RE:RE:Panama investigative Journalists ( ICIJ ) There were lots of financial shenanigans when the Mengapher deal was being being brokered and the BOD approval of that acquisition was accomplished by financial largesse arm twisting .....Tulum is a great example of hoed it was bought off with $12 million US of our money.
But, it is a fact that we have not met the qualifications for Board Independance for a decade or more.
Both Dickson and De Trintinian we're directors of Veris Gold when it went bankrupt in 2014.
This is an automatic DQ of those two , as being on the BOD of a company that went bankrupt in the past 10 years is a no no.
Yet those two are listed as two of our three independent Committee members.
The other chap would also fail as he has been frequently employed in a paid consulting role for MMY going back at least a decade
Dont forget also that these three frequently appear on the Compensation committee .
As you must know, our BOD has been all musical chairs for the same cabal for at least a decade...a recycling that is rare in public companies.
Throw in offshore accounts .....move along folks, there is nothing to see here...and your nares suddenly fell very close to anus rodentum.
Now, if we take those glossed over DQs and confirm that at least two of our Directors do not meet the qualification of Indeoendence ( ie they represent ordinary shareholders ) and then review their Committee involvement where stock compensation awards are largely inverse to the direction of the market cap, all of a sudden, a legal case arises that any and all decisions made by those incumbents can be challenged and reversed.
As an example, the sale of Mengaoher was at a loss to ordinary shareholders of about $120 million cad...about $0.35 per share ...basically wiping out a large proportion of shareholders equity at the time their positions were taken due to unrealistic projections if not outright lying of Mengaoher potential.
Now go back and check and you will find that management awarded themselves very rich options because they sold at a great loss an asset that wiped out most investors because of their incompetent due diligence .
Their mistake.
We lost a fortune.
They got rich options .
Despite all of that, they refuse to post the proxy voting results
Its an interesting story touching on potential fraud, blackmail, a titanic level of shareholder destruction by an incompetent and entrenched BOD that show no intention of admitting truly independent directors for fear of unwanted snooping.
It was all in the family too, with one brother in law of the CEO accusing him of keeping two books, and was eventually awarded a nice chunk of our cash, despite the CEO stating that Monument won the case.
So, that's the story line if you want to go with it..