We KNOW that Auryn communicated their written intent to Medinah to purchase MDMN common shares on the open market.
We KNOW that as of 2/4/2015 that Auryn's BOD and associates "hold" 150 million shares in MDMN.
We KNOW that Auryn has been negotiating the acquisition of 350 million MORE shares in certificate form in an all cash transaction.
Rick,
What is the strategy, purpose behind Auryn's interest in wanting to purchase 350 million shares ostensibly from JJ and or other insiders?
The above question begs another question. Auryn has entered into the option agreement to purchase 85% of Medinah for $100M plus 15% trailing interest being held by Medinah shareholders. Correct?
So, here is where logic escapes me. If I am an optionee, I hold the right to purchase the property at the stated option value. Why would I want to then enter into a separate agreement to expend any other funds. I already am entitled to make this acquisition. What gain would I have in this strategy? Spend more to make more? Control the entity? Isn't 85% controlling interest?
If the purchase and control of this block of 350M shares of Medinah is so important in executing on Auryn's acquisition and ownership strategy, then why would Auryn not have made such a purchase on the open market during the past year? They certainly could have owned more than 350M shares of Medinah by now if they simply made purchases throughout the past 12 months. Smaller daily/weekly/monthly purchases would have netted them even more than 350M shares in the aggregate. So why these tactics?
Again, I will give my own answer, and await your comments. My reply to my own question is that this entire process with Auryn is yet another chapter in the well crafted scheme by Les and his cohorts.
You and others have referred to the stellar reputation of the Letts family in regard to this transaction's credibility. I don't see how one member of the Letts family can ruin the entire family's reputation by being involved in a stock manipulation scheme in a pink sheet company. I am not suggesting that this is the case. All I am saying is that if that is the case, then how would it damage the Letts name? The answer is none. There will always be a black sheep in a family. But the dynastic reputation does not hinge on one insignificant member's actions.
Is there ever an end to the continuing saga of Medinah? Or will this method of milking the public take a new form every few years?
Bogdan, money is in the bank, money is in Chile, cash dividends, deals with less than credible buyers, ore is being shipped to the refinery on and on and on. Where does this all lead to?
This round of quiet period has me thinking again of the larcenous designs of Les and his past architecture of all the shenanigans he has perpetrated.
We have all but forgotten about the 25 million shares of Bogdan and JJ escapade. We have all but forgotten that all the bs about nda's being in force therefore no disclosure is forthcoming of any of the details of any of the past failed deals. All this and more.
'Nuff. Your comments, PLEASE!
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