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Nothing bad happened in court today, the judge did NOT grant the secured's lenders motion to convert. There is an another hearing scheduled for Nov 4th. There is another interim dip hearing on Oct 20, then the main DIP hearing Dec 1
lol, I was waiting for someone else to notice that Colorado, very clever Sleep !!
If you guys are looking for some afternoon entertainment and perhaps a preview of things to come, read doc 319 complaint 2, especially exhibit E ...... things that make you say hmmmmmmm...
http://www.copperkingwesternutahminingrestructure.com/WU%20319-2.pdf
Thanks Ken, the EHC members read the boards, and take into account all the emails received. We like the idea of selling the magnetite, but the contract leaves is pretty vague, need some clarifications made.
Agreed Satellite, They did the same thing last month, and should continue every month through the process.
Judge Thurman was on vacation and there was a substitute judge, and the motion was denied without prejudice for now, although we did get some clarification on a few items, will post more details when I can.
Doc 284 is a pretty good read, its CPRK's opposition to the secured creditor's motion for termination of stay. There is a sarcastic note at the bottom of page 9/32 that says
The Debtor expects that the Senior Secured Creditors will object to the Debtor?s motion
to assume its agreement with A.T. Massey Coal Company, Inc. ? not due to legitimate
concerns, but because that is what the Senior Secured Creditors do ? they object to every
motion that the Debtor files.
http://www.copperkingwesternutahminingrestructure.com/wu%20284.pdf
New filings have been posted on the restructuring site.
Docs 288, 275, 276, 280, 281, 282, 283, are by the EHC
http://www.copperkingwesternutahminingrestructure.com/Releases%20and%20Filings.htm
Here is the meat of what we are requesting.
Requests
1. Identification on the chart attached hereto as Exhibit A-1 of (a) every Person with
whom the Debtors have attempted to obtain Financing or funding from January 1,
2009 to present; (b) the date of the first contact with that Person; (c) whether a
confidentiality agreement was signed with such Person and the date of any such
agreement; (d) whether due diligence was performed by that Person; (e) whether
financial statements were provided to that Person; (f) the last date of contact with
that Person; and (g) the current status of Financing or potential Financing by that
Person or any party affiliated with that Person.
2. Any and all Documents produced by the Debtors to the parties identified in
Request No. 1 and any and all Documents relating to discussions or
correspondence or contact of any kind with the parties identified in Request No. 1
from January 1, 2009 to the present.
3. Any and all Documents produced by the Debtors since January 1, 2009 to present
projecting cash revenues for the Debtors, and if some or all of this information is
available in Documents, Identify such Documents.
4. To the extent not included above, the Debtors’ audited financial statements for the
period of January 1, 2006 to present.
5. Access to the virtual document center/portal set up by the Debtors for the benefit
of any creditors, including but not limited to the Persons who refer to themselves
in the Bankruptcy Case as the “Senior Secured Creditors” or, alternatively, copies
of any and all Documents produced by the Debtors to the Senior Secured
Creditors through that portal.
6. Any and all Documents that have been produced to the Senior Secured Creditors
by the Debtors in a means other than through a virtual document center/portal.
7. Access to the virtual document center/portal set up by the Debtors for the benefit
of Nevada Star or, alternatively, copies of any and all Documents produced by the
Debtors to Nevada Star through that portal.
8. Any and all Documents that have been produced by the Debtors to Nevada Star in
a means other than through a virtual document center/portal.
9. Any and all Documents that will be used by or are referred to or relied on by the
Debtors in conjunction with the following motions: (a) DIP Motion; (b) Motion
for Substantive Consolidation; (c) Motion to Compel Assumption or Rejection of
Compressor Lease Agreement; (d) Motion to Assume Contract With Massey
Coal; and (e) Senior Secured Creditors’ Motion for Termination of the Stay.
10. To the extent not included above, any and all Documents related to the source of
any money or property acquired or to be acquired by the Debtors for purposes of
consummating a plan and the consideration given or offered therefor, including
but not limited to, any and all Documents related to the MOU.
