Sterling Mining Co. (fka SRLMQ)

[sanbrunobaby]

new site : sterlingminingcompany.com . gives historical information on the sterling mining story.

[sanbrunobaby]

1. Payments went out to all old Sterling stockholders of a few cents per share.

2. Hearings underway in lawsuit between old bondholders and new mine owners. So Sunshine Silver now probably won't or can't go public until next year. Maybe Dave Bond of silverminers.com might comment.

3. Amazingly the management that drove Sterling into the ground, (Roger Voorhees, James Meek)still around, Voorhees became director of Shoshone Silver for a while, and Meek apparently director of another silver valley company ( United Silver).

[NYBob]

Appears Minco Silver suit settled for $600,000. Next step how much payment to creditors, and from what is left payments later in year to old SRLM shareholders.

Next up September court case between old bond holders and new owners.

So doubt Sunshine Silver will be trading before the fall.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77055762

[sanbrunobaby]

Good Bye Sterling !

Last breath is court case with Minco Silver starts June 5th. IF aything left after paying creditors , understanding is would be paid out to shareholders, who knows maybe $.02 per share.

Roger Van Voorhees, last CEO, and James Meek, last CFO led group that took control in May 2008 and ran the 100 year old company in a short 9 months into the ground.

Good Bye Sterling !For shareholders quite a ride !

[maverick one]

Ouch I didn't have many. You can't win them all.

[eom7]

Lost a little credibility here.

[monda2frida]

SRLMQ Sterling Mining Company Common Stock 8/12/2011 100 Plan of Bankruptcy Effective. All shares have been cancelled. Deletion time: 13:51:30 **

http://www.otcbb.com/asp/dailylist_detail.asp?d=08/12/2011&mkt_ctg=ALL

[maverick one]

I'm in this, thats all I can tell ya. :)

[Star Gazer]

What kind of deal are we talking about?

Keeping the company whole?

[maverick one]

It's shark attack time all July and loving August so far...:) Got to love it under .04 pennys.

[maverick one]

Hey Bob been following this as well, heard there was some form of deal down in Boise. Wouldn't that be something to see this come back? I am betting they do exactly that buddy.

[Star Gazer]

Hey NY Bob,

I just recieved the SRLMQ "Modified Third Amended Plan of Reorganization" Ballot to accept or reject the plan. Have you seen the plan and do you have any thoughts on it? Does it retain any value for tthe shareholders? Thanks for any insight you may have.

GLTA,

SG

[eom7]

Is there any play here?

[NYBob]

Sterling Mining Co. (SRLMQ)

its a complicated case -

e.g.,
read more info below in detail -
I don't have all details but an
ex..

Sterling's biggest asset is a lease and purchase-option
for the Sunshine Mine,
which is owned by Sunshine Precious Metals Inc. SPMI,
owned by Robert Mori,
opposed including the lease in SOP's winning bid
on grounds that the lease was invalid and belonged to
SPMI.

and if the lease was terminated -
how can the buyer receive any rights to the ownership???
btw.
US isn't 100% ussr bolsheviks 0-administrations evils yet? -
some PEOPLE may still have some RIGHTS -
still over riding the nwo 666 khazar banksters evils ?


COEUR d'ALENE - A U.S. Bankruptcy Judge approved the sale of the historic Sunshine Mine near Kellogg on Thursday.
Posted: Friday, May 7, 2010 10:05 am

http://www.shoshonenewspress.com/news/article_e80d77f8-59fa-11df-8ad4-001cc4c03286.html

U.S. Bankruptcy Judge Terry Myers, of Boise, ruled that Sterling Mining, which is reorganizing under Chapter 11, be allowed to sell its stock and assets, with its primary asset being a lease of the Sunshine Mine, with an option to buy the silver mine.
*

Those will now go to Silver Opportunity Partners LLC, which bid $24 million for Sterling's stocks and assets late last month.

"We think it's an appropriate ruling," said Mark Wallace, SOP transition director. "We're excited about being the owners and good custodians of Sunshine Mine and in developing it in the right manner."

Wallace said SPO, owned by the New York-based Electrum Group of Companies, a worldwide investor in gold, silver and platinum mines, doesn't have a timetable should it get the mine operational again. Sterling Mining filed for Chapter 11 protection in March 2009, but ceased operations in September 2008 due to the economic downturn and financial challenges.

"We want to make sure we are perfect custodians and it's developed the right way," Wallace said. "And that means being patient, being deliberate, and frankly not over-promising."

