Medinah Minerals (MDMN)- 2017 Q4 General Discussion

You have stated you don’t really know what happened. But based upon your ignorance, you are willing to hurt the reputation of another based upon that ignorance? Where are the facts to back up your statements? Your statements fall under the definition of slander. Black’s Law Dictionary defines slander as “[t]he taking from one’s reputation. The offense of injuring a person’s character, fame, or reputation by false and malicious statements. The term seems to be comprehensive of both libel and slander.” You have clearly stated you do not know, but you are making the false statements anyway. I find your statements inappropriate and not in furtherance of discussing MDMN.

Based upon what we do know, MDMN would not exist as a company without Kevin’s actions. Auryn would have held MDMN in breach of it’s written contracts due to the share malfeasance. Auryn would have sued on the agreements and MDMN would have had to go BK, most lkely, leaving us with nothing. Kevin’s work to reach a financing agreement with Auryn to maintain MDMN (and CDCH’s FWIW) existence give you and all of us the ability to recoup something on this investment and maybe even make some money (depending upon your basis). Further, the two lawsuit would have prevented any mining company from taking any interest in MDMN whatsoever. Kevin’s work to resolve these lawsuits without MDMN having to spend funds other than for legal fees creates very good result for MDMN.

I am willing to give him the full benefit of the doubt before I would even consider making the statements you have.

Go back to IHub, no one here needs you to try to start the drama-mill again. Better yet, sell all your MDMN now, walk away, and never have to worry again!

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Those by the way were honest questions not trying to troll, slander, or any of the other colorful adjectives you decided I was. I have removed them.

You all have to admit the track record here SUCKS. And you cannot argue with that. I hope we have turned a new leaf and move forward quickly and positively. Hoping I get back to even one day before I die. Been stuck in this nightmare for way to many years and own MILLIONS of shares. I will be holding out just like the rest of you.

To brighter days. And no I’m not a troll just happen to have a different opinion than you. Welcome to America. I appreciate your opinions and efforts and it’s ok to disagree. Don’t get all worked up.

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skyext24,

I was really sorry to see you (and anyone who liked your post — me being one of those few) get so skewered here.

I think you asked legitimate questions.

I went to Las Vegas on Oct 1, 2016, after the strong and clear invitation from Medinah’s new principals to come and see and hear about the “new day at Medinah.” I wanted to look those principals in the eye and experience whatever I experienced from that so that I could use that close-up input to guide my decisions about the largest investment of my life: Everything.

I indeed shook hands with all the principals and looked them in the eye and felt them look in mine and I had open and freewheeling conversations with all of them and also heard each of them, from the podium, use the phrases “open and transparent” and “a new day at Medinah” dozens and dozens and dozens of times that day.

I left Las Vegas a believer.

I am still a believer. I believe that those principals have done amazing and outstanding (and so-far underpaid) work to turn my “investment” from a certain nothing-burger into a possible something-burger, and I am very happy about that.

But I am still disturbed and maybe even dismayed that even though I have asked (both privately and also on this forum), "Hey, what happened to open and transparent?” that I have never heard any sort of clear answer or explanation (until perhaps just recently).

Given the personal interactions in Las Vegas and the drumbeat promises of “open and transparent” and “new day at Medinah,” it has been a major disappointment to me to have gone this past year without any regular or clear explanation of what has been going on there (until perhaps just recently).

Early on, I would have been satisfied with a public or private, “Hey, thank you for coming to Las Vegas — we have been advised by legal counsel that the best thing we can do here, and the thing that we in fact HAVE TO do here, is to not say anything about anything to anyone. We are doing our best to get this ship straightened out. It’s going to be a rough ride, we’ll appreciate your patience…”

THAT would have been a new Medinah, to me. THAT would have satisfactorily explained the disappearance of “open and transparent."

A lot of us shareholders are not seasoned investors. But we could have understood a simple explanation like that.

Lacking one, we’re left with (questions), legitimate questions.

For you to be attacked for asking a few of them (and me for supporting your right to ask them) is awfully reminiscent of the old Medinah, and also awfully reminiscent of how, during my six years on this board, I have seen a parade of people (who later turned out to be absolutely correct in calling out Medinah management for being outright crooks) shouted down by this board’s old timers.