11. In relation to the MOU, please Identify (as defined above):
(a) any and all Documents that have been or will be provided by the Debtors
to EEIL;
(b) any and all Documents that have been or will be provided by EEIL to
the Debtors;
(c) any amendments to and/or extension of the deadlines set forth in the
MOU;
(d) any evidence of deposits paid by EEIL or any Person affiliated with EEIL
in relation to the Debtors; and/or
(e) any agreements that have been entered into between EEIL and the
Debtors, or any Affiliates of either, related to the MOU.
12. To the extent not included above, please produce any and all Documents
identified in this Request
13. Identify (as defined above) Jimmy Pang and Mr. LuMing, who are disclosed in
the MOU as EEIL’s beneficial owners.
14. Identify (as defined above) the Person who is designated as EEIL’s domestic
registered agent.
15. Any and all Documents related to the return of mining property referred to in
response to ¶ 5 of Copper King’s Statement of Financial Affairs.
16. Any and all Documents evidencing agreements supporting the claims listed on
Copper King’s Schedule F, including but not limited to, any and all Documents
evidencing Copper King’s guarantee of claims against Western Utah.
17. Any and all Documents evidencing agreements with Massey Coal Company
and/or any Affiliate thereof (collectively, “Massey”), including but not limited to,
any and all Documents evidencing any agreements that have been entered into by the Debtors and Massey since the Petition Date and/or that are related to the any
motion to assume or reject.
18. A copy of any stock and/or equity registers maintained by the Debtors.
19. Any and all Documents evidencing agreements that have provisions for the
conversion to equity.
20. To the extent not included above, any and all Documents related the Mill, the
Project, mine reserves, geological studies and/or production including, but not
limited to, the following:
a. Any and all Documents related to work performed for the Debtors by David
Hartshorn;
b. Any and all Documents related to work performed for the Debtors by Jay Gatten;
c. Any and all Documents related to work performed for the Debtors by Dr. Mike
Nelson;
d. Any and all Documents providing data related to the geology, mineralogy
and metallurgical data, testing and research;
.
e. Any and all Documents providing data related to Project production, including
without limitation, any testing on or with acids, re-agents or any other
components, daily run rates, recovery percentages, and/or concentrate quality;
f. Any and all Documents provided to the Debtors by Tetra Tech, including without
limitation, any and all findings and/or reports related to the Mill and/or the
Project;
g. The complete plan for the Mill and any and all Documents related to the Mill and
its equipment or equipment used, tested or recommended for the Mill;
h. Any and all Documents related to compliance with any applicable environmental
laws and regulations, including but not limited to, any and all Documents related
to the Debtors’ compliance with and budgets for compliance with any such
applicable laws and regulations.
i. Any and all Documents related to employment of management and/or employees.
j. Identify any and all mining permits that are not in compliance and/or that are at
risk of being in non-compliance within 120 days from the date of this Request
An objection to the Secured Lenders' motion for relief from stay was filed by our attorney's today as well.
"On September 3, the
United States Trustee appointed the Equity Committee to represent the interests of equity
security holders of Copper King. The Equity Committee asserts that there is equity in the assets
discussed in the Motion, that the movants will not be able to meet their burden of showing
otherwise, and that the relief requested in the Motion should be denied."
It has been uploaded to CPRKSA site and MSB, will link here when it gets posted on the restructuring site.
The Official Committee of Equity Security Holders (the “Committee”),
by and through
its proposed counsel, Dorsey and Whitney LLP, hereby files this ex
parte motion (the “Motion”)
seeking an Order requiring production of documents
(The document has been uploaded to the front page of the CPRKSA site and on MSB, will put a link here when it gets posted on the restructuring site)
If you guys are interested in the kind of stuff we are requesting,
give it a read.
http://groups.google.com/group/copper-king-shareholders-2010
Enjoy.
Thats possible TrueBlue, I would have to go back through the L2, but I think it was one large seller, and then some panic sells tacked on. Could be someone who loaded up in the .000's and was up 200% or so.
I certainly hope nobody has their entire net worth in one position.
Looks like the seller may be done for now, just one seller at .0018 then up to .002
If you guys are buying and selling be sure to update your share count with CPRKSA if you have signed up, so we can try and keep an accurate count.
CPRKSA@Gmail.com
This part from doc 270 shows some of what we are up against in relaying information.
