Medinah Minerals (MDMN)

[Toxic Avenger]

I take exception to the notion that MDMN's insiders are incompetent or make bad decisions. The only bad decisions I've seen are retail investors believing that the goal of those insiders was to make retail investors rich.

MDMN is no different than 99% of the pinkies out there. They are way overvalued and the only way to sustain the business is by extracting money from naive "get rich quick" investors. Banks, VCs and large investors won't touch a company like MDMN, unless it's to do a death spiral or otherwise virtually guarantee not only payback, but major profit.

We'll probably never learn how much money insiders have extracted, but it's certainly millions and likely 10s of millions. Certainly wasn't the first time and won't be the last.

Greedy and amoral? Yes. Sociopathic? Perhaps. Naive, stupid, incompetent, unlucky? Not a chance.