I am wondering about the reason for the CDCH inactivity? One thought is that investors are comfortable with this investment for future growth and are not selling and accordingly the SP is holding. Am I being naive?
I would expect John would be a good responder to this question or anybody else for that matter.
Karl, maybe you or someone else could point me to where Vittal made that promise. I know I have seen post concerning it but I donât recall seeing an official update announcing it. When I first read someoneâs post I assumed Vital might be giving back any shares he received while setting as an official of Medinah management but would be very surprised if he volunteered to any shares he purchased long before joining Medinahs board in any official capacity.
Iâm not saying he did not volunteer to hand over all of his shares acquired before he officially was appointed to the board, just that I would be surprised if he did. However, I would expect that he would return all shares he received while he was officially asleep at the switch.
Vital said this at the meeting
May have to wait to see next Quarterly/ Annual report.
The following was already officially released via OTC news service:
During the meeting MEDINAH announced that Greg Chapin and
Les Price signed an agreement on August 23, 2016, cancelling all alleged debts
owed to them by MEDINAH. In addition,former directors and officers Vittal Karra and Greg Chapin agreed to return to MEDINAH all of their shares of MEDINAH stock (common and preferred.) Furthermore, Greg Chapin agreed to give MEDINAH the shares he owned in AURYN Mining Chile SpA which he obtained through his ownership position in NUOCO.
In summary MEDINAH anticipates the following changes to its
capital structure and ownership in AURYN.
A decrease of $4.3 million in alleged debt leaving the alleged remaining debts totaling
$373,000. This is A 92% reduction in debt.
A return and cancellation of approximately 122 million shares of common stock. This will lead to a 4.1% reduction in the amount of common shares issued.
A return and cancellation of approximately 1,600,000 shares of preferred stock. This will lead to a 38% reduction in the amount of preferred shares issued.
An increase in its shares of AURYN Mining Chile SpA of 1,704,000 shares. This increases MEDINAHâs ownership in AURYN by approximately 7%, from 25,000,000 to 26,704,000 shares of AURYN.
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And what about Vitttal and Gary Goodin??? They still have shares. As far as I can tell MDMN is not on the front burner for Gary and I think he represents a conflict of interest. Lots of us are in a make it or busted situation. It does not feel like Gary is aggressively going after Les and company. Not his priority but it certainly is for many of us.
All their stock should be returned!!!
Both were in on the American Sierra / Medinah Gold âarrangementâ that left us screwed and holding zip! Neither fulfilled their duties to shareholders!
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As was stated above, just because there is no definitive news for public release does not mean nothing is being accomplished.
I am sure the forensic audit, which many here pounded the drums to get, will be required and very useful in advancing most of what needs to be done. That process is probably very convoluted by the deceptions that occured.
They have not announced receipt of Vittalâs shares, but he did publicly state he would do that.
Iâm getting caught up with the chatter. So on to Kevin.
Heâs doing this for nothing. Words and thanks will not put food on the table or pay his bills. The past directions got millions of shares for violating their fiduciary duty. The attorneys working of the case are getting paid plenty. etc. There should and could be some kind of structure to allow Keving to bill for his time and skill.
Look at it this way. Every time some of us think about what we have gone through it puts a big knot in our stomach, anxiety about how this will work out, etc⌠I have a box in the garage with 20 years of bullshit that my nerves are too fried to go through. Kevin has this reminder and lives with it every day. He should compensated in some way for his dedication and work.
Most of you realize all the effort Kevin has put into turning this around. Letâs not just assume and take his efforts for granted.
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Looks like another after hours report of a 1,500,000 share trade that increased the days total reported shares traded to 3,571,059.
Does anyone find it odd that Medinah BOD havenât put out any release about being sued by les? Or did I miss that? I know the release came from a stock board but nothing was released by Medinah.
