And not just once… but many times over!!! 
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Who’s to say they aren’t legal? As far as we know, they maybe legal. Just not legitimate. Much depends on how, what, where and whom… and what can be proven and what can be recovered
On August 23 the OTC changed the company profile to reflect the O/S from what was reported in the quarterly report (original 15c211 filing) to what was reported in the “MEDINAH Discovers 15c211 Discrepancies” filing (note the difference as shown below):
Outstanding Shares 1,361,703,709 a/o Jun 30, 2016
Outstanding Shares 2,996,448,498 a/o Aug 23, 2016
Restricted Not Available
Unrestricted Not Available
Held at DTC Not Available
The float had not been reported in the previous profile but now shows:
Float 2,179,197,709 a/o Aug 23, 2016
The float is generally thought of as being freely trading shares without restrictions. I interpret the figures reflected in the difference between OS and float as representing that 817,250,789 shares are accounted for with some kind of restriction on them (includes cert shares held that are not at DTC), FWIW.
Some believe the cap came off when the deal was restructured to all equity and no cash.
This may be the first post you’ve ever contributed where I both understand and agree to what you are saying.
I would like to know what MDMN’s definition of float is. As reported the o/s is 2,996,448,498 and float is 2,179,197,709 with the difference being 817,250,789. But are those 800+ million restrictred or are they just in cert form with no restictive legend. Being in cert form by definition would not count toward the float. Could be a question for the info meeting.
Can’t really say that until Patrick Day has been replaced at Cerro since he is hip deep in the Medinah mess. I’m surprised you Cerro people haven’t had him quietly replaced yet.
On a related topic, I assume/hope Medinah is in the process of changing their TA. Hopefully, that will come out at the informational meeting.
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Patrick is a non-factor. The CDCH share count has been confirmed. If one chooses to throw skepticism on that confirmation (can’t blame anyone for not taking any BOD’s word on anything), I’d point you to the share cap that was in place for CDCH over the same years that Les (and whomever) were issuing shares like drunken sailors. Even Les seemed to have stopped once he hit the cap on authorized shares. I’m suprised he lacked the creativity to exceed 3B shares but we all have our limits.
As a point of irony, I would highlight that you and the other CDCH naysayers built your argument on the heals of Les claiming that the company was a ZERO. Subsequently, we learned that Les did everything he could (and partially succeeded) in a share grab for CDCH shares when the “outstanding debts” were resolved. The ultimate reality is that CDCH had a cap and lacked the liquidity. There was no reason for Les to whisper to his minions that CDCH would have news “next week” b/c he didn’t have the shares to sell into the market.
Based on simple math, CDCH should and will mostly likely continue to trade at 2x MDMN’s share price. If they somehow manage to monetize another project (totally uncertain at this point) the premium could be larger (until/unless the AMC private shares are spun off).
At the end of the day, both MDMN and CDCH should share the same BOD which will run a very basic, low cost, holding company. The two could merge to simplify the process. Goodin and anyone else with ANY overlap to Les, Chapin, JJ will need to be removed. I’m fairly certain that this will be the ultimate outcome and, once we have a final count on MDMN’s share count, the fundamentals that Decosta so eloquently discusses, will start to impact the share price. In theory, CDCH should be reflecting the fundamentals today but there is a lack of liquidity and, IMO, a hold on material fundamental updates until the forensic accounting is done (and I’ll gladly give up a penny of upside to see Les behind bars).
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Remember, a contract between two private parties is not a law. If one party breaks a private contract they did not commit an illegal act (ie: a crime). Illegal applies to breaking of a law. They would have breached the contract and incurred liability (civil).
I believe since the shares are on the books with the transfer agent, they are required by law (SEC) to list them, even if the selling of the shares breached a private, civil contract. If MDMN issued more shares in breach of the contract with Auryn, then MDMN could have civil liability for the breach, if Auryn brought a civil suit.
Right now we don’t have the details as to the who, what, where, when, why, and how of the improper share issuance. Until we have the details, we are just speculating.
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Behind bars and soap with no rope
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I assume we will not be hearing any production news, or even receiving any new photos until the informational meeting. Is that everyone else’s assumption as well???
We went from Auryn and medinah posting every week on FB on the status to now nothing. So I say that’s a fair assumption.
Mike, Currently, Patrick has the majority vote.
Yikes! Well, best case-he has to cough up all his Cerro shares to Medinah for compensation for his gross negligence then Medinah takes over Cerro.
Medinah couldn’t take over your bar bill, let alone CDCH, at this point. One needs to know the share count to assign value. Unless you have issues owning a private stake in AMC, CDCH offers a cleaner play on “the mountain.” If you’re one of the veteran 5-20 year holders of this investment I don’t see how liquidity plays much of a factor.
Things to consider:
implications for those who own CDCH in an IRA account which adds complexity to owning a private co (especially when dividends are paid).
should the shares currently held by insiders be “clawed back” before a distribution is made? Is Les really going to receive private share of AMC? There are rumors of a more imminent dividend. I don’t see that happening until those shares are returned to treasury
how will the new project CDCH will pursue through the “public shell” be financed and what will the residual value of the public shares be worth after the 5% of AMC is distributed (this number would be considered a premium to any value assigned to the AMC ownership)?
Regardless of the outcome, the picture for CDCH has more visibility. I only wish there was more volume so we could accurately determine the value the market is currently assigning to AMC.
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