Ambiguous § 1102(b)(3)(A) “Access to Information” Requirement Must Be
Defined to Allow Committee to Fulfill Its § 1103(c) Powers and Duties
15. Section 1102(b)(3) requires the Committee to “provide access to information” to
ESHs.
16. The § 1102(b)(3)(A) “access to information” requirement, however, is not defined
in the statute, and there are no guidelines for the Committee as to the type, kind and extent of the
information that the Committee must provide to ESHs. The legislative history of § 1102(b)(3)
does not provide any guidance on the application of this provision.
17. The vagueness of the “access to information” requirement creates significant
issues for Chapter 11 debtors and committees appointed under § 1102(a). Typically, debtors and
other parties in interest in a Chapter 11 case share various confidential and other non-public
proprietary information with an official committee to facilitate a committee’s performance of its
statutory duties, which as discussed above includes, among other things, investigating a debtor’s
acts, conduct, assets and liabilities. Committees use this information to assess, among other
things, a debtor’s capital structure, asset values, opportunities for restructuring, and the debtor’s
overall prospects for reorganization. In addition, committees typically execute confidentiality
agreements or enter into other similar arrangements with debtors and/or other committees.
Through these agreements and other arrangements, a debtor or committee can ensure that a
recipient committee’s members will keep its information confidential and will not use
confidential information except in connection with its Chapter 11 case and on terms acceptable
to the debtor and the committee. And, of course, as an inherent aspect of performing its statutory
The Equity Committees recent filings have made it to the restructuring site. One of them deals with how the EHC can distribute information to the shareholders, which is something we have been working on for a while. Doc 270 and 272 deal with this.
http://www.copperkingwesternutahminingrestructure.com/wu%20270.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20272.pdf
4. Additionally, the Committee’s ESH constituency is large, and the Committee
needs approval of appropriate ways to communicate with ESHs so as to allow the Committee to
fulfill its duties of providing access to information under 11 U.S.C. § 1102(b)(3) in an
appropriate manner.
5. Thus, as set forth in greater detail in the Information Protocol Motion, to facilitate
its duties in this case in an effective and efficient manner, the Committee must immediately
obtain Court approval of procedures and protocols that will allow it to obtain and maintain the
confidentiality of information that it receives in the discharge of its duties as a Committee and to
its constituency under 11 U.S.C. §§ 1102(b)(3) and 1103(c).
http://www.copperkingwesternutahminingrestructure.com/wu%20273.pdf
I have just uploaded 4 filings made today by the EHC to the CPRKSA google group site, I still have no idea how to post them here. It will probably be a few days before they show up on the restructuring site. Here is a link, they are on the home page, if any of you shareholders have still not signed up for CPRKSA, send an email to CPRKSA@Gmail.com and you will be granted access.
http://groups.google.com/group/copper-king-shareholders-2010
Nate, they have a plan laid out in one of the early filings on how they are going to use the money, its fairly detailed and includes millions for drilling to prove up reserves.
A hearing for DIP financing has been set for Dec. 1st at 11 AM
MARTIN J. BRILL (Calif. Bar No. 53220) mjb@lnbyb.com
DAVID B. GOLUBCHIK (Calif. Bar No. 185520) dbg@lnbyb.com
KRIKOR J. MESHEFEJIAN (Calif. Bar No. 255030) kjm@lnbyb.com
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
10250 Constellation Blvd., Suite 1700
Los Angeles, California 90067
Telephone: (310) 229-1234
Facsimile: (310) 229-1244
Reorganization Counsel for Chapter 11 Debtor and Debtor-in-Possession
STEVEN R. SKIRVIN (Utah Bar No. 7626)
DION-KINDEM & CROCKETT
10808 S. River Front Parkway, Suite 334
South Jordan, UT 84095
Telephone: (801) 984-8045
Facsimile: (801) 984-4315
Email: srs@dkclaw.com
Local Counsel for Chapter 11 Debtor and Debtor-in-Possession
IN THE UNITED STATES BANKRUPTCY COURT
DISTRICT OF UTAH
NOTICE OF FINAL HEARING ON DEBTORS’ MOTION FOR ENTRY OF AN
ORDER AUTHORIZING DEBTOR TO OBTAIN POST-PETITION FINANCING
PURSUANT TO 11 U.S.C. § 364 AND RULE 4001 OF THE FEDERAL RULES
OF BANKRUPTCY PROCEDURE
In re:
WESTERN UTAH COPPER COMPANY, et
al.,
Debtors and Debtors in Possession.