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I agree and have advocated for a tough and aggressive approach to all former BOD/Officers to claw back shares and assert rights. Unfortunately, as I discussed previously, shareholders would not have the right to file a derivative lawsuit on behalf of MDMN until shareholders go through many steps to force MDMN to file and MDMN refuses. To take these steps would make the shareholders adversaries of the current MDMN BOD/Officers, wasting time and money fighting each other instead of going after the bad guys. Also, as I mentioned previously, even though trying to get a derivative lawsuit filed may not be economical of time and money, nothing prevents shareholders from bringing their own individual claims against Les; but, they would still have an uphill burden to ensure victory because Les actions damaged MDMN, not the shareholders directly. He did not have a contract with the shareholders, he did not cheat the shareholders, he did not steal from the shareholders, he did these things to MDMN (resulting in a loss of shareholder value). Not to say wealthy shareholders canât make Les begin hemorrhaging money defending multiple individual lawsuits, just the chance of success may not be very great.
Wealthy shareholders could also donate or otherwise fund MDMNâs legal defense, but they would have to work out these arrangements with MDMN, which has its own set of issues (like below).
I agree 100% and have been advocating for this since day one after the news broke. Right now since we are still having this discussion it goes back to what I said about the âappearance of impropriety.â As an attorney Mr. Goodin should know this term. As attorney we have to act to avoid even the appearance of backroom deals, shenanigans, improper dealings with all of our clients and business conduct. We cannot represent both the plaintiff and defendant, we cannot talk to the judge without the other sideâs knowledge, we cannot represent a client then bring a lawsuit against that client. Even if everything we did was legal, it has the appearance of impropriety. In this instance, Mr. Goodin cannot escape this appearance. He was an insider and friends with Les and Les got him on the BOD, and MDMN got hurt under Mr. Goodinâs management to the benefit of Les. Whether Les cheated Mr. Goodin too is irrelevant. Whether Mr. Goodin has acted to help MDMN and make legal claims against Les is irrelevant. An appearance of impropriety exists. Mr. Goodin needs to resign. Period. He can still advise and help MDMN after his resignation, but he helps MDMN by his resignation.
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I donât see bid and ask pricesâŚis it just me? scottrade?
Anybody have any info on when the quarterly report to Sept 30 will be out? It a bit overdueâŚ
I wouldnât expect the quarterlies until revenues start coming in which probably will be 1Q or 2Q 2017. The quarterlies require an accountantâs and lawyerâs review and MDMN doesnât have the cash to do so at this time. I donât believe they are willing to sell shares at these levels just to remain current on the OTC when they have more pressing items that require cash to keep the company afloat as a going concern and to recoup the damage that has been inflicted upon shareholders by Price.
Unfortunately this is the way it will be for a few months. We just have to wait it out whether we like it or not. It sucks for all shareholders, and particularly those looking to exit in the nearer term, but we can thank Les Price for this state of affairs.
You may complain that the company should put something out for shareholders so that theyâre not in the dark. Thatâs understandable. Think about it. Kevin and Gary arenât being quiet because they want to, or because there isnât anything to say. MDMN couldâve mimicked Aurynâs recent PR like they have in the past. But they didnât. They promised regularly monthly updates just 7 weeks ago, but there hasnât been anything other than the appointment of Kevin to CEO. It is becoming obvious (to me anyway) that the company is silent for a reason and IMO itâs not to torture shareholders. Itâs to save them.
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Thank you Rich. What about the lawsuit Les filed against Medinah? Why hasnât this been released yet to the shareholders? If that shareholder didnât post that filing we would have never known we were being sued by that conman. That is a lack of responsibility from the BOD to itâs shareholders. Here we are today and still nothing on that matter.
âThank you Rich. What about the lawsuit Les filed against Medinah? Why hasnât this been released yet to the shareholders?â
Really?
Frivolous lawsuits are a dime a dozen and should only reported as a small footnote in the financial statements. This lawsuit or any other lawsuit that Les might file isnât worth the paper it is filed on nor worth noting here on MP except in passing.
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Dude are you serious? The company we are invested in is being sued and your saying it âisnât worth the paper it is filed on nor worth noting here on MP except in passingâ huh???
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Did you read the âlawsuitâ? It didnât even pass the laugh test. Why your fascination with it? Nobody cares nor should you.
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Wow Mike thatâs a great response. Yes Iâve read the lawsuit and yes Iâm very concerned about it. I have a lot of money in here and so many others. Being sued is no sweep under the rug. If itâs not a big matter than maybe Medinah can put an update saying what youâre saying but guess what they havenât which makes it more concerning.
Have a great night!
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