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feel free to disregard anything I say jimmy. I dont care. beleive what you want.
They need to ball mill. The crushers. They are like three large electric clothes dryers that have large ball bearings in them. As the spin they crush the stone. They don't need the floatation part of the mill. It does not work for this type of ore. Not enough sulfur. Sounds like you dont know what you are talkig about nate.
You are missing the point. Everyone on this board makes Dotson out to be some big hero. He is no hero, and has messed up the one thing upon which all else was contigent. The ball, and flotation mill (and yes I know how it all works). He spent 70 M on building a mill that is not compatible with the ore on site. What I am saying, is that Dotson did not do his job.
Barlow, Southworth, and the others did their parts. They brought in the cash necessary to build the type of Mill that Dotson recomonded be built. Had they known that Dotson was not reliable, and incopitant, do you think they would have raised any of the money. What I am saying is, the blame lands squarley on Dotsons shoulders.
I will add this. When everything hits the fan, Dotson had better pray that he dotted his i's and crossed his t's, or he may just end up in prison.
JB,
Ask around it is fact. Granted, he has legitimate back pain, and has had serious surgery. He probably needs the meds, but I dont know how he could be running the company, much less driving on morphine. IMO of course.
Honestly, I dont know how good a miner he is. I have never seen his resume. I know his father was a miner. My understanding was that Dotson has spent most of his time in the paving biz. Everyone gives hime props for putting together all of the leases and mineral rights. BIG DEAL. Nothing a good land man, and average geologist couldnt have done. That is not mining, that is land work. Nothing to do with mining knowledge.
If he was such an experienced miner, why did he build a mill that is not compatible with the ore on site? People give this guy way to much credit. Honest truth, he would be no where without his money guys. Eric Barlow, Marcus Southworth, and Jim Horton brought in over 70 M to make this thing happen. They did it based on what Mark told them. Do you think Mark could have raised that money on this own. Do you think these men would have raised the money had they known that the mill would not work.
Mark is a joke of a miner, and a worse mananger. He is also no family man as has been put out by this board. This much I know.
RZ has a great CEO. He was an officer for Huntsman Chemical for a lot of years. Wish we had a CEO like that. Instead, we have a narcisist, power hungry, overly medicated liar making poor mngmt decissions, and driving the company into BK.
I hope so. Hopefully it is not another realative of Dotson's.
RDG,
I didnt say it would have been a slam dunk. You are missing the point. I am saying, you never know. People have a tendency to put everything on the economy. I dont think you can do that.
What would you say if I told you that Dotson turned down LTF 9 months ago over terms? That is hypothetical of course, but I am sure you would agree that would be a severe blunder on Dotson's part.
RDG,
I think it is all conjecture and BS at this point. I dont think that someone can not point at one single issue as the cause for lack of LTF, reporting, or time to build the mill. To me, it is as much mismanagement as it is anything else. however, to be objective, the economy has affected everyone to one extent or the other, but bad behavior, poor managment etc. cannot be blamed on the economy. As far as LTF, who's to say what would have happened had they employed the proper equipment, and strategies up front.
Nate you just confirmed my post. If they would not have spent 70 million in equipment that doesnt work, maybe they would be cash flow positive. If they were cash flow positive already, then maybe they would have already secured LTF. If they would have employed the propper equipment up front, then maybe they would be in a better postion. Mismanagment all the way. It is all conjecture at this point. Just like you saying that the big bad economy has prevented LTF. If they were solid, had cash flow etc., someone would have already lent them money for LTF regardless of the economy. I am in banking. I am educated in finance, but you dont have to have my background to see what is going on here. The only reason they are not reporting is because they have nothing good to report.
Nate,
Please, please share with me how the economy caused Dotson to spend 70 M on equipment that does not work as anticipated.
WOW, I just cant get away. This time for sure. Cleaningup. Who says they will get pennies. The first only lent 7 million. The second 12 million. The resources alone will get them paid back and then some. So, what now is their motivation to keep working with CPRK. They are collateralized to the hilt. They potentially make more in this situation.
Well Eye, this will really be my last one of the day. I will pose this question. Have you spoken with any of the short term lenders? Call the guys on the 1st and second trust deeds. See what they tell you. I have done it, and the majority of them are through.
I am not sure if you know this, but each not has multiple participants. Most of them are not rich. All of them are pissed. We will see who is right soon enough.
RDG013,
If anyone on this board is honest, it is you. Your posts are always objective. I hope you are right. I hope the new process will work, but will it be in time. Deadline is quickly approaching. CPRK is going to have to pull out a miracle. Anything short of paying these people back ASAP will not suffice.
Eye,
I will leave you with this. MD has built a mill on the backs of private money lenders. A mill that does not work as anticipated. He borrowed money under terms which he never intended to abide by. Come January 2010, do you really think these people are going to keep working with him if he does not have LTF in place. If so, you are dreaming. Best of luck Eye. Believe what you want. Buy more cheapies as they are called. You may just buy all the way down to zero. LOL.
No, but I am close to those who have.
