This thread is not dedicated to the strategy to beat Shadowguard, nor to the phat lootz, but to the fiction concerning the enemies that you fight during the encounter. For some of us this is important as well 
This is currently speculation of course, and it may be confirmed or superseded by future fiction articles and events.
Also SPOILERS!
So let's have a look at the minions of Minax that you face in Shadowguard:
1) Ozymandias. This name is found in old Ultima games in connection to the Lands of the Feudal Lords (Tokuno in UO):
- in Ultima I, the Pillar of Ozymandias was a landmark in the Land of the Feudal Lords. In UO the Pillar can be found in Tokuno as part of the currently running Time Gate event.
- in Ultima II, King Ozymandias was the ruler of Castle Barataria (in outer space... but formerly also located in the Lands of the Feudal Lords).
It seems that the devs drew inspiration on these vague hints to create an original character. He seems to be from Tokuno since the artifact named after him is an Obi. So I suppose that he's the former ruler of the kingdom of Barataria in Tokuno which was destroyed during the Shattering.
I also wonder if he's somehow related to Belo Ondariva, the warlord from Tokuno who was fighting for Minax back in 2004...
2) Virtuebane. The big bad green daemon was banished back through his corrupted moongate in 2011. He wasn't previously associated to Minax as far as we know, though both were looking for the Crystal of Duplicity. Some explanation as to how he became her minion is required...
3) Juo'nar. The green lich was killed when Dupre destroyed the black temple of Minax in Trinsic back in 2000. Of course, being a lich, his death wasn't necessarily permanent
4) Anon - at least we know from recent fiction how and why he came under the influence of Minax.
And then I guess that we have to fight Minax herself in the finale...
This is currently speculation of course, and it may be confirmed or superseded by future fiction articles and events.
Also SPOILERS!
So let's have a look at the minions of Minax that you face in Shadowguard:
1) Ozymandias. This name is found in old Ultima games in connection to the Lands of the Feudal Lords (Tokuno in UO):
- in Ultima I, the Pillar of Ozymandias was a landmark in the Land of the Feudal Lords. In UO the Pillar can be found in Tokuno as part of the currently running Time Gate event.
- in Ultima II, King Ozymandias was the ruler of Castle Barataria (in outer space... but formerly also located in the Lands of the Feudal Lords).
It seems that the devs drew inspiration on these vague hints to create an original character. He seems to be from Tokuno since the artifact named after him is an Obi. So I suppose that he's the former ruler of the kingdom of Barataria in Tokuno which was destroyed during the Shattering.
I also wonder if he's somehow related to Belo Ondariva, the warlord from Tokuno who was fighting for Minax back in 2004...
2) Virtuebane. The big bad green daemon was banished back through his corrupted moongate in 2011. He wasn't previously associated to Minax as far as we know, though both were looking for the Crystal of Duplicity. Some explanation as to how he became her minion is required...
3) Juo'nar. The green lich was killed when Dupre destroyed the black temple of Minax in Trinsic back in 2000. Of course, being a lich, his death wasn't necessarily permanent
4) Anon - at least we know from recent fiction how and why he came under the influence of Minax.
And then I guess that we have to fight Minax herself in the finale...