Medinah Minerals (MDMN) - 2016 Q4- General Discussion

Individual Stocks Medinah Minerals (MDMN)
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Medinah Minerals accuses ex-CEO Price of forgery

	2016-11-28 10:51 ET - Street Wire
	

	
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	by Mike CaswellMedinah

Minerals Inc. has accused its former chief executive officer, North
Vancouver’s Les Price, of carrying out unauthorized and fraudulent
transactions. The company also claims that he forged a number of
documents over an extended period of time. The forgeries related to the
shares and assets of Medinah, the company contends.The statements
by Medinah come in response to an unpaid debt lawsuit that Mr. Price
filed against the company in the Supreme Court of British Columbia on
Oct. 18, 2016. He claimed that Medinah owed $2,017,066 to a private
entity that he controlled, GXK Ventures Inc. (All figures are in U.S.
dollars.) GXK paid Medinah’s bills over a nine-year period, but received
no reimbursement, the suit claimed.Medinah has now answered that
lawsuit, and it says that it does not owe any money. In a response
filed on Thursday, Nov. 24, the company denies that GXK advanced any
amounts on Medinah’s behalf. It also denies authorizing or approving any
such advances. It further says that it never acknowledged owing money
to GXK.

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Does anyone know if Vital and Greg actually returned their stock to the treasury or just commited to do so? What about the millions of shares that Vital’s family have, are they part of the fraudulent shares?

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For UsualSuspect

MEDINAH Receives Shares from Greg Chapin

MEDINAH Minerals, Inc. previously announced that Greg Chapin, a former officer and director of MEDINAH, cancelled the company’s debt owed to him and volunteered to give his shareholdings in MEDINAH (common and preferred) and AURYN Mining Chile to the benefit of MEDINAH. The company has now received these.

In total Mr. Chapin gave MEDINAH
•34,114,063 shares of MDMN common stock,
•1,600,000 class “C” convertible shares of MDMN, convertible to 32,000,000 common shares,
•1,706,000 shares in AURYN Mining Chile SpA derived from his ownership in the NUOCO, and
•cancelled all remaining debts equating to approximately $450,000 of debt that MEDINAH owed him for advances.

All of these actions were initiated by Mr. Chapin for the company’s benefit and were not part of an arbitrated compromise or entered into under duress or threat. According to Mr. Chapin, “Medinah Minerals, Inc. has been seriously damaged by the recent revelation of nefarious and fraudulent activities. I sincerely hope that gifting my MDMN and AMC shares to MEDINAH and cancelling MEDINAH’s debt to me will help augment and facilitate the rebirth of MEDINAH Minerals, Inc.”

The 34,114,063 common shares of MDMN are now in the process of being transferred into MEDINAH’s name and will be returned to the Company treasury.

All 1,600,000 class “C” convertible shares have been returned to the Company and are in the process of being cancelled.

The AURYN Mining Chile SpA shares certificate, in the name of Gregory A. Chapin, was given back to AURYN for the benefit of the Company. AURYN has cancelled the returned certificate and reissued a new certificate in the name of MEDINAH Minerals, Inc. As a result of the returned AURYN shares by Mr. Chapin, MEDINAH now has a total of 26,706,000 shares of AURYN Mining Chile representing a 26.7% equity interest, an increase from MEDINAH’s previous holdings of 25,000,000 shares representing a 25% equity interest.

Submitted by the Board of Directors

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As you may have guessed. The board has been in read only mode for several days. It was most likely due to an upgrade in the software we use. Please feel free to share the thoughts you’ve wanted to share but couldn’t.

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Medinah Minerals accuses ex-CEO Price of forgery.JPG970×947 251 KB

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We may have to wait until the next Quarterly (revised?) / or Annual report is released. Remains to be seen, however Vittal had stated something to the effect the main reason he was returning shares was because of the large number of friends and family he had brought into this to invest. I wonder if Les scammed Vittal’s family and friends, or, maybe they just bought from all the shares Les flooded the market with through others that eventually landed with the DTC. It was encouraging to see that Medinah’s attorneys filed a response on Turkey day. Does that mean the response was filed in Canada, or were the courts open in the US last Thursday?
Regarding Vital’s returning of shares:

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.)
http://www.otcmarkets.com/stock/MDMN/news/MEDINAH-Retains-Law-Firm-for-Forensic-Audit-and-Improves-its-Capital-Structure?id=141721&b=y

There has been no follow-up announcement affirming Vittal has completed returning his 75,157,222 shares similar to the announcement DonD referenced a few posts back that affirmatively stated Greg Chapin’s shares were returned.

