Beth and Rick,
I fully understand your ire Beth at the craftsmanship that is always evident in these updates.
Mixed signals and messages that are left with wide open gaping holes are the norm for this crew. The verbiage always seems to be carefully assembled to keep the shareholder at bay.
I am more surprised at your reaction to Beth's frustration Rick. Given the uncanny similarity of this update to previous ones, the feeling that,at least, speaking for myself, the BOD has the hook in my nose and pulls every now and then just to make sure that I have not cut bait and run away is ever present. I think honest shareholders will also admit the same.
That is how these silly, third rate, cut and paste, well crafted messages, they call, updates have come to be interpreted as by me and possibly by other shareholders. Not that I ever really believed the stuff, I'm just saying, most of the updates really left me incredulous on many counts, as Beth and others have also commented.
Dennis Tenney was ostensibly brought on board to open and loosen JJ's fist, tighten Medinah's ship and guide and navigate it through these treacherous waters of the mining world, without any previous mining industry experience, (to my knowledge).
Time will tell, albeit a short time from now, whether his efforts were productive. No argument about the need for consolidation of ownership, etc. but if this update were the first or one of the first updates in the company history, perhaps there would be less jaundiced view of this latest, but this type of bone throwing has been going on too long, and an update item that looks, feels, walks like a duck, most likely is a duck.
I am however of your camp that if I were one of the BOD who had the assignment of being at the AGM, would not want to be in attendance, if I did not bring with me a fully deliverable product and set it on the long awaited table of feast for shareholders to partake. Talking about ire, my expectation would be that I would prepare myself to be tarred and feathered by those present, if I came with similar news as in the previous AGM.
I think due to a lack of any meaningful, [in the sense that nothing has been monetized and the share price reflects shareholder sentiment of lack of ability on the part of the BOD] progress for such a long period of time, it has been the modus operandi of the BOD to think in "strategic" terms vis a vis the shareholder updates, instead of producing value for the shareholder.
I mean, really, I can see a conference call between the players at various intervals to conspire as to what and how...do we tell them, the shareholders, next. As Beth alluded, a competent counsel would be able to guide the BOD on what and how much to divulge without losing our "strategic" partner for good.
So I encourage the company officials, absent a conclusive, signed, sealed, money, or serious and substantive consideration transferred to Medinah's control/treasury, prior to the AGM, to cancel the same, and start all over again, until such time as the JV agreement is ABSOLUTELY secure. No need for a dog and pony show to hash and rehash the same minutia.
If we have no agreement, then let the share price sink further. Those who are still long will cover their losses in other trades or, if there is a real and long term play, the sp will eventually recover to reflect the true value of the assets. But be honest, and cut the crap of all the stupid third rate governance and so called updates, and either pull it off, or get off the pot and let the ship sink, and or hand the reigns to competent operators to monetize the mountain, if it is financially feasible to so do.
