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Last I heard it was some folks loaning money with no quid pro quo's. MDMN is maxed out, they can't really dilute much more unless the authorize more shares and/or do a reverse split. I don't think either of those will happen. If they did, the shareholders would grab pitchforks.
I think Mr. Tupper is being altruistic and genuinely trying to help MDMN and other investors. Clearly, complaining to the SEC, filing lawsuits, and general whining are not going to help this company. He chose the best option available, get involved and see if he can affect change from the inside. Taking no salary or shares to wade into this fetid swap speaks to his character. He may become disillusioned but I think that at the very least, he provides short-term stability, a voice of reason, and calm in the midst of the storm. It will take years to determine if this was the right choice. Hopefully he can help the retail bagholders recoup some of their losses. Auryn will be the deciding factor here - if they want MDMN to die, MDMN will die.
To his credit, he's serving with no compensation in a volunteer capacity. Unlike some of the other clowns who have gravitated towards board positions at MDMN, this guy sounds like he actually wants to help the company move on. I applaud his efforts, but fear they will be in vain. Les has so thoroughly destroyed shareholder value and the MDMN name, I think Mr. Tupper will have a massive uphill battle ahead of him. I suppose he'll have to stop posting on the message board now but maybe not...
If rumors are to be believed, Les admitted to forging documents that allowed him to illegally issue 1.6 Billion shares to himself and his cronies, falsified the financial statements (these were useless anyway so I consider this a moot point), and sold the illegally issued shares to unsuspecting shareholders thereby diluting MDMN stock by over 50% and pocketing the proceeds. Seems like stock fraud to me but then again, this is a stinky pinky desert dirt mining scam so maybe everyone should have expected this type of behavior. Shareholders are holding on for dear life hoping Auryn will be the knight in shining armor but based on my DD (which thus far has been spot on), I think differently.
Well hallelujah and pass the brandy!
Yup and it isn't looking good on the news front. I don't even think a "binary event" would move the needle much. There are too many shares out there and someone is still unloading them. Until that well dries up, the downward spiral won't stop. Next stop, trip zeros.
What a gift...if this gets to the trips...life will be good...rainbows will rain down MDMN shares...unicorns will fart continuously producing clean, renewable energy for the planet.
Apparently Auryn is now in production with a stated goal of 5000 ounces by the end of the year. Les Price has been exposed for the fraud that we've always known him to be but nothing has been done to him so I suspect he's still selling what few shares he has remaining. MDMN is retaining legal counsel at an estimated cost of hundreds of thousands of dollars. Company insiders are fronting the loans to pay the cadre of legal eagles. MDMN is in the doldrums and drifting lower. Same old scam, just a different song and dance to keep the shareholders, most of whom have lost an assload of money, placated while the marionette puppet masters figure out their next move. There isn't much blood left in this stone but the con artists behind this egregious stock fraud will surely get all of it out before they toss the shareholders to the curb and laugh all the way to the bank.
Someone is still selling this garbage. I suspect it is Les or his cronies. Amazing that no one has tried to get his accounts frozen. What is even more mind-boggling is that someone is obviously buying this crap. MDMN truly is a dumpster fire.
$0.0081/share will the good times ever end?
More Shares for Less Money!!!
Fantastic, then you would advocate shutting down the OTC and Pink Sheet markets. On that we agree. I say eliminate the fraud and fraudulent companies like MDMN.
The SEC may allow it but they are not complicit in the fraud. The reason the OTC and pink sheet markets exist is because a certain class of investors have an insatiable desire to take huge risks and want to make tons of money without working for it. They clamored for an unregulated exchange under the guise that small companies like MDMN wouldn't be able to exist if they had to jump through all the hoops that legitimate companies have to endure. The stupidity of these investors bred a whole crop of stock fraud experts and insiders who realized they could take advantage of the situation and promote scams like MDMN to make themselves boatloads of cash. Investors willingly flush their money down the toilet and these cats get off, not because the SEC is complicit, but because the investors wanted the very exchange they not despise because it was the medium that caused them to lose money. I blame the ignorant investor class - the SEC just gave them what they wanted. MDMN is no different than the other scams - it just took a lot longer to con people out of their money. I have to say, MDMN may be one of the longest running scams out there.
