Message from Hurricane_Rick
# 73537
“I'm sorry Minichiello, but I simply don't have the time, nor the interest, nor the patience to continue discussing this silly, infinitesimally pointless minutiae about MDMN while truly important developments surround and affect this company.”
I understand.
Where I’m going with this is to understand the lack of professionalism, ethics and morality that the Board of Directors exhibit and how it affects the company in its day-to-day and long-term business development. I believe that the future for Medinah will be the theft of a large portion of the $100M option money into the pockets of the current Board and their cronies. I don’t know how this will happen but I smell it on the wind and I want to see if I can help prevent it.
I suspect that Les Price is arranging for an Ulander corporate move to occur very shortly after the exercise of the option. If you recall, Ulander raised $75M USD for a company on the strength of a number of bogus deals, included was the Lipangue option, and very shortly after receiving the money transferred the money to several other companies where he had a vested interest. None of the money was recovered and Ulander’s group had their profit. I don’t want this to happen to Medinah and its shareholders.
To help prevent Medinah being defrauded I need to understand the inner workings of the Company and if there is anything shareholders can do before the fact. The law will be the weapon we can use and the conduct of the Board should be our target. Perhaps a formal complaint to the S.E.C. is in order as they have the ability to compel answers from the Board. I personally think that every North American member of the Board should be replaced. I don’t think that any of them are interested in the financial welfare of the shareholders and that they only have an interest in their personal wealth.
I understand Kyle Kirkland was sent a letter discussing a legal issue that Medinah is currently involved in and he resigned 6 weeks later. Was this letter the reason he resigned? I don’t know but the timing seems to suggest it might have had something to do with it. Perhaps personal liability issues as a result of Board membership and a distaste for the manner that Medinah was managed were the deciding reasons for leaving. Again, I don’t know. Without question Mr. Kirkland was the most professional corporate person and the most financially aware person that they’ve ever had on the Board and that he left shortly after receiving the letter suggests a cause and effect. Perhaps this was an example of the power of understanding securities law.
Is the bank account a big deal? Not really but it signals how Medinah is run. I suspect that the Medinah Minerals’s bank account is in North Vancouver under the control of Les Price. I also suspect that only one signature is required to write a valid check – that being the signature of Les Price. If I’m right, is it not odd that someone who’s not a Director of Officer of the Company controls the money for the corporation? That this same person, on a whim, could write a check for the entire bank balance with no checks and balances on this ability? Who’s to say that the day after the $100M has entered the account that he doesn’t do a wire transfer for the entire amount to the Grand Caymans? Without proper checks and balances this could happen. What is the Board of Directors doing to prevent this from happening? Hiding from the shareholders in a dark hole? Being one of the three monkeys? Inquiring minds want to know.
