Beth,
This story could easily be repeated many times over on this board. The person who recommended this stock to me has taken it on the chin just as I, you and many, many others. This "investment" was to take her out of the financial malaise she was in.
I actually discovered Medinah on my own. However, based on the language used in their pr releases, no capital, just forward looking pump and dump statements, it was clear to me that's all it was. So I stayed away from it. Well, until about a year later when my friend, who is truly brilliant and has all the credentials as described in the aforementioned post, recommended it to me.
I did not believe her at first. But later, because of my deep respect for her, decided to drink the cool aid and jump in. I then made the fatal error of recommending it to others.
I have told my friends who lost money on my recommendation that I would cover their losses. There were few who actually made money trading. I was scolded by my friend who recommended the stock when I suggested based on chart patterns, it was a good stock to trade. No, NO, NO she would say. This is one to hold.
There are tailings worth billions she would say. You could pick up rocks with gold right off the ground. My head would spin as I heard these ridiculous statements. Finally, when things did not pan out with the Swedish meat ball, and it all kept sounding like a pump and dump, I recall my frustration as I suggested over a long period of hold that JJ should be ousted. I suggested we should get experts in mining and send ore to the refiners and sell gold if it was so plentiful.
Well, she would say, JJ is the company. He saved it from ruin. He and his father wrote the mining laws in Chile and are very respected attorneys. JJ is up and up straight man, well thought of and honest. This went on the entire time I held until one day she asked I stop sharing her emails with my friends and later she began to get over the investment and over herself with this whole shenanigan.
The lesson here is when your gut tells you it is a bad deal, then ask your head if it is or not and follow your head, not your friend's.
How the insiders wove such tales is beyond me. Incredible that I did not follow simple rules of investing and ignored my better sense for another's idiotic sense.
I will predict there will not be any significant event that will add value to MDMN stock. Rather we will continue to see losses. Medinah is tied to Auryn and its success. I see Auryn going down the same path. NO SIGNIFICANT MINING WILL TAKE PLACE, certainly not enough for MDMN to be worth anything.
Let me ask all of you a question. If Auryn did not catch this unusual insider trading activity during their due diligence, why would I believe its board is any more capable or any better than the previous jokers at Medinah.
If they missed this activity, why would I not believe they missed other material items. I have been criticized for bringing up questions on Auryn and its intent. Time will tell if I am blowing hot air or if there is smoke there is most likely fire.
When the piano man and the guy from SLC bolted, it was time for us all to jettison.
