the point that Karra was in charge of AMNP which has its own share of shady dealings linked to past MDMN management where shareholders got screwed. But for all we know, Karra could’ve been as “guilty” as Bill Hoffmann was with CDCH…guilty of trusting that things in Chile were being taken care of in an up-and-up fashion. I don’t know the nature of Karra’s specific involvement and/or influence with AMNP, so I can’t comment either way so I remain neutral in that regard.
The filing disclosed that only 12.6 million shares were distributed last quarter. 5 million of those did go to O’'Callaghan for additional capital he provided the company. Based on O’Callaghan’s ability to front capital contributions to the company over the years, and some other information in the public domain, I have no problem making the assumption that O’Callaghan can probably afford the position he currently has. I know Karra was involved in a financing for the Convertible C shares back in 2012 along with 18 others. I don’t know how many shares he purchased or converted, but most companies require individuals to be accredited investors with a certain net worth in order to take part in private placements. Other than that, I know as much about Karra’s finances as any other anonymous shareholder, so it would be irresponsible for me or anyone else to comment on his ability to afford his position without knowing him or his financial makeup personally.
This is what we do know and what I’m concentrating on:
Neither individual was listed in past filings as beneficial shareholders owning more than 5% of the OS, which to me means one of two things:
They failed to disclose their holdings in prior quarters and are doing so now.
They just became beneficial owners during this past quarter requiring disclosure in the Q2 2016 filing. In order for this to occur, they would’ve had to have owned less than ~67 million shares last quarter and increased those positions to over 68 million shares which represent 5% of the OS in each respective quarter. In the past quarter, Karra earned 2.2 million shares as part of his board position and O’Callaghan was issued 5 million shares in exchange for his capital contributions to the company. Considering the share price was around sub-.015 during this quarter it costs $150k to purchase 10 million shares. Considering that Auryn’s involvement has added a significant degree of confidence to the outlook for MDMN, it is not implausible for someone who knows what is going on to increase their holdings significantly during this time period and at current prices.
I realize MDMN shareholders suffer from the battered woman syndrome, but there is no need to default to unwarranted accusations/suspicions and make it sound like the company is just handing out shares to people without justification. Remember, Auryn is pretty much taking care of the MDMN books now. Do you really think they would be handing out shares like candy when they are the ones who put the cap on MDMN’s share issuances? Any shady dealings of the past are just that…in the past.
I know a little history here and Mike is right about seven years ago when I was first introduced to MDMN it was by a gentlemen who personally knew Vittal and he told me back then that Vittal had invested over $600,000 in MDMN and was probably continuing to add. fwiw
Anybody else buying this week? I have increased my position by 25% this week. I think I am Finally Done…Done…Done…Now, let’s fast forward six months from now…
I know vital from MDMN and I know years ago he had a very large position and his family did as well. I know it was large enough where he was calling LES and flew to see him to get clarity on many things MDMN. I know vital as a stand up guy who was screwed over by MDMN like the rest of us. Yes he was on the BOD but probably to shut him up. They played him the whole time. take it for what it’s worth looking at the mess I cant believe I still have a chance to make money here. THESE people screwed us in every angle and we are still here. I hope Auryn takes it all back and gets us our money back. I was also told MDMN DID mine some gold and JJ and company stole it from us. Don’t you remember we were taking ore to the mill. WHERES THE MONEY? They lined thier pockets while we sat here talking about BS issues like DL600.
I have been away from this board two months, Did we get to vote for the people now on the BOD? Was there a vote from the shareholders for anyone to be on the BOD or Auryn? Did we ever get an English version of the contract?Why is the meeting an “infomational” rather than a shareholder’s meeting? Can anyone tape or record the meeting for people who can’t be there? Who changed the shareholder’s meeting to an “informational” meeting? Did we the shareholders have any say in all of this.Is Auryn now calling all of the shots for mdmn ?know we are now part of Auryn, but did we lose our abilityto govern ourselves finally? /