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the response was filed by a Vancouver lawyer

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I’m glad to see an answer was filed - at least a potential default judgment is cut off.

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Makes sense … I’m guessing J Stephen Peek and Holly Stein Sollod do not have privileges to practice in Canada. Then, change of venue to Nevada is next step if case is not dismissed?
What is the current disposition of the Okanadian suit?

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Bringing the dirty past from ole Lester does not look good on his part. I sure hope the judge throws his case in the garbage and he gets thrown in jail.

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Here is some background on Cooper Litigation

http://cooperlitigation.ca/people/

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Medinah’s battle with Price grows, second suit filed

	2016-11-29 10:44 ET - Street Wire
	

	
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	by Mike CaswellThe

legal battle between Les Price and his former company, Medinah Minerals
Inc., now has another layer, with Mr. Price suing the company in the
Supreme Court of British Columbia again. In the new suit, he says that
Medinah defamed him with a false news release about financial
transactions he had with the company. He also claims that Medinah owes
him another $262,708 in outstanding fees. (All figures are in U.S.
dollars.) The allegations are contained in a notice of claim
filed on Nov. 22, 2016, at the Vancouver courthouse. Much of the lawsuit
revolves around a written consulting agreement that Mr. Price claims to
have entered into with Medinah on July 1, 2012. The agreement provided
that Mr. Price would act as trustee for the company’s operations in
Chile and would act as an independent contractor.His
compensation, according to the suit, was to be $60,000 per year, paid
monthly, plus expenses. As Mr. Price tells it, he never received any of
the money, beyond a $5,000 payment. With expenses, the total owing was
$262,708, he says.

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more as a jpg.

Medinah's battle with Price grows, second suit filed.JPG1294×948 297 KB

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This guys needs to give it up. All the judge has to do is look at his history and throw his BS out like the garbage that he is.

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I agree except in this one, he claims there was a written contract whereas the previous “contract” was nothing more than a verbal agreement. I don’t think this one has merit but it is a bit trickier for a judge to throw out a written contract as opposed to a vague verbal one.

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And I’m sure it wasn’t forged either. :wink:

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LOL, I see what you did there. Well played.

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Defamation suits are one of Les’ “go to’s”…As Les’ buddies Doc, Ray, and Bubba were so quick to point out on many occasions…one of my “relatives” has history with Les (which supposedly created my negative bias towards Les’s character)…that history was a defamation suit. Les sued my Dad for blasting the company’s claims of an imminent deal at a SHM. This was well before Partner A, B, or C. Point being, these tactics are just a normal course of business for a scumbag like Les. As is always the case, the suit was expensive to defend but obviously laughed out of the court.

On a side note: if Greg, Vittal, etc are returning their shares why in the world is it acceptable for JJ to have sold 100’s of millions of shares and kept the proceeds? I’m hoping Kevin focuses on a clawback of these shares as well.

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We have the news release originally dated Oct 2 that Greg returned all shares.
http://www.otcmarkets.com/stock/MDMN/news/MEDINAH-Retains-Law-Firm-for-Forensic-Audit-and-Improves-its-Capital-Structure?id=141721&b=y
There has been no “official” release that Vittal has done the same. The question I have is just how did Vittal acquire the 75,157,222 shares reported in the devastating news release of Aug 23?
http://www.otcmarkets.com/stock/MDMN/news/MEDINAH-Discovers-15c211-Discrepancies?id=139089&b=y
Did he “purchase” these shares directly from Les, or were they made directly to the benefit of Medinah proper? What arrangement was made, and when, to acquire such a large number of shares? Is there a problem in returning these shares that has caused a delay in announcing the return of shares as was done for Greg ?

From the above news article posted by TheRod:
“In the new suit, he says that Medinah defamed him with a false news report about debts the company owes him.”

Really? Should be easy to disprove if there is a signed contract on Aug 23 as reported on Oct 3:

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.

Let’s get these frivolous laws suits dismissed quickly and move on to rebuilding value in the company.

That’s why the forensics audit needs to proceed and have J Stephen Peek and Holly Stein Sollod issue subpoenas to all those directly involved. Les may have received the proceeds from fraudulently issuing 1.5 Billion shares, but many were likely involved on the receiving end of the transactions over many years. Going after return of all those shares is not a simple task.