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Ruff,
How will we be producing positive cash flows this quarter? What are we selling at this point in time?
FFF
fpga,
There have been no changes to the ESHC committee membership.
FFF
Jackson Corley emailed me a copy of the Feb. newsletter today and asked me to post it on IHub in an effort to reduce the number of phone calls and requests for information that they receive. I have both the Jan. and Feb. STAU newsletters in a .pdf format. Can someone tell me how to post them to the Ibox or give me an email address to send them to?
FFF
Thanks Rich,
Looks like we have buyers and sellers - they just aren't meeting on the price.
FFF
Price is dropping on no volume. Does anyone have L2? Is no one selling or is no one buying? Are people stacked up to sell but there are no buyers or is there just no one looking to buy and sell right now?
Thanks.
FFF
The text below is from document 487, http://cprksa.0sites.net/CourtDocuments/WUCC-Utah/487.pdf, DEBTORS’ MOTION FOR ORDER APPROVING (1) SETTLEMENT AGREEMENT WITH SECURED CREDITORS
I am not a lawyer, but from my reading of the document it sounds like it is saying that if the secured creditors aren't bought out for $14.5M, and if they don't get 5% of the stock, and if the WUCC vs Bridge Loan Capital advesary proceeding is not dismissed, and if a new indemnity agreement and replacemnt reclamation bond is not obtained, and if the judge doesn't confirm a POR, all by March 1, then the debtors will allow the secured creditors the ability to move this to a Chapter 7.
Am I reading that correctly? Does anyone else have a differing opinion as to what that is saying?
FFF
**********************************************
f. The Debtors consent to an order granting the Secured Creditors immediate relief
from the automatic stay under 11 U.S.C. § 362 so the Secured Creditors can
comply with state law foreclosure requirements, provided, however, that no
foreclosure sale may be conducted prior to March 1, 2011, subject to further
conditions in the Settlement Agreement.
g. Any foreclosure sale scheduled on or after March 1, 2011 shall be postponed to a
date on or after April 4, 2011 if, on or before March 1, 2011, either of the
following events occurs:
i. The claims of the Secured Creditors are purchased by a third party under
detailed terms set forth in the Settlement Agreement for $14,500,000 cash
plus legal fees, a new indemnity agreement and replacement reclamation
bond (or no mining until such is obtained), dismissal of the Western Utah
Copper Co. v. Bridge Loan Capital Fund, LP adversary proceeding and
5% voting equity interests in any new entity that becomes owner of the
Western Utah assets through a confirmed plan of reorganization or
otherwise; or
ii. This Court enters an order confirming a plan of reorganization in the
Cases or approves a sale of the Debtors’ assets that provides for payment
of the claims of the Secured Creditors in the same manner as the prior
paragraph, and closing and payment occurs no later than April 1, 2011.
Thanks for the clarification on that M78. And yes, we did discuss the Trust Deposit last week.
I am very hopeful that this JV will come through, but I also have to be honest in that I am getting more than a little nervous. I am tempted to sell off 1/2 - 2/3 of my holdings (which are mostly CDCH) and just cut my losses while they are not to large (I had a small position at around CDCH=$.07, but went in much bigger at $.20 when the JV was imminent). I just really don't want to be left holding the bag if this goes back down to where it was 2-3 months ago. If it wasn't for all the positive comments from the longs here, I would have sold out already.
Waiting with baited breath,
FFF
joergensen,
Do we "know for sure that the money has left the partner"? Or is that your opinion. I hope that it has been sent and I just missed the official announcement. Could you please point me to the place that states this? I am just trying to keep this discussion real. I know we all (or at least most of us) want it to be real, but let's not mix hope with facts at this point.
Thanks.
FFF
The good news is that he will have to justify what he has done to the judge and the judge will then decide if he deserves it (from my understanding). Maybe he is doing some good things behind the scenes. And maybe he isn't.
FFF
The good news is that he will have to justify what he has done to the judge and the judge will then decide if he deserves it (from my understanding). Maybe he is doing some good things behind the scenes. And maybe he isn't.