The SEC doesn't give a hoot about scams like MDMN. The dumping billions of shares on unsuspecting shareholders who chose to invest in a company involved with a known con man happens all the time. MDMN is not, nor will they ever be, a reporting company and therefore, the standard securities rules don't apply. The risk you accept when dumping money into the pink sheet/OTC toilet is immense because you are hoping for huge rewards. Imagine if MDMN had actually issued shares to explore the property not line insider pockets? Imagine if they had actually found economical gold/minerals on the property? Imagine if they had notified shareholders in a timely fashion? Imagine if they hadn't lied on their financial reports and actually paid money to become a fully reporting company? Imagine...
The money is gone, the SP most likely will not recover and I'd venture to guess we hit .001 or lower. There is zero interest in investing in this garbage and there are so many people lined up to get their piece of the pie IF Auryn ever pays anything out that the average retail shareholder will never see a dime.
The real problem is the cult nature of this stock. The current shareholders will hold on until the bitter end - no one will learn a lesson until the money is actually all gone and hope has left the building. Even then, some will never learn. This happens all the time in the pink sheets/OTC and will happen until the SEC actually gets serious and shuts it down.
Some of us have been asking why MDMN never spent the money to produce audited financials. The answer was always that MDMN operated on a shoestring budget and just couldn't spare the money.
How much was that going to cost again? Probably not 1.6 Billion shares!
No one will take MDMN seriously. We are one more stinky pinky scam that will be tossed in the ash in of history in short order. Les will die before he returns one red cent to shareholders. MDMN exemplifies dead money. The only thing that will make it more dead is an SEC suspension.
...and you probably don't need to look far to find his cohorts. I doubt this investigation goes anywhere. Sure MDMN has some crackerjack legal team that is going to cost hundreds of outs ands of dollars but I wouldn't be surprised if even after two years of paying lawyers, nothing happens. Les is no amateur at stock manipulation and my guess is this goes a lot further than him. He doesn't want to go to jail and neither do his lackeys. Nothing will happen...nothing.
This spiritual journey has been enlightening and frankly one of the best examples of BOHICA I have ever witnessed. Does anyone really know how many shares Les still has available to sell into the market? Assuming this has been going on for 6 years, Les would have had to unload 1,058,201 shares per day for each of the the 252 trading days in those years. That is a ton of volume and I suspect on some days he was able to unload a lot more. But if he didn't get rid of all his stolen shares, is he still selling them? Why haven't his accounts been frozen or at least the remaining shares he has confiscated?
Maybe the continued selling by les is all designed to continue show shareholders the path towards enlightenment where everyone buys high and sells low.
Decisions... Decisions... Decisions... Please pass the gruel... Everyone has different tastes in gruel... Some like it hot... Some like it cold... Some like it while they are selling MDMN... Some like it while they are buying MDMN... Each Investor... must... make up... their... own... mind... about how... to eat... their gruel... Subpenny... or multiple dollars... all must... make...a decision... to buy... sell... or... hold... their blessings... or as I like to call them... MDMN shares... To each his own... One must make hard choices... but with men like... Lester... JJ... and other... men beyond reproach... who needs enemies... when you have... friends... like... these...
Apparently Auryn doesn't intend to actually quantify reserves. If this is the case, they should probably rethink that decision. Do they honestly think that big mining names are going to be interested in a completely unproven property with no defined reserves? I don't care how good your connections are, the mining business is about taking appropriate risks, not crazy ones.
We're hitting sub penny prices. The damage is done. I can't see this climbing out of the basement for a long time. With 3 billion shares out in the market and a lot of uncertainty with regard to share clawbacks etc., even a reverse split would be off the table.
Remember when some of us were asking for MDMN to clean up its books, get audited financials, and become a fully reporting company? Boy were we ever chastised for even considering such an expensive and time consuming process. Can someone refresh my memory as to what the cost was going to be to accomplish this task? Let's see, Lester stole 1.6 billion shares at an average coast of $.01 (which is probably being really conservative) which equals $16 million. So what was the cost to make MDMN a fully reporting company...