Sterling's biggest asset is a lease and purchase-option for the Sunshine Mine, which is owned by Sunshine Precious Metals Inc. SPMI, owned by Robert Mori, opposed including the lease in SOP's winning bid on grounds that the lease was invalid and belonged to SPMI.

Myers said at the Federal Court Building in Coeur d'Alene that the lease should be included and the sale could go through, which includes a $5 million lease purchase agreement for the mine.

Wallace said they plan to exercise that option, and will be analyzing the mine from several perspectives - safety, economic and environmental - for potential exploration.

"We were all optimistic," said Joe Guardipee, the mine's foreman, outside the courtroom. "We all believed he would rule in Sterling's favor because it was the right thing to do."

The mine is under care and maintenance right now, employing 16 people. The mine employed more than 200 people before it closed initially in 2001, producing 360 million ounces of silver in 125 years of operation.

"It gives the valley the certainty it needs right now," said Sandy Patano, who works on the North Idaho transition team with Electrum Group Companies, after the ruling.

Money gained from the planned sale of Sterling Mining's assets and stock would be used to pay creditors, satisfying the company's debt.
Posted in News on Friday, May 7, 2010 10:05 am


Sterling Mining lease questioned

http://www.shoshonenewspress.com/news/article_e1b6d23e-5863-11df-bc71-001cc4c03286.html

Posted: Wednesday, May 5, 2010 9:31 am | Updated: 11:05 am, Thu May 6, 2010.

By DAVID COLE Hagadone News Network | 0 comments

COEUR d'ALENE - A top representative of the company that owns the historic Sunshine Mine near Kellogg testified in U.S. Bankruptcy Court here on Tuesday that Sterling Mining Co.'s lease was no longer in good standing.

"It was our opinion that the lease was terminated," said J. Edward Short, general manager of Sunshine Precious Metals.
*

Sterling Mining, which is reorganizing under Chapter 11, is seeking approval of a sale of its stock and assets, with its primary asset being a lease of the Sunshine Mine, with an option to buy the silver mine.

Sterling Mining said a successful bidder on its stock and assets late last month was Silver Opportunity Partners LLC, with a cash price of $24 million. Silver Opportunity is a member of Electrum Group of companies.

Short also said some personal property at the Sunshine Mine wasn't within the Sterling Mining lease. If that's true, it would make a complete purchase of the mine and equipment by a company seeking to exercise a purchase option within a lease impossible.

Short said his employer "never contemplated" trying to sell the mine to Silver Opportunity Partners, cutting Sterling Mining out of the sale.

He said Sunshine Precious Metals hasn't identified another tenant for the mine, and doesn't have a buyer "waiting in the wings."

Short, an attorney, was called to the stand in large part because he helped put together Sterling Mining's lease of the mine. Robert Mori is the owner of Sunshine Precious Metals.

Sterling Mining acquired the rights to the Sunshine Mine and related assets in mid-2003 and began initial production in late 2007.

Due to the economic downturn in late 2008, coupled with internal financial challenges, operations were suspended in September 2008. Sterling Mining filed for Chapter 11 protection in March 2009.

Money gained from the planned sale of Sterling Mining's assets and stock would be used to pay creditors.

U.S. Bankruptcy Judge Terry Myers, of Boise, has to approve the sale. Myers scheduled the hearing to continue today in Coeur d'Alene, with Short still on the stand.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=59605860

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=59606072

http://investorshub.advfn.com/boards/board.aspx?board_id=4821

[balihi]

I think this will answer many questions>>>>>http://www.commodityonline.com/commodity-stocks/Thomas-Kaplan-and-Silver-Opportunity-Partners-2010-05-10-28013-3-1.html

[Star Gazer]

I don't believe that they do. Pink's are "non-reporting". The last that I heard is that the shareholders may get something out of the Bankruptcy.

[Irons3]

As a pink sheet company, doesn't SRLMQ have to report something - anything - at some point in time? Aren't they legally bound to update their activities to shareholders?

[huggums]

Found this shell company that is in the process of changing it's name to Sunshine Mining Group. Their previous companies were kinda sketchy imo. Probably just someone hoping to profit off the metals craze and the name?
http://finance.yahoo.com/news/CoConnect-Inc-Board-of-bw-1148009085.html?x=0&.v=1

[Star Gazer]

SRLMQ sure looks to be starting to stir....

Maybe, Just Maybe.......

[Star Gazer]

10-4

With any luck we'll run through the rapids and come out in smooth water.

