The Ulander comparison is not really a valid one as Ulander was previously a convicted criminal and was already playing shell games with his other companies and properties when ADL entered into the Amarant umbrella. Plus it was JJ who was enamored with Ulander, not the BOD, though they were certainly complicit or negligent in allowing JJ to move forward with him. Finally, Medinah was the only company/property that escaped from that debacle relatively unscathed aside from the opportunity cost and further damage to investor confidence and reputation. All other companies either got ripped off or all went bankrupt as a matter of course.
Regardless, anyone who has been following the tape knows that Auryn is no Ulander. Do you really think Auryn will ever relinquish or otherwise permit unfettered control of the $100 million to this BOD? I certainly don't.
Here is a timely exchange from another thread:
Question to Bald Eagle from Zotron:
So, I believe what you are suggesting is that Auryn will not advance monies to MDMN to purchase undervalued shares but will instead, continue to accumulate shares of MDMN while also adding BOD positions until they get control of MDMN. Upon attaining control they will then exercise the option, pay the $100million to MDMN and since they have control of MDMN they will in fact have control of the $100million.
Response from Bald Eagle:
"They could maintain control over the $100M by either:
a) A tender offer.
b) Achieving a controlling interest in MDMN through open market purchases.
c) A simultaneous RTO and Option Exercise.
d) Re-negotiating the $100M for shares of AMC/Maglas.
e) Earmarking the $100M for debt reduction and capex (restrictive legend)."
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