I accepted your questions as legitimate, not as slander or malice or anything else.

I think we’ve been asked for blind loyalty too often here, and too often skewered for not being satisfied with this (so-far) long running fiasco that may in the end still turn out to be a fiasco for all of us. I’m hoping it turns out well. And for me, like many others here, I am now simply hoping to get back to even someday.

I thought your questions were fairly asked.

Brad Newsham (aka madmen)

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Why would Kevin be on the hook for 1% of the loan made to MDMN? These are companies which isolate individuals from personal liability. If you were offered an equal amount of shares in Auryn and MDMN which would you take? If your answer is MDMN shares you’re nuts. Auryn is clearly the lower risk, lower dilution option. When Kevin or anyone else steps up to the plate and takes an active role in managing the company/investment they have the right to be compensated and, if he was offered shares in Auryn, he would have been an idiot to turn them down in favor of MDMN shares (which he already owns too much of). There is a scenario, however improbable, where Auryn could be worth billions and MDMN is a zero.

Add value and you get compensated for it. Welcome to meritocracy.

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If you were offered an equal amount of shares in Auryn and MDMN which would you take?

Why would they be offered an equal number of shares and not a cash equivelant?

Oh course I would take Auryn but that is not the point. If you are executive of a company you get paid in the stock of that company and you are getting paid for that company to be a success. Also that stock is usually restricted stock. You never get paid with an asset of that company. That is nuts!!! Unless every shareholder is getting paid in Auryn shares since the company is being liquidated. But then they can’t liquidate MDMN since we have debts one lawsuit and other liabilities on the books. The other point is that is not what KT said when he took office and also Goodwin should not be rewarded when the Les Price scam happened under his watch. Wasn’t it you asking for his resignation and him to return any shares in MDMN and/or Auryn? How soon we forget!

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Karl,
When Kevin took office, he had the best intentions to do as he said and not take any compensation for his services. He had already put in many hours while operating as Communications Director. When he took over as CEO, he underestimated the amount of work necessary to straighten out this mess. The depth of the fraud was just being uncovered and nobody knew the extent of it until Kevin rolled up his sleeves and worked with the forensic auditors and legal team. Kevin was serving as a pro bono paralegal because MDMN didn’t have the means to hire one. Kevin had told me that he estimated putting in well over 1,000 hours during a relatively short time trying to make sense of the fraud, find/negotiate with those involved in the fraud, and provide the legal team the documentation they needed to build their countersuit. Meanwhile, he was working a 40 hour/week full-time job. Kevin could explain a lot more, I’m only paraphrasing from what I recall from our discussions. He was handcuffed by both Auryn and the legal team as far as his communications were concerned. It wasn’t an excuse, though some shareholders wrongly want to paint it that way. I’ve said it before, people forget that Kevin was once one of us who demanded more communication from the BOD. But when the Legal Team says “shush”, he shushed. Their edict was to only file the necessary information in the quarterlies. Meanwhile Auryn went into silent mode as well - partially due to the legal situation and partially due to other reasons.

The other thing that people mischaracterize is that they feel that Kevin took the shares and ran (my paraphrase based on posts I’ve read). Yes, on the surface it looks that way, but those who know Kevin and know the situation know that that is not at all what happened. Kevin was offered and accepted a job at Microsoft that is very demanding on his time and required all of his attention, so even though most of the heavy lifting had been done with MDMN, he could no longer continue as the CEO.

I know the situation better than most what Kevin had sacrificed to save this company and everyone’s investment. I also know that people seriously don’t realize how close MDMN was on multiple occasions to shutting the doors. They had no cash, no shares and were being hit with 2 lawsuits, both of which could bankrupt the company. It truly is a miracle that we still have any investment to speak of. That’s not hyperbole, that’s the fact. That is why I find it very difficult to read posts of ungratefulness and blasphemy from people who don’t know Kevin and don’t know the situation (obviously I’m not referring to you).

The road to hell is paved with best of intentions.

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I have no idea if Goodwin DID receive any shares which is why I haven’t referred to him. I did and still do think he should not only get the boot but also be forced to relinquish all of his shares. All of the previous directors of AMNP and MDMN are simply different shades of sleazy grey.

