The Bermuda Short investigators blew it big time and Les got off on a technicality.
I wonder how MDMN would have turned out if they had done their jobs and really nailed Les when they had the chance.
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I heard the same thing the Les forged Chapinâs signature on documents in order to get shares issued!
If Les forged Chapinâs signatures, the police/fbi should be called in immediately.
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Lamenting on the past wonât do much for shareholders, IMO, but thanks for efforts by those who believe it will. Caution to all, for the efforts of the company to salvage the damage on the past transgressions of the previous management teams, as it may be slow going. Hopefully, not as long as many have endured here. The new BOD is doing all that it can to bring transparency to where we are NOW.
From a flagged post on July 7 Leanandgreen said, "It has been suggested that the option clause for 5% for $50M was purposely included with the intent that is what accomodating to a prospective buyer of Medinah. Well that buyer is gonna require audited f/s."
I responded (edited):
Continuing the discussion from Medinah Minerals (MDMN) - 2016 Q3 - General Discussion (recovered):
Well, it looks like I was wrong and an audited financial statement will be part of the required work necessary to make Medinah a legitimate and respectable company, although the checkered past is what it is. The speculation that followed was the $50M buyback clause in the sales contract for the ADL was actually setting the prospective price to someone contracting for a 5% piece of AURYN. Medinah had no prospect of cashflow sufficient for this kind of purchase anytime in the forseeable future. With copper being a long term project (30+ years) what would 5% of AURYN be worth to a mid or major wanting to develop the Pegaso Nero? Would AURYN be willing to contract out part of the future Pegaso Nero (from Medinahâs 25%) to a company with expertise in mining copper deposits of this particular kind? What would Medinah do with any cash generated from an entirely cash deal for part of Medinahâs AURYNâs assets? Where else would Medinah possibly generate the funds necessary for a massive share buyback and subsequent shareholder cash dividend to provide a recovery to current shareholders, including MASGLAS? Obviously, something like this would be in addition to all other efforts through leverage and the legal system to reclaim assets (cash, shares, and possibly claims) lost through fraud and deceit. Such a deal would only make sense if it was of benefit to MASGLAS, MDMN, as well as a prospective developer of the Pegaso Nero.
There are 19 days to go before we see what the Company has to say, hear what it is doing and uncovering, and find what answers the Company can provide to shareholderâs questions.
I understand the want to wait and see what the Vegas meeting discloses and where Masglas is taking the investigation, but is anyone on this board pursuing the taking of this fraud to the authorities? I am not certain that any of us should be in a place to trust anyone to do the right thing in running an honest internal investigation. I for one want to see every avenue pursued in terms of civil and criminal prosecution.
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Only the Company, which has the docs/information, can file a complaint with the authorities. If fraud via forging signatures did occur, the charge goes from civil to criminal. Hence police/fbi, royal Canadian Mounted Police and British Columbia Securities Commission.
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Since MDMN is a US company would not the criminal actions be brought in the US?
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Arenât they a NV corp? Shouldnât someone inform the NV Attorney Generalâs office?
Yes, the suit should be brought in the US, but need canadian counsel/agencies to handle parts of the case in Canada as Les and probably some of the scheme participants are Canadian citizens. The British Columbia Securities Commission could also sanction Les and other Canadian wrong doers.
Then you have Chile.
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With what is getting discussed here only the attorneys will make a fortune for many years and shareholders will get ZIP! Can the discussion at least wait until the company has itâs say at the informational meeting? International litigations are extremely messy and prolonged as I mentioned quite a while back.
Continuing the discussion from Medinah Minerals (MDMN) - 2016 Q3 - General Discussion (recovered):
What is needed is a speedy recovery of what can be clawed back using the leverage and expertise of MASGLAS, and let AURYN move swiftly into production and expansion of permits, IMO. Individual lawsuits arenât going to do much for the investment of time and money shareholders have in MDMN.
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I agree to wait until the information meeting, but if the case can be shifted to the enforcement agencies who have substantially more resources, then MDMN does not have to pay. The caveat being whether it is civil or criminal.
JMO, even after the information meeting, I donât think litigation is worth the money. The horse is out of the barn. But that is me, and I donât have a large positon.
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I got the note below from a fellow shareholder. If anyone has the info requested please pm me.
Iâll be in Vegas for a few days, beginning this coming weekend. If someone can provide the specific information needed to pull a copy of the Auryn lawsuit Iâd try to pick up a copy.
I am not sure of all the info needed but here are some ideas.
- Case number
- Title of lawsuit
- Court system where filed.
- Location / Address of court house
"Can the discussion at least wait until the company has itâs say at the informational meeting? "
As I said a couple of weeks ago the discussion has become pathetic! If I was a MOD I would not allow any more discussion on this topic until we hear from Auryn. Truly sad how people can ramble over and over the same thing for weeks.
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What Auryn lawsuit? The action thus far has been Medinah notifying FINRA and the SEC and filing a formal complaint.
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I would reread the latest PR by Medinah. They have already notified FINRA and the SEC as publicly stated. Iâm not sure what you expect shareholders to do beyond that as far as notifying authorities is concerned. This would be akin to pushing the elevator up button thatâs already lit. Shareholders will find out more on October 1st.
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Peter, the case is against Medinah Minerals et al as defendant and Okanadian as Plaintiff. I will look at the docket and see what docs you can pull and provide all the information you will need. I appreciate you helping.
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From the Medinah Qtrly Report March 31, 2016:
On January 1, 2016, the Company entered into an agreement with Okanadian Management Corp whereby Okanadian would purchase 100,000 shares of Class C Redeemable Convertible Non-Voting Preferred Stock of the Company. On January 11, 2016, the Company issued the 100,000 shares of Class C Redeemable Convertible Non-Voting Preferred Stock to Okanadian. Subsequently, due to a scrivenerâs error in some of the documentation, a dispute arose regarding the number of shares to which Okanadian felt entitled. Discussions are ongoing to resolve this dispute.
Looks like they didnât resolve the despute. Thatâs all I could find.
OT HR: Fun watching Brees and Cooks yesterdayâŚI still canât believe we had Cooks AND Wheaton on the same teamâŚ
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