GLTA

[NYBob]

Star Gazer thanks,
I haven't heard anything about it,
please info us if you get more info about
TIA

[Star Gazer]

[Star Gazer]

So are we going to keep trading or be canceled from what you've heard?

[NYBob]

Bottom fishing -
Tom's boys wants to consolidate the companies in Silver Valley? -
take it over for next to nothing with their lavatory fiatz -
its a silver key to the nss short sold ? -
manipulated down -
strategic PM treasure chests -

http://www.businessweek.com/magazine/content/10_36/b4193058839907.htm

[NYBob]

http://investorshub.advfn.com/boards/board.aspx?board_id=4821

[Star Gazer]

Does anyone besides me still check this board? I'm still holding for some reason or another.

[NYBob]

COEUR d'ALENE - A U.S. Bankruptcy Judge approved the sale of the historic Sunshine Mine near Kellogg on Thursday.
Posted: Friday, May 7, 2010 10:05 am

http://www.shoshonenewspress.com/news/article_e80d77f8-59fa-11df-8ad4-001cc4c03286.html

U.S. Bankruptcy Judge Terry Myers, of Boise, ruled that Sterling Mining, which is reorganizing under Chapter 11, be allowed to sell its stock and assets, with its primary asset being a lease of the Sunshine Mine, with an option to buy the silver mine.
*

Those will now go to Silver Opportunity Partners LLC, which bid $24 million for Sterling's stocks and assets late last month.

"We think it's an appropriate ruling," said Mark Wallace, SOP transition director. "We're excited about being the owners and good custodians of Sunshine Mine and in developing it in the right manner."

Wallace said SPO, owned by the New York-based Electrum Group of Companies, a worldwide investor in gold, silver and platinum mines, doesn't have a timetable should it get the mine operational again. Sterling Mining filed for Chapter 11 protection in March 2009, but ceased operations in September 2008 due to the economic downturn and financial challenges.

"We want to make sure we are perfect custodians and it's developed the right way," Wallace said. "And that means being patient, being deliberate, and frankly not over-promising."

Sterling's biggest asset is a lease and purchase-option for the Sunshine Mine, which is owned by Sunshine Precious Metals Inc. SPMI, owned by Robert Mori, opposed including the lease in SOP's winning bid on grounds that the lease was invalid and belonged to SPMI.

Myers said at the Federal Court Building in Coeur d'Alene that the lease should be included and the sale could go through, which includes a $5 million lease purchase agreement for the mine.

Wallace said they plan to exercise that option, and will be analyzing the mine from several perspectives - safety, economic and environmental - for potential exploration.

"We were all optimistic," said Joe Guardipee, the mine's foreman, outside the courtroom. "We all believed he would rule in Sterling's favor because it was the right thing to do."

The mine is under care and maintenance right now, employing 16 people. The mine employed more than 200 people before it closed initially in 2001, producing 360 million ounces of silver in 125 years of operation.

"It gives the valley the certainty it needs right now," said Sandy Patano, who works on the North Idaho transition team with Electrum Group Companies, after the ruling.

Money gained from the planned sale of Sterling Mining's assets and stock would be used to pay creditors, satisfying the company's debt.
Posted in News on Friday, May 7, 2010 10:05 am


Sterling Mining lease questioned

http://www.shoshonenewspress.com/news/article_e1b6d23e-5863-11df-bc71-001cc4c03286.html

Posted: Wednesday, May 5, 2010 9:31 am | Updated: 11:05 am, Thu May 6, 2010.

By DAVID COLE Hagadone News Network | 0 comments

COEUR d'ALENE - A top representative of the company that owns the historic Sunshine Mine near Kellogg testified in U.S. Bankruptcy Court here on Tuesday that Sterling Mining Co.'s lease was no longer in good standing.

"It was our opinion that the lease was terminated," said J. Edward Short, general manager of Sunshine Precious Metals.
*

Sterling Mining, which is reorganizing under Chapter 11, is seeking approval of a sale of its stock and assets, with its primary asset being a lease of the Sunshine Mine, with an option to buy the silver mine.

Sterling Mining said a successful bidder on its stock and assets late last month was Silver Opportunity Partners LLC, with a cash price of $24 million. Silver Opportunity is a member of Electrum Group of companies.

Short also said some personal property at the Sunshine Mine wasn't within the Sterling Mining lease. If that's true, it would make a complete purchase of the mine and equipment by a company seeking to exercise a purchase option within a lease impossible.

Short said his employer "never contemplated" trying to sell the mine to Silver Opportunity Partners, cutting Sterling Mining out of the sale.

He said Sunshine Precious Metals hasn't identified another tenant for the mine, and doesn't have a buyer "waiting in the wings."