Bankruptcy No. 10-29159 WTT
Chapter 11
(Jointly Administered with
Case No. 10-30002 WTT)
Honorable William T. Thurman
Filed Electronically
2
PLEASE TAKE NOTICE that Western Utah Copper Company and Copper King
Mining Corporation, debtors and debtors in possession in the above-captioned jointly
administered Chapter 11 bankruptcy cases (collectively, “Debtors”), previously filed their
motion (the “Financing Motion”) for entry of an order authorizing Debtors to borrow up
to $18,000,000 on a senior secured lien, junior secured lien, and superpriority
administrative claim basis from Altus Metals, LLC (“Altus”) to enable the Debtors to
commence operations of their business.
A copy of the Financing Motion was previously served upon you, either by mail or
ECF.
PLEASE TAKE NOTICE that the final hearing on the Financing Motion will be
held on December 1, 2010 at 11:00 a.m. before the Honorable William T. Thurman,
United States Bankruptcy Court Judge, at the United States Bankruptcy Court, 350 South
Main Street, Courtroom 376, Salt Lake City, UT 84101.
PLEASE TAKE FURTHER NOTICE that the United States Bankruptcy Court
may received evidence in connection with the Financing Motion at the scheduled hearing.
The Debtors anticipate an administrative order will be entered governing deadlines
to file and serve pleadings and evidence in opposition or in reply to the Financing
Motion. Once those deadlines are determined, a subsequent notice with this information
will be provided.
//
//
//
//
3
Your rights may be affected. You should read the Financing Motion carefully,
and discuss it with your attorney, if you have one in this bankruptcy case. (If you do
not have an attorney, you may wish to consult one).
Dated: September 23, 2010
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
By: /s/ Martin J. Brill
Martin J. Brill
Proposed Reorganization Counsel for
Chapter 11 Debtors and Debtors in Possession
DION-KINDEM & CROCKETT
By: /s/ Steven Skirvin
Steven Skirvin
Proposed Local Counsel for
Chapter 11 Debtors and Debtors in Possession
The Government "saved" GM, and look how that turned out for the common shareholders. Just sayin..........
Stang was indeed a great help in making the EHC a reality, in fact he was the first one to reach out to the Trustee's office both in Nevada and Utah, and the perspective he provided from his conversations with them was very helpful to our efforts.
On another happy note, here is the actual filing by the IRS withdrawing their motion to convert !!!!! and striking the hearing date off the court calendar.
http://www.copperkingwesternutahminingrestructure.com/wu%20261.pdf
It was nice to wake up and read that note in my email from CandyB, who does a GREAT job of checking the filings on PACER before they get re-posted on the restructuring site.
WUCC DOC 261 by the IRS is a motion to Withdraw the convert to ch 7 & has cancelled the Oct. 7 hearing!!!!!
Thank you Ken, here is something Scott68 posted on MSB
1. EHC has retained counsel. Any discussion by any member of the EHC regarding communications with counsel that occurs outside of the presence of counsel will violate attorney/client privilege and result in that member of the EHC possibly being subject to examination by any other party to the bankruptcy regarding ALL discussions with counsel.
In short: Even the most innocuous disclosure by someone from the EHC regarding matters that have been discussed with counsel could result in the EHC's entire strategy being subject to disclosure to all of the parties involved in the bankruptcy.
2. The notion that the EHC attorney is in some way "briefing" all or some of the members of the EHC on a daily basis is erroneous.
3. The notion that the EHC attorney consults with all or some of the EHC on a daily basis in order to formulate strategy, formulate motions or discuss filings is erroneous.
4. The fact that the EHC does not attempt to interpret or provide guidance as to the daily happenings within the bankruptcy does not mean that information is being withheld nor does it mean that the EHC has info beyond that which is readily available to the general public.
5. The discussions between the members of the EHC are confidential. Any disclosure by any member of the EHC regarding anything that was discussed amongst the EHC members would be a violation of that confidentiality and would adversely affect the ability of the EHC to conduct its business.