Yeah, sounds like using the "shoestring budget" excuse and allowing Lester to rob you blind was the much better option.
Hey look, sub-penny. What a terrific buying opportunity!
I love it when companies toss out major names like Freeport Mcmoran. If they were really in negotiations, would they really tell people? Seems like that is information that they wouldn't want getting out until the deal was nearly consummated and even then, you'd probably want to PR something like that.
I know it was Auryn that tossed out the name but MDMN has done this in the past. There were rumored deals with majors that never came to fruition. Auryn may be different but I'd venture to bet that this deal never happens. It just stinks that the same old things are tossed out to placate shareholders.
Hundreds of thousands of dollars to hire lawyers for what? You can bet that those people loaning the company money are going to recoup all of that before the shareholders see a penny. Les hasn't even been sanctioned or had his accounts frozen. That scammer is probably still selling shares as fast as he can. This whole ordeal Is sad but pretty much par for the course when it comes to stinky pinky scam stocks like MDMN.
Grades 10x expected when it comes to mining companies is generally too good to be true. Even if that is the case, MDMN will never see any of the profits. The very fact that Auryn teamed up with MDMN and didn't discover the share structure malfeasance before they inked the deal demonstrates incredible naivety at best and downright incompetence at worst...or, they were in on it and got caught and are trying to toss MDMN and Les under the bus to cover their ass. All of it stinks to high heaven and to not admit that is a sign of being completely drunk in on the Kool Aid.
Remember, this is all smoke and mirrors to placate pissed off shareholders. Everything that MDMN management said at the meeting was eerily familiar to everything posted on the other forum for the past 6 weeks. None of it will happen, it's not supposed to. Does anyone honestly believe that stockholders are going to flush more money down a toilet to discover that they flushed money down a toilet? The logic is ludicrous. MDMN is done, the con men won, and Auryn isn't the white knight riding to the rescue. Yes this will bounce around but it's finished, there is no interest. No one gives a crap about the 25% interest in a private Chilean mining company. It isn't a world class deposit, never was. Maybe it is economical to mine but whatever gets pulled out certainly won't be sent to MDMN.
Can we please curtail our use of the ellipsis'?
There will be much fanfare and hoopla at this meeting. The share price will jump as more stuckholders trumpet the "value" of the information Auryn presents. Les, who has not been sanctioned by the SEC or BCSC, is probably still dumping what remaining shares he has on the market. However, like a smart little con man, I'm sure he's saved a good chunk of them to sell into the pump that will inevitably follow the informational meeting.
Just remember, when you buy any shares during the post-informational meeting pump, most likely you are buying a bunch of them from Les as he attempts to squeeze the last bit of blood out of this decaying turnip.
Some integrity huh?
JJ is a con man. If he is an attorney, he's probably one who chases ambulances and defends used car salesmen.
I heard the piano man is coming back to play the entertainer throughout the presentation.
If you want my honest opinion, I think Dr. Kleen, the dentist, and Les are all going to get up there and try to perform the Jedi mind trick on the shareholders. Last time, all the con artist JJ had to do was pat his breast pocket, dab away some tears, call the shareholders family, and softly whisper "done, done, done" in their ears. Ah, sweet nothings that they all dutifully lapped up. This time, I think Les shows up in Juicy Couture velour track suit, the dentist shows up in some mining garb and the Kleen will be wielding a video camera. Then they'll tell lies and everyone will cheer, and the con will continue...
I wonder if the MDMN presentation will consist of the following word association games:
(1) Fraud
(2) 3 Billion
(3) Les Price
(4) Scam
(5) Vacant lot
Shareholders could shout out the answers in unison and come to a consensus. That should take about 5 minutes. They could then spend the next 55 minutes lighting torches and sharpening pitchforks. When they are all good and lathered up, the MDMN BOD could open it up for questions. Sounds like a riot, who's bringing popcorn?
Yes, the nefarious cast of characters behind this scam are on topic. Les and JJ were publicly associated with the company and therefore are on topic. All attempts should be made to root out the corruption and malfeasance in this investment.