Short, an attorney, was called to the stand in large part because he helped put together Sterling Mining's lease of the mine. Robert Mori is the owner of Sunshine Precious Metals.

Sterling Mining acquired the rights to the Sunshine Mine and related assets in mid-2003 and began initial production in late 2007.

Due to the economic downturn in late 2008, coupled with internal financial challenges, operations were suspended in September 2008. Sterling Mining filed for Chapter 11 protection in March 2009.

Money gained from the planned sale of Sterling Mining's assets and stock would be used to pay creditors.

U.S. Bankruptcy Judge Terry Myers, of Boise, has to approve the sale. Myers scheduled the hearing to continue today in Coeur d'Alene, with Short still on the stand.

[eom7]

I am not in anymore but from the last PR shareholders may get something???

[ne trader]

Not much info on this one,Eom7.Are you in here and is there a chance shareholders will get something through distribution?Any info is appreciated.Thanks.

[eom7]

TY

[NYBob]

GATA Chairman Murphy was interviewed today on Alex Jones' radio show
Sub[mitted by cpowell on Fri, 2010-04-23 00:00.
Section: Daily Dispatches

8p ET Thursday, April 22, 2010

Dear Friend of GATA and Gold (and Silver):

GATA Chairman Bill Murphy was interviewed for about 40 minutes today
about the gold and silver price suppression schemes by nationally
syndicated radio show host Alex Jones.
You can listen to the interview at the Jones archive of
April 2010 programs here:

http://www.infowars.com/audio/201004/201004.html

http://www.gata.org/node/8567

----

I forgot we are in the banksters khazars land -



Khazars banksters gangsters land -

one law for khazars bolsheviks 666 banksters -

another law for the people!...

http://www.bibliotecapleyades.net/biggestsecret/biggestsecretbook/biggestsecret10.htm

...the banksters 666 gangs contol the gov., supreme court, media, news
and do what they want to rob and plunder the people -

SEC staffers watched porn as economy crashed ???

http://www.cnn.com/2010/POLITICS/04/23/sec.porn/index.html?hpt=T1

banksters bolshevikz gangs got trillions - bonuses and
the people have to pay it back again to the tax gangs -
in taxes for next 100yrs. ???
..were they not allowed to investigate the elite khazars
robbers & plunders ???

http://www.bibliotecapleyades.net/biggestsecret/biggestsecretbook/biggestsecret10.htm

http://www.dailypaul.com/node/132568

========
--------


http://www.888c.com
God Bless

[NYBob]

Thanks to Bill Murphy and the Gold Anti-Trust Action (GATA) committee,
the slimy, market-manipulating goings-on in the short-selling
of gold futures and silver futures to suppress their prices
at the CFTC have pretty well been exposed, and about time, too.

http://www.safehaven.com/article/16501/owning-gold-and-silver-the-unsafe-method

http://www.bibliotecapleyades.net/biggestsecret/biggestsecretbook/biggestsecret10.htm

Shareholders who lost money -
save your statements -
consider class action law suit -

God Bless

[NYBob]

Sterling Mining Company Announces Successful Auction of Stock and Assets

http://finance.alphatrade.com/story/2010-04-22/PRN/201004222021PR_NEWS_USPR_____SF92055.html

Sterling Mining Company Announces Successful Auction of Stock and Assets

Apr 22, 2010 8:21:00 PM

COEUR D'ALENE, Idaho, April 22 /PRNewswire-FirstCall/ -- Sterling Mining Company (Pink Sheets: SRLMQ) announces that Court papers will be filed shortly seeking to approve a successful $24.0 million bid for the assets and stock of Sterling Mining Company, the operator of the historic Sunshine Mine. Â Sterling Mining Company has been reorganizing for the last year under Chapter 11 in the United States Bankruptcy Court for the District of Idaho.

The successful bidder—with a cash price of $24.0 million—was Silver Opportunity Partners LLC. Â

Michael Williams, President of Silver Opportunity Partners LLC commented on the successful bid: Â "Silver Opportunity Partners is very pleased to be the successful bidder for the Sunshine Mine. Â We not only have great respect for the historic significance of the Sunshine Mine but also share with the community a keen regard for the mine's importance to the economic future of the region. Â As such we intend to honor the Sunshine Mine's legacy with a strong commitment to its rehabilitation in a manner that is both environmentally sensitive and developmentally sustainable. Â In that effort, we look forward to working constructively and proactively with the Coeur d'Alene community upon approval of the legal process by the US Bankruptcy Court for the District of Idaho." Â

Sterling Mining Company believes that the sale to Silver Opportunity Partners LLC will be of great benefit to the bankruptcy estate, as well as to the entire Silver Valley.

