The suggestion that Lady Minax has been behind these things has been around for quite some time. Since as early as the original attacks on our lands so long ago, indeed, in the very first days of this entire terror. When the trolls attacked Vesper the very first time, everyone was taken aback upon hearing two of the trolls talking in english. Below is what they said.

...Eventually, the tide turned in our favor, and we pushed them back into the forest. G'Splat and G'Thunk were heard to call for help from some "Lady," but none was forthcoming. It seemed a very strange thing to do -- G'Thunk yelled, "Lady! No leave us Lady! Need Flee!"

Also, a mission or so Later, one of these troll brothers, G'Splat, died in battle against the citizens of Vesper. Upon his corpse, this note, written by an "LM" was found:

INSTRUCTIONS
Written by LM

I will write simply so as not to confuse thee. Remember that the "humies" are afraid of thee. They do not wish to fight thee. They only need to have proof of thine resolve.

Stay in the North.

Do not venture into Minoc or Vesper.

Place signs, so that the humies will recognize your claim.

Fight bravely and kill many.

Make sure the weapons and treasure are gathered together and stored at the location we have decided upon, lest
ye bring my anger upon thee.

I promise that the "humies" will surrender to thine overwhelming forces.

Remember to not mention me.

Above all DO NOT TAKE THIS NOTE INTO BATTLE.

Serve me well and I will reward thee as I had promised.

The writer of this note was never proven or found out. Most everyone simply forgot about this incident as the trolls did little after that, and G'Splat was killed.

Since that time, people have pointed to Minax as the leader of the Trolls, if not the leader of all the the evil in Britannia over the past Year. Indeed, the Trolls were the only group dumb enough to make the mistake of tying themselves in with an unseen hand. Perhaps it was their undoing that will finally enable Britannia to truly know who has plotted against the peace. My thanks to Shadowblade of Catskills, And Syrel Grenhame for pointing these out to me. These things have been mentioned by others over the course of the game... and to be fair I will mention that now. I'm sorry I dont have the names of everyone who's suggested this.

Also, Shadowblade metioned this, which I believe is the most telling piece of evidence in the Mondain vs Minax battle of interpretations...

P.S. ...I would like to add that I have received "official" word from a person at Origin that the place of UO on the Ultima timeline is parallel to soon after Ultima 4 in the true world, and that there was no Minax or Exodus (so far) in the UO universe.

I've not heard absolute proof of this fact, however, I've heard a number of people suggest this, with URL's to Websites of Ultima Lore backing them up. I believe it is safe for us to assume that UO 's slot in "time" is soon after Ultima 4. I also think it is safe to assume that neither Minax nor Exodus have shown up yet in the "UO timeline". Also, the fact that Mondain is dissected is further coaxing that perhaps he's unrevivable.