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Re: ErnieBilco post# 10727

Saturday, 07/23/2011 2:01:19 PM

Saturday, July 23, 2011 2:01:19 PM

Post# of 32960
I'm not going to get into a war on whether UYMG is a scam or not. I would like to point out several statements in your post that are dead on wrong. First, Duchess Capital got MCCC by way of default. It was public, but management defaulted on the terms of an agreement with Duchess and walked away. A large shareholder of UYMG, who is related to one of the officers, had a close relationship to the head of Duchess, which is how MCCC went from public to private and back to public (in UYMG) again. I have had several conversations with management and have looked through the filings, and, to the best of my knowledge, their has been no toxic financing. In fact, I don't believe Duchess has done any financing on UYMG at all. Their equity stake came about as a result of selling MCCC to UYMG. Incidently, Duchess is a first class, $300 million fund that does very little in the way of investin pink sheet deals. They do offer equity lines, but UYMG does not have one.