The backup bidder is Minco Silver Corporation (MSV.TO). Â Minco is a Canadian silver mining firm, which is a creditor of Sterling Mining Company. Â

Also participating in the auction was Alberta Star Development Corp. (TSXV-ASX), another Canadian firm. Â

"We will be seeking approval of the sale process on May 3, 2010, in the Bankruptcy Court for the District of Idaho, and both Sterling Mining Company and Silver Opportunity Partners LLC hope to close the transaction shortly thereafter," stated Robert Higdem, CEO of Sterling Mining Company. Â Mr. Higdem also noted that the auction justified the faith of many investors and employees of Sterling Mining Company who have held on during the very difficult reorganization process. Â It is anticipated that through the bankruptcy reorganization process, distribution to Sterling Mining Company's creditors, and possibly distribution to shareholders, could occur before the end of 2010.

SOURCE Sterling Mining Company

[eom7]

Any idea how the auction went today?

[eom7]

The timing of the bid process and a decision of the U.S. Bankruptcy Court, District of Idaho concerning the successful bid are as follows:

(i) February 15, 2010 - "Deadline of Application and Deposit" to become a qualified bidder; (ii) April 19, 2010 - "Deadline for Submission of Bids" by qualified bidders; (iii) April 21, 2010 - "Auction Date"; (iv) May 3, 2010 - "Confirmation Date" - hearing confirming the successful bidder; and (v) May 14, 2010 - "Bid Closing Date" - closing date of the acquisition of Sterling.

[Star Gazer]

How will this affect the individual investors?

[B7$4]

"SRLMQ News" Kootenay Gold joins Alberta Star’s bid for Sterling Mining

http://www.proactiveinvestors.com/companies/news/4667/kootenay-gold-joins-alberta-stars-bid-for-sterling-mining-4667.html

Kootenay Gold (TSX-V:KTN) and Alberta Star (TSX-V:ASX) have joined forces to acquire Sterling Mining (PINK:SRLMQ) which owns the Sunshine Mine located near Coeur D’Alene, Idaho, USA.

The Sunshine Mine produced over 360 million ounces of silver during its long life, but is currently on care and maintenance after Sterling Mining failed to cope with volatile silver prices in 2009, which undermined the company’s ability to keep the mine in production. Sterling Mining acquired the project in 2003, put the mine back into production in 2007, only to suspend mining in 2009 and file for Chapter 11 bankruptcy.

The mine currently hosts a 43-101 compliant measured and indicated resource of 1.43 million tonnes at 21.8 ounces of silver per tonne (31.5 million ounces of silver) and an inferred resource of 2.28 million tonnes at 101.6 ounces of silver per tonne (231.5 million ounces of silver).

Alberta Star previously launched an offer to acquire Sterling Mining for US$11.75 million, which was followed by a competing offer from Minco Silver Corporation of US$12.5 million. Interested companies have until the end of March to launch bids for the company.

[Star Gazer]

Whats up today? Any changes in the plans?

[eom7]

February 15, 2010 Due date for deposits and qualification of bidders
March 31, 2010, 5:00pm Due date for bids
April 5, 2010, 8:00am Auction
April 6, 2010, 9:30am Plan confirmation hearing and sale approval hearing
April 15, 2010 Sale closing date

[eom7]

I am just going by the filing that says cancelled.

[mildtrans]

I don't get it. SRL filling said commons will be cancelled while ASX said they are buying all commons. Something is not right.

[eom7]

last 8k

[Star Gazer]

I looked for the revised dates... Where are you seeing it?

[eom7]

Auction is not til next month (check new dates).

[Star Gazer]

Anybody still watching this here silver mine besides me? Looks to have a decent volumne today. Did anything ever happen with the auction or are they going to pull it out of Bankruptcy?

[eom7]

Jan 15th - Bids and deposits due
Feb 1st - Auction
Feb 15th - Sale Closing

[Star Gazer]

Something good must be happening today... up 87% on 66,000 shares... anybody know anything? Or am I the last one here?

[eom7]

Looks like the word is finally getting out.

[eom7]

Yep... I am in asxsf and msv.to - one of these co's is getting a company-maker for a song and dance.

[faust357]

SRLMQ-according to 3.10 of the plan of reorginazation,the common shares will be canceled. ONCE AGAIN,the shareholders get it in the tailpipe..