Replies to post #78497 on Medinah Minerals (MDMN)

[Mining Investor]

Correcto mundo. There were more than 4 million preferred creating a debt to the shareholders of 400,000 US Dollars every year to Price and friends.

Before they were cancelled and all the rights with them it was over 2 million dollars. Share conversion for that would be another 500 million shares at the .004.

[Hurricane_Rick]

And if any shareholder chooses to do the simple math, those 200-300 million shares at .005 per share equated to $1-1.5 million. Not chump change to a company that was teetering on the edge of bankruptcy. It was more than enough to cover the legal bills needed for the share recovery and keep the company solvent - much to the dismay of Les Price and his minions.

And that doesn't even include saving the company from the 10% per annum interest rate that was tacked on to the preferreds.

[Goldstrike]

Quite right Beth. The aim of Price was to collect his ill gotten money and to destroy MDMN in the process.