My prediction--BK is inevitable. Lenders will then make a case to BK judge that management is incopitant. They will be replaced. Shareholders gone. New equipment will be brought in to handle ore, or mine will be sold.
CopperKen,
They are no where near cash flow positive. They currently owe 70 M to private lenders, and 3.5 M in other accounts payable. They are not servicing an ounce of their current debt, and they still cant pay their vendors, attorneys, contractors, and have even been late on pay roll. How will they ever be able to service LTF, if they cant satisfy their accounts payable? You really think they are cash flowing anything. They missed pay roll three weeks ago. I would put money with a three year old child, before putting any additional cash with Dotson, and his YES men. If you think otherwise, it is because you don't know.
CASH FLOW. Words of the day. Without it, no one will give us LTF; however, their is no way to get cash flow without LTF. What a conundrum. I guess that is why CPRK is STILL trying to borrow short term private money.
pm me your email address and I would be happy to send it to you as well.
Nate,
I will send you the notice. what is your email address?
Nate--did you check every county in the state of Utah. Each county has its own notice of default, and foreclosure list. If you didn't find it, it is because you don't know where, or how to look.
Just because you don' believe something, or want to believe something does not mean it's not fact.
When posting, I realize up front, that these boards do not offer much solid evidence one way or the other.
So please, feel free to check into it yourself. My guess, regardless of what you find, you will continue with your positive CPRK can do no evil rhetoric.
Nate,
Call any of the primaries--Dotson, McMullen, Southworth, Barlow, Young. Call any of the guys on the first or second trust deeds. Call Dennis Back, Devon Durrant. You will find out for yourself. Nate, we all know everything on this board is rumor and hearsay until verified independently. If you don't believe me, it is because you are not in the know.
Nate,
Facts are:
-They are NOT currently servicing an ounce of their debt.
-They have 70 M in private money loans.
-They have 3.5 M in long past due accounts payable. To include 125K to Ron Barker (their attorney).
-They missed pay roll 3 weeks ago. I have not followed up to see if it has been caught up.
-They are STILL trying to borrow more short term private money.
How does this add up to "making bank". Dude you need a reality check.
Nate,
CPRK is not cash flow positive. Not even close. That is a fact. I don't know about dilution, but if LTF does not hit in the next month this thing is done, and so are the share holders.
Selective memory more like it. MD only remembers what benefits him. If it does not, he blames his "poor recollection" on the back surgery, and pain killers.
The key words are "scheduled to begin". Why not will begin. Better yet, why not PR after a few loads have gone out, and then brag about it. Well we all know why. More forward thinking, vague BS.
If they have only shipped one load, I am not sure it is even relevant. No wonder they have been so vague in their PRs.
Intel,
You are wrong again. MD does not give two hoots about any lender, stock holder, or investor, regardless of their sentiments long or short. This much I know.
Intel,
Since when was it a badge of honor to be "long on a stock"? You act like being long is synonomous with loyalty, or integrity. It is not. It seems to me, that RDG is simply asking for CPRK managment to clarify on their extremely vague, and in my opinion, intentionally misleading prs. Everyone on this board knows where RDG stands. He is long, and he is very, very, pro CPRK. Get off his back. he like you has every right to speak his mind.
Richwaters,
Are we still in an upward trend.
will he write me an opinion letter? Who is it, I will get in touch with him.
Lucky,
Call them and ask them point blank. Call Charles. Call Mark Dotson. Call Eric Barlow. Call David McMullen, or Jim Horton. Call any of the short term lenders. You will get the same response from each of them. My partner has spoken to the first, second, and many of the unsecured lenders. They all say the same thing. Granted, most private notes are structured with no interest payments. Typically, payments are deferred to the end of the term. That said, they are in default, or have been in default on every one of their private loans. News flash, they have 70 M in private money out. This is not like institutional money. These people will not wait forever. LTF had better come quickly for everyone involved. The creditors are at the end of their ropes.
If that is what you think you do not know what is really going on. They are still trying to borrow money. That I know for a fact. Myself and my partners would sell the stock we own if we could get an opinion letter from an attorney to do so. No attorney this side of the Mississippi will touch CPRK with a ten foot pole. Anyway, good luck to you.
RDG,
Your theory is flawed for one major reason. They are currently not making ANY payments to the short term creditors. What better terms could they get? Why would they want LTF? LTF means they will actually have to start servicing debt.
It might as well be. The number is irrelevant. If it cant be paid, it cant be paid. You cant squeeze blood from a turnip so to speak. Guess we will all wait and see what happens. My outlook is gloomy to say the least.
Well, if you get a wild hair, and decide you want to personally satisfy the 70 million in private money owed by CPRK, be sure and let me know.
Webtime,
I agree with you completely on Dotson, but do you know something I do not about LTF? Honestly, I have been thinking CPRK would be forced into BK before the end of the year, and have been acting accordingly. Do you believe that LTF is actually in the works? Please PM me any info you have. I may need to change my strategy. Thanks.
Richwaters,
Are we still in an upward trend from a month and a half ago? What are the CPRK charts saying is going to happen next? I am curious what your take is on this after today's trading. Regards--Reg,