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Old 12-28-2013, 10:28 AM
 
779 posts, read 969,213 times
Reputation: 213

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Next worthless stock?
MDNT - MEDIENT STUDIOS INC

as of close, 12/27/2013 (NASDAQ - OTC)Last 1.40 cents Change down .015 cents. Day High 1.79 cents Day Low 1.31 cents. Volume 6,100,465.. 52 Week Hi $ 3.00 ..52 Week Low 1.21 cents.

Last edited by counterclockwise; 12-28-2013 at 10:39 AM..
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Old 12-28-2013, 11:05 AM
 
7,126 posts, read 11,638,832 times
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I had an interesting conversation last nite with one of my best friends on the subject of the IDA loan to Medient Studios. I expressed my shock as to how an agency of a city or county would have such power to
extend a bond issue of this size without having an in-depth knowledge of the underlying business. His response? Happens all the time. All across America and especially with members of these types of agencies that know diddly about who they are giving this money to.

So, what really is the background on the due diligence the board performed on giving 1500 acres away and a mega loan they can draw against? No rent for 2 years. This is a company that a simple Google search shows a historical record a kid in 5th grade would understand and grade a "C" or less.

Anybody know the answer?
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Old 12-28-2013, 02:45 PM
 
779 posts, read 969,213 times
Reputation: 213
A Medient Stock (MDNT) promoter.
Meet Tobin Smith: The Dubious Stock Pitchman Fired From Fox News | Blog | Media Matters for America

Excerpt: Other stocks that Smith promoted to conservative newsletter subscribers paint a similarly rosy picture of volatile companies with low share prices. At least two stocks are now virtually worthless: BOLDFACE Group closed yesterday at $.06 and IceWeb closed at $.02. Two other companies, Plandai Biotechnology and Replicel, are both trading at between approximately $.50 and $.65. And Medient Studios is trading at near $1 a share.

Note: Medient Studios closed Friday Dec 27 2013 at 1.4 cents.....
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Old 12-28-2013, 06:14 PM
 
779 posts, read 969,213 times
Reputation: 213
Nearly worthless stocks tax advice.
Claiming a Loss for Worthless Securities
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Old 12-29-2013, 09:57 AM
 
779 posts, read 969,213 times
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Medient Studios stock price history.

MDNT Historical Prices | MEDIENT STUDIOS, INC Stock - Yahoo! Finance
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Old 12-29-2013, 06:02 PM
 
Location: a primitive state
11,368 posts, read 24,333,688 times
Reputation: 17366
Quote:
Originally Posted by counterclockwise View Post
Nearly worthless stocks tax advice.
Claiming a Loss for Worthless Securities
That is nearly worthless advice.

So they're trading this stock at a very high volume, yet nothing is happening. What will trigger a delisting, since it's been languishing for several days at this price?
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Old 12-29-2013, 07:02 PM
 
779 posts, read 969,213 times
Reputation: 213
Quote:
Originally Posted by ellie View Post
That is nearly worthless advice.

So they're trading this stock at a very high volume, yet nothing is happening. What will trigger a delisting, since it's been languishing for several days at this price?
It doesn't qualify for delisting. It is already a "Pink Sheet" stock where a lot of companies go when they go belly up.. Read some of the links in my posts. The stock may well go below a penny to partial cents for example : .00012 cents. That's $0.00012. That is why they can afford to give it away. That would amount to 83.334 shares per penny. (I wonder if they gave any of the Effingham IDA members any Medient Studios stock back in June and July 2013 when it was trading for over $2.00 )

Last edited by counterclockwise; 12-29-2013 at 07:18 PM..
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Old 12-29-2013, 07:50 PM
 
7,126 posts, read 11,638,832 times
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I have a lot of frustration in trying to understand how this came about and where it stands right now. Since I have no skin in this game and don't live in Ef em county ... I'm adios.
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Old 01-04-2014, 09:30 AM
 
779 posts, read 969,213 times
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IDA OKs new bond package for I-16 northern tract
By Patrick Donahue Editor pdonahue@effinghamherald.net

POSTED: January 2, 2014 9:29 p.m.

The Effingham Industrial Development Authority approved a restructured bond package last month as part of its financing for the purchase of the I-16 northern tract.

IDA members approved a bond package of $4.455 million, and the bonds were validated Dec. 9, three days ahead of the scheduled closing.

Bond attorney Tom Gray advised IDA members at their November meeting that their parameters were not to exceed $6 million and that they likely would issue bonds for less than $5 million.

As part of the Medient deal, IDA attorney Ted Carellas said the IDA had to buy back some of the bonds it had issued. Doing so, he pointed out, would allow the IDA to stay in the good graces of the Internal Revenue Service. It prevents, according to Trey Monroe of Merchant Capital, the authority from having a $1 million problem.

“It prevented any kind of problem we could have with the IRS,” he said.

Tax-exempt bonds carry a lower interest rate, and taxable bonds carry a higher interest rate.

The new taxable bonds, said Monroe, will replace tax-exempt bonds issued in 2011. To do that, the IDA had to perform a bond offer.

“It was successful,” Monroe said. “We do have commitments from enough investors.”
Medient Studios will build a movie/DVD/video game production facility on the 1,550 acres of the I-16 northern tract. It will lease the property for 20 years, with an option to buy the land at any time during the lease.

The IDA didn’t know how many bonds it would be buying back at the time or what the rate would be, Monroe added. The IDA needed to do a supplemental resolution, with the interest rate and debt service included. The authority’s overall debt service will be increasing by about $65,000, Monroe estimated.

“It was a good problem to have, given the project,” he said.

The IDA issued $39.995 million in taxable and tax-exempt bonds in August 2011, with $16.81 million in tax-exempt status and $23.185 million in taxable bonds.

IDA Chairman Dennis Webb said last month the authority was aware it may have to push some tax-exempt bonds into a taxable status.

“We discussed this originally that this could be a problem down the road,” he said. “It’s no surprise.”
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Old 01-14-2014, 08:09 PM
 
779 posts, read 969,213 times
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Update: Medient Studios (MDNT-QB) Jan 14, 2014 close at 1.7 cents. High 2.3 cents Low 1.6 cents down .54 cents. Volume 11,003,949 shares.
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