There is no value in MDMN anymore. Even it's place as a holding company will be an annoyance to Auryn. MDMN is like a bad case of herpes; once you get it, it never goes away and always flares up at the most inopportune times. However, this time, I think Auryn may have found the cure and it isn't Valtrex. They own the property, know MDMN is run by fraudsters, and will usher them to the door shortly, most likely slamming it hard enough that it will hit the BOD and all the shareholders square in the a**. Auryn has no use for MDMN, it is a worthless shell populated by petulant shareholders. Why would any sane management team want to keep it around? The answer is they wouldn't, ergo, they will find a way to jettison the dead weight.
Yes, there is a much larger story behind MDMN. A large story of fraud, shareholder abuse, theft, dishonesty, greed, and general corporate malfeasance. Contrary to your rosy picture where unicorns dance on streets made of gold whilst sucking down gumdrops and partying with smiling Chilean pear farmers, the real story is much darker and most likely will not have a happy ending. MDMN is a holding company at the mercy of Auryn which, if they were savvy businessmen, would jettison this heap of crap as fast as possible. What possible reason would they have to put up with a bunch of irate shareholders who have been bent over and screwed 9 ways to Sunday by Les and his cohorts? Who needs that drama, whining, and potential lawsuits when they already own the property? MDMN is nothing more than a bloodsucking leech that provides zero value to Auryn. There is no reason to keep them around unless Auryn is into 7th century medicine and think hanging on the MDMN will help drive out the evil humors. I suspect they have a large shaker of salt and will send MDMN to the ashbin of history in fairly short order.
That trade is absolutely comical. The spread on this thing is silly. Whoever is doing this is throwing money right down the toilet.
iHub always gets pilloried by all other cult forums that don't want to deal with the truth behind the pink sheet markets and the con artists who run the scams. Inevitably, every poster who does not agree with the company PRs or defend management is branded with the letter B and subsequently lambasted on alternative forums. I've seen this time and time again and I'm sure Janice has lost count of the times when those "evil iHub" people were right and the shareholders were wrong. Yet all of us who perform DD on our own and refuse to accept the company line inevitably end up being the bad guys and generally remain so long after the scam disintegrates and the shareholders slink off. I will give props to HR; he is the only "shareholder" who has admitted that maybe some of us folks here weren't completely off our rockers and made some good points.
Les Price has been a scammer for decades. His association with this scam should have been the only red flag needed to know this wasn't going to end well. But when you throw gold and the promise of untold riches into the mix, a shyster like Les price doesn't seem so bad. He played it right - MDMN was the ultimate long con. He's got people who have been in for years and instead of admit their mistake in light of clear fraud, he's got them continuing to hang on for "claw backs" and litigation. The informational meeting will certainly be interesting and I hope sheds light on the future of MDMN. I just don't see a very bright future with 3 BILLION shares outstanding and little leverage over Auryn and Masglas.
This one:
http://aurynmining.com/auryn-medinah-informational-meeting/
Should be a riot, especially the MDMN portion.
The anger is still strong but the rationalization will begin soon and be in full Stockholm Syndrome mode following the informational meeting. The dentist has already begun posting long-winded diatribes about how the market baked in 1.6 BILLION fraudulent shares. Others are ensuring that shareholders remain diverted from the massive scam and focus on production etc. Les appears to be laying low but my guess is he's got a great excuse cooked up and will serve it up to willing shareholders as soon as they put the pitchforks away. This scam isn't going anywhere - every shareholder is in the red and all they can do is hold on which is why this turd isn't in the trips. Auryn and Masglas are the last hope and I think they will drop MDMN like a bad habit and mine whatever they can and keep all the profits. Shareholders are f***ed; the faster they figure this out, the better.
I wonder if Auryn and Masglas think they were "buying right" when they were acquiring shares of MDMN? Either they knew about the fraud or they were woefully deficient in the DD and got suckered like all the other MDMN shareholders. For the record, I don't think they bought shares on the open market...I think they got a sweetheart deal on their piece of MDMN and are going to make out regardless. So I guess they were "buying right"; too bad the rest of the MDMN shareholders didn't get that same opportunity but instead got ripped off by Lester and his traveling circus. The talk of lawsuits is making the rounds; break out the popcorn, this should be a fun winter.
More shares for less money!