Just erasing a bit of personal stupidity here. Carry on…
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It easy to say that I’m wrong but you offer nothing to show that in your response.
Les issued something like 1.5 billion shares…most of which got dumped in the market. This had a drastic effect on the market price even when we didn’t know it was there. Further, it hurt the share price of those shares that were sold by Medinah legitimately. Few, if any shareholders here on MP would be in the red if it wasn’t for that. Medinah did land an excellent deal with Auryn despite Les that easily could take us where we need to be. The numerous failed deals were most likely due to Juan but much of the damage from that was negated by time and landing of the deal with Auryn.
By the way, based the recent little spite of negativity brought on by the regurgitation of old news suggests a new bottom has been reached and it is time to buy.
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BUT, the reason a lot of us are still here is that this fraud actually has something of value backing it up, not some stupid mink oil cosmetics or whatever. There is a bigazz mountain out there that will eventually monetize as long as we can keep our internal corporate chit together. Thank you Kevin and Maurizio for showing the rare quality of ethics beyond just self interest.
Not addressed to MG, he just happened to post above me.
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Maybe you didn’t have access to the information but considering how well you are at DD I find myself doubting that. My fault if I’m wrong, but here’s a hint… How much do you know about the shenanigans carried out time and time again by JJ? I’m sorry that I am not at liberty to go into details as I gave my word some time ago not to, but the information is out there for those who want to dig for it. Most would be utterly shocked and completely disgusted. It is an absolute miracle that this investment has even a hope of having any value based upon what that man alone did. As I have stated a couple of times before over the past few years, I sincerely hope that someday the complete story is told, but I’m not the one to tell it as I am bound by my word to not pass it on. Seek and you shall find.
Btw, apologies for the snide comment. Old habits sometimes die hard and, honestly Mike, contrary to what you might think, my impression of you is that you are much too smart and too diligent at finding information to not have any idea about what I’ve intimated above regarding JJ. I also have no argument with the rest of your post, fwiw.
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Bingo…
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Another great post but it’s important to emphasize that this was a fraud with a potentially enormous asset. So the main point of luck was that the fraud was uncovered, hopefully, with enough time to avoid complete dilution of the asset. When the $100M went away the risk crept back into the investment. Many of us tried to argue this point while others chose to convince themselves that more equity in AMC was worth giving up the upfront payment. Silly.
The reality is that AMC could issue another capital call tomorrow with “cram down dilution” similar to the latest call and the common shareholder would be left with nothing. AMC and friends ownership of 500M+ shares is the only reason why we aren’t at zero now. We were obviously led to believe that our ownership in AMC was non-dilutable, but like so many of the previous, ever changing, contractual terms, that turned out to be another lie. Why wasn’t this fact disclosed? I have to assume that all of the MDMN insiders read the contract and is exactly why all of them are just as guilty as Les (in one way or another).
I earlier gave AMC a valuation of $20Mish based on the cash call. You can reverse engineer a valuation based on the dilution ramifications of a capital call. Without Kevin’s negotiation I believe we would have lost approximately 80% our ownership in AMC. CDCH us still in the thick of it. I would encourage investors to voice or email their thoughts to their BOD who needs to do everything in their power to reach an equitable solution. This is a cram down capital call. Make no mistake about it. Until we get through this mess and both MDMN and CDCH cease to exist (through issuance of AMC shares) there is a lot more than geological risk to these stocks. The market is discounting the same.
Trying to argue that we should “go it alone” as long as possible as a separate public entity is truly insane if you actually understand the underlying risks. IMO
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I lived through all the painful history just like you did (or even more of it for that matter.) and trying not to relive it again as once was enough.
Yes…there were many things that harmed our investment including what JJ did but subtract out what Les did and we still would have had a great investment. At this point, lets get everyone back in the green and call it good.
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Nice reply Mike.
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Nothing to see here… 
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This report goes back to Q4 2009, the investigations was suppose to go back 15 years. It would be interesting to see when and where the one line became two lines. I also find it interesting that this was already going on before they announced the 10% stock dividend payable on April 3, 2012 at that time they increased the authorized share count from 1.5 B to 3 Billion… From the chart it looks like at that time of the increase in authorized share count to 3B from 1.5B we were somehow already over the old authorized share count, Not sure how that is possible, but that is what the chart shows. The following are some of HR notes from that shareholders meeting in February 2012 when they increase the authorized share count and announce the 10% stock dividend as well as paying off the debts to Chapin and Les and JJ. This really seems bizarre considering where we are today!
We will be increasing the AS(authorized shares) for thel possibility of debt settlement , compensation, and new $$$ for acquisitions. The new OS will be 3 billion shares—of different classes of shares. We want to be able to control our own destiny. LR said “no one says we are going to use the shares because we have them available”.
Bald Eagle questioned the dilution and taking on more risk; why, when we have the Lipangue, why take on more risk? LR didn’t disagree; he also reminded us pink sheet stocks are a risk.
GC then spoke and stated only reason for 3 billion shares is authorization , not issuance. Any issuance would be done if the action increased our value. GC stated they care about us and our value($$).
A SH reminded GC that a stock dividend will increase the naked short position(NSS). GC kept speaking and stated when able, a cash dividend would be something they would like to do.
GC stated twice the current OS(shares outstanding) is 711 million.
Steve Kleen said the 3 billion increase was a favor to us, to increase what they need to do on our behalf; that he commended them on their foresight. He said one reason he bought in was the strength of management, and that reason remains.
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Ahhh the days of 711 million shares. That’s when I first bought my shares. Where would we be today with that amount?
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This all makes me consider that the TA was involved in the scam as well, since at the shareholders meeting they had a representative to count the proxies and shares represent in person. I believe the number came to 1.2 Billion and everyone assume the difference were shares shorted when it was actually Les fraud activity.
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I was behind Les in the line at that meeting and I saw him report that the Board of directors held 720 million at that time. They held the controlling interest then.
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I just wonder how many of those fraudulent shares went to Dr Kleen and how the TA and everyone else on the board did not know that we had already reached the maximum issuable shares under the 1.5B authorization. Then to pacify shareholders they gave us a 10% stock dividend. BTW where in the world did all the cash go from these stock issues?
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Cigarettes…
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Baldy I do remember when you stood up to question the increase in the authorized common share count and I also remember I was against it as well as the preferred shares. Too bad no one started to dig into those numbers back then and too bad the TA representative did not state the actual issued common share count.
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I do not understand why Les is still walking around as a free man
This case should be a slam dunk
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Who was the TA?
The same one we have now as I recall.
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American Registrar & Transfer Co.
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