I?m an attorney and I do a lot of criminal defense work and I work as a Special Assistant to the Attorney General for the State of Washington; however, I don?t, nor have I ever, practiced bankruptcy law.
I can tell all of you that there is no greater frustration for me as an attorney than to be retained to give advice and guidance to a client only to have that client ignore my advice and guidance and thereby make my job harder.
The EHC has GREAT counsel in this matter. She is fighting the fight that is in the best interest of all shareholders and rest assured that the EHC is listening to, and trying to follow, her advice.
For members of the EHC to begin communicating strategy, legal discussions or potential outcomes to the masses via message boards or via CPRKSA contacts would be entirely inappropriate and counter-productive to the mission at hand.
All it takes is for one individual to disclose one confidential detail, or a privilege-protected detail, and suddenly all that the CPRKSA and EHC have worked for could be blown out of the water.
I completely understand everyone?s desire for information and the tension that exists as we wait to see the outcome of the bankruptcy, and you should all be aware of the fact that if the members of the EHC could sit down and tell everyone the entire story, we?d all love to do so.
That would probably satiate everyone?s need for info, at least for today, but it would also destroy the EHC?s ability to function, violate attorney-client privilege and violate the confidentiality guidelines required of the EHC.
I also think that it?s important for people to remember that the members of the EHC, just like those that are members of the CPRKSA, are people with families, jobs and other obligations.
I can only speak for myself, but I have no doubt that this applies to everyone involved with the EHC, in saying that the time and financial requirements of being a member of the EHC are extreme.
I know that I?m putting in 10-15 hours (conservatively) per week of my time, as well as some significant financial commitments, toward EHC related obligations, and I KNOW that there are other members of the EHC putting in MUCH more time and MUCH more money than I am.
Adding another layer of work to the existing workload of the EHC members would be overwhelming and not something that I would support.
There is nothing stopping members of the CPRKSA from continuing to scour documents, exchange ideas, discuss options, attend hearings and reach out to non-EHC members for information about this case.
We?re all in this together and the power of the masses has been tapped to give us an opportunity for an outcome that will satisfy shareholders. Thanks again for all of your support.
I should point out that the bill still has to go back through the house later this week, then on to the President.
Sen. Hatch actually voted against the bill, not sure he is going to be all that interested, but I suspect he received quite a few emails about it today. Maybe he wont mind grabbing a chunk of deficit spending for Utah. lol
Thank you primarywatcher, the members of the EHC are very limited as to what they can say, and would have to be especially careful in talking with the press. I appreciate your effort to get our story out there.
Sending an email now to Senator Hatch, could not hurt. lol
The stock does not trade after hours cab79, the spread is not relevant after 4 PM.
well, the more the better, and the longer the better. lol trying to get someone to send you my email address and we can discuss it.
10's of millions should do.
Speaking of a "controlling position", there are a few deals on the table for financing, but if anyone has access to someone with deep pockets, there are "finders fee's" available. Send me a PM, or an email to CPRKSA@Gmail.com , the more offers on the table the better for us all.
Hi guys, just got back from Utah, we have a great group of folks on the EHC!!
You are correct Ken, those of us on the EHC have to be very careful what we post, we are working on a way to communicate our actions with the shareholders that is acceptable to the powers that be. lol
By the way, did y'all see this from the Massey filing???
2. Assumption of the Pre-petition Agreement, as Modified, Is In The Best Interests Of The Debtor?s Estate.
Under the ?business judgment? test, the Court should authorize the Debtor to assume the Pre-petition Agreement as modified. The Pre-petition Agreement, as modified, will provide to the Debtor revenue on a monthly basis. In exchange, all that the Debtor is required to provide is access to its properties and nothing further. Additionally, the Modified Agreement is very favorable to the estate, because, under the Modification, the magnetite need not be of any particular specified grade, and under any circumstance, Massey is obligated to pay to the Debtor $65,000 per month.
Additionally, Massey will not offset any amounts owed to Massey pursuant to the Massey Note or any other obligation. Instead, the Debtor will actually be receiving $65,000 cash, per month, under the Modification.
Under these circumstances, the Debtor submits that the Court should authorize the Debtor to assume the Pre-petition Agreement as modified by the Modification.
