MedGen Inc (MDIN)

[WiscoDish]

VNDM issue - EXPLAINED

MDIN went through a TA change in 2011. At that time, several restricted certificates went unaccounted for and were switched from restricted to free trading. Now each day more shares continue to hit the market via VNDM. He is selling new shares folks, AKA dilution. This email I got from Ray awhile back explains it well. Keep in mind that there are likely more shares out there than Ray mentions in this email, as they are still investigating. Plus we all know VNDM has been here since October 2012 selling fresh shares.

Quote:
As you know we have been investigating VNDM, and I have some pretty ugly news... So as it turns out there are a few restricted certificates that had themselves registered to be free trading during the move from old TA to New TA in 2011 and therefore were put down as restricted when they are now in fact free-trading. There's also a couple requesting journal removals now which we are told legally we cannot refuse without creating legal liability. So, there's about 45 million shares that hit the market unknown to us…(kind of explains VNDM…) and another 25 mil that is not sold yet but was already re-issued, and 9 mil that we will likely have no choice but to free up next week. Of the 45 mil we do not know how much has been sold yet (I assume all of it…). The 25 mil is not enough to kill us but is probably why VNDM is on the Offer right now.