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Rick,

You seem to have much better knowledge of the situation because you took the time to talk with Kevin and others to get that clarity. You clearly don’t have a problem with this situation, and so, knowing you as I do, neither do I. Thanks for doing the DD, as you always do, so that I can remain the lazy bastad that I tend to be in regards to things of this nature! Onward… :slight_smile:

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Thanks Rich. The amount of compensation the BOD took for their efforts and how they arrived at that figure is certainly debatable and won’t ever be settled in a stock forum where we aren’t privy to that information. I believe the opinions expressed by shareholders on that subject are probably correlated to how much a shareholder knows or feels their work or the results merited compensation. I’ve posted the rationale on why they were compensated in Auryn stock. I haven’t heard anyone counter those arguments with a practical or feasible alternative…only that they felt it wasn’t right and they should’ve issued MDMN stock (which I’ve pointed out wouldnt leave enough available for MDMN to fund remaining debt and expenses).

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he should get paid he saved us from them! Anyone else want to step in and do what he did?

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Rick I do not dispute any of that and like I stated before I have no problem with compensation. I simply think it is nuts to compensate him and Gary Goodin with Auryn stock and disassociate their performance from MDMN’s stock. They worked to save MDMN and they should have the confidence in their accomplishments and what those accomplishments will do for MDMN’s stock. Their compensation has nothing to do with Auryn. Like I stated before they are employed by MDMN, they are betting on MDMN’s success based of their efforts and their compensation should be directly related to MDMN’s performance and not Auryn’s. In my opinion it would be like a Mining company acquiring variety of mining stocks and then paying its executives with the only stock that does well since all the others were simply mistakes. The acquiring mining company would perform lousy because all the assets but one performed well and that one was used to compensate their executives . Their compensation has to be related to MDMN’s success. Yes I know in our case we basically only have one real asset left, but MDMN still needs to get all its ducks in a row before shares can be distribute to all shareholders which means debts have to be paid, other liabilities need to be wiped out and other assets liquidated as well. . It is simple compensation tied to what you are trying to accomplish and its success by providing a direct causational relationship to MDMN’s performance. JMO

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Why is this so controversial. Medinah’s only asset is/was 28.5% of Auryn. They were compensated in the only asset available, aprox. 3.5% of Medinah’s total assets. Seems like a bargain to save 100% of a company.

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The end result of what Rick is saying is that if they did compensate themselves with MDMN… There would be nothing left. No monies no stock, nothing.
Where would Medinah be then.
I understand that the value of what was given is truly unknown, that’s a gamble we deal with everyday when dealing with stock’s. I know I would much rather be paid in cash and let me be the judge of where I put it, but at this juncture it’s just not practical…

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It would be great if we had something substantially new to discuss, instead of dissecting the same things over and over again that we have no ability to change…

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My family has over $400k invested into Medina. We appreciate all the efforts Kevin has put into giving us a hope, that there is light at the end of the tunnel. Kevin deserves to be paid fair value for his time and efforts and no one should be complaining.

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There must be a magician here, my post disappeared :wink:

  • Directors receiving shares in Auryn for compensation is okay with you
  • Directors should have taken Medinah shares as compensation
  • Directors should have received no compensation

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anyone ever think maybe they took auryn shares cause all of it will turn into auryn shares on day?

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I will drop the subject, since I guess no one seems to understand I have no issue with compensation for KT. I have only issue with that compensation being Auryn stock for number of reasons. I am a strong believer in management by objectives and in this case the objective was to turn around MDMN for all shareholders except those complicit in the fraud. Yes the company was saved, yes they basically recovered the preferred, but no they did not get back what cut shareholders investment more than in half. Management reward should be tied to the success of MDMN and not the success of Auryn, if people can not see that executive reward should not be one up on shareholders and that is why they usually get restricted stock in the company they work for I give up. The other point Goodin should not get any compensation for failing to live up to his fiduciary duty and he should resign and return all his assets associate with Auryn, MDMN, ANMP, etc. I said my piece and I do not need any consensuses from a poll to know what is right and what is not!

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