Hey Guys,
Some of the EHC members and a few local shareholders are going to have breakfast at 8 AM at the Little America hotel in downtown Salt Lake City tomorrow (Tuesday)if anyone wants to come.
Very impressive shiznit, thanks
NOTE FROM CAM
A SHORT NOTE TO SHAREHOLDERS
September 12, 2010.
Good Evening All:
I wanted to take just a few minutes to give you an update of the events of the past week or two. Since I believe that we will be giving many more updates on a more regular basis, I?m only going to give you the highlights. I will continue to answer your specific questions via email at CAM@Copperkingmining.com .
As most of you already know, the EquityHolders Committee was approved by the Trustee. Management has spent a good deal of time in discussions with the former ?ad hoc? committee and has been sharing all available information with the Committee. Mr. Bryan and others in management are very pleased with this development. The Committee represents all shareholders and you should be very pleased to know that you are being represented by the dedicated individuals involved.
On Thursday, the Court approved our additional Emergency Funding Request. This included funds for our required payments to BLM for leases, insurance payments, security forces for the property and other necessary maintenance issues. Of extreme importance was the inclusion of funds for Tetra Tech, our Mill Engineering firm. This will allow us to continue to improve the operational efficiency of the Mill and obtain the highest efficiency available.
We have also secured a new contract with Massey Energy for the sale of our Magnetite. The exact terms of this contract are confidential, but the agreement calls for a guaranteed monthly profit relating to these operations.
On September 7th, we filed with the Court our receipt of a signed Memo of Understanding from Elite Epoch Investments, Ltd. for their participation in the funding of our Plan of Reorganization. While I do not want to make any judgment on the individual terms of this proposal, I think it is important to realize that just the receipt of this document makes it unlikely that our Company can be forced to move from our current status of a ?Reorganization? to that of a ?Liquidation.?
This is a major win for our current management. It gives others who may become interested in participation in our Plan of Reorganization a benchmark for what is an acceptable level of participation.
Also on September 7th we filed a complaint naming Bridge Loan Capital Fund, LP and BLOC Management, LLC as defendants in what we believe was a Fraud against our Company. We cited violations of Utah Securities Act, Fraud, Breach of Fiduciary Duty and Unjust enrichment. There are several individuals also named in the complaint.
All of these documents mentioned in my Note are available on the CopperKing/WUCC ReOrg. Website at:
http://www.copperkingwesternutahminingrestructure.com .
The issues covered in the request for funding are Document # 165
The Complaint with Bridge Loan Capital / BLOC is Document # 232
The Memo of Understanding with Elite Epoch is Document # 234.
Again, I will be back to you again, but will answer your individual questions via email. This has been a very exciting couple of weeks for us all???
Respectfully,
Charles
Over 46 million now, a 50 million share day would be great.
I am happy to see the volume, over 32 million so far. Nice.
Are we having fun yet ???? lol
# Application of the Official Committee of Unsecured Creditors to Employ Anderson & Karrenberg as Local Counsel (approved with small change)
# Application to Employ Steve Skirvin as Local Counsel(approved)
# Application to Employ Affeld Grivakes Zucker as Special Litigation Counsel(approved)
# Application to Employ Martin Brill as General Counsel(approved)
# Application to Employ Watley Group as Consultant and Investment Banker(approved with some modifications) Watley will NOT act as investment banker, rather they can seek a 3% success fee, JB has to submit a time card and seek re-approval every 120 days for their 50K
# Motion to Extend Deadline to Assume or Reject Leases (approved) until December 15
# Motion to Extend Exclusivity Period(approved 90 days) The court did NOT allow NS to present their 3 "experts"
# Motion to Consolidate, or in the Alternative, Motion to Jointly Administer(continued until Nov 2)
# Continued Hearing on Motion for Entry of Order Authorizing Debtor to Obtain Interim Post Petition Financing(continued until this morning)
Not the full DIP, they asked for 650K I believe and the Judge allowed 275K or so, I think part of the hearing tomorrow is on the rest of that interim money, along with approving everyone's lawyers and extending the exclusivity period for a POR and a few small other matters. Have not seen a date for the full DIP yet.
I did not "surmise" that from the PR, I spoke to some shareholders.
I used to be one.
Sorry, I should have been more clear.