FFF
M78,
You are making a big leap of faith that this unaudited deposit is real and that it has anything at all to do with the JVA. I hope it does, but I don't see how anyone can claim anything past hope about this money on the financial statement at this time.
FFF
I think the bigger problem (and it was the problem they were having when they were in production) is having too much water in the concentrate. You then escalate your freight costs because you are paying to ship water and I don't believe the smelter wants too much moisture in the con.
I know they were in the process of installing a concentrate drying cell near the end of the production run they had a year ago. I don't know if it was ever actually installed and tested.
FFF
Don't forget about all the moral support I give you guys!
FFF
Rick,
How do we know that we are dealing with "well known international mining companies"? That was not specified in the Dec. Q&A. The Q&A does make this statement "In preparation, the companies have initiated an early set up of the needed exploration and development program under the supervision of an internationally recognized company." However, it does not say that the JV partner is an internationally recognized company.
I am not trying to bash anything, but I also want to make sure we are stating facts here. I am on edge and just don't want to have facts mixed up with assumptions.
FFF
Here is my submission to Medinah:
I am very disappointed that the Jan. 15 transfer date was missed and am very concerned about the stock price come Tuesday morning.
Would it be possible to provide additional details on the cause of the delay and the expected resolution date prior to the market opening on Tuesday morning?
Also, given that the delay is from our partner, would it be possible to at least disclose the identity of our new partner(s)?
Thanks.
I increased my stake in both MDMN and CDCH on Friday and am now pissed because I could have bought at a nice discount come Tuesday.
FFF
roundmot,
I can't get on the MDMN website. Can you post the Q&A here?
Thanks.
FFF
Is there a specific ratio between the 2 stocks that you look for? For example, if SFMI is more than 2x GHDC, then you sell SFMI and buy GHDC and if SFMI is less than 2x GHDC you sell GHDC and buy SFMI? What are the ratios you look for, assuming that is what you are doing?
Thanks.
FFF
No it wouldn't have.
capted,
As the moderator, can you change the chart on this board from MEXPD to MEXP? It would be nice to see the daily chart here.
Thanks.
FFF
Any facts or DD to back up that statement?
I sold at .402 for an 8% profit. I don't know why it is up, but I took advantage of it.
FFF
Sorry you feel that way Smit Dog. I didn't mean to "solicit" another stock.
Mods, feel free to delete my original post.
FFF
I sold 50,000 at .044 yesterday and bought CDCH at .201 with the money. CDCH usually runs about 6x - 7x the value of NPER so I took advantage of the pricing difference to increase my overall stake.
FFF
Joseph,
I can't retreive the document. Could you please post the text here?
Thanks.
FFF
That is a great claim and I hope it is true. Is there any published 3rd party reports to confirm this?
FFF
I just bought into STAU this week (1.25M shares at .0006). I would rather not have to go back and read all the posts from Sept. to answer this question. Could any of you give me a quick summary as to what caused the stock price to drop from $.05 in Sept.?
Thanks in advance.
FFF
What's up with the share price today? MDMN and NPER have remained constant.
FFF
At what price are you trying to buy? I just filled in 5 minutes at $.0006.
FFF
Value_Investor,
Can you update the chart on this thread to GAPTQ so that we can see the current action on the stock?
Thanks.
FFF
Me too.
FFF
Is there a Chapter 11 coming? Why the sudden drop?
FFF
Should we all, as shareholders, be filing joinders for Peter's motion?
FFF
cprkqguy,
You are correct in that I cannot say whether investing in CPRKQ would be good or bad. And to be clear, there was no "tone of my voice" in my last post - I was just being factual. Good luck in whatever you decide to do. If you do purchase CPRKQ stock you should register them with the CPRK Shareholders Association, CPRKSA, at http://groups.google.com/group/copper-king-shareholders-2010?hl=en
FFF
That is the question you need to ask yourself. I cannot advise you. I am part of the ESHC and we are doing everything we can to protect the shareholders. But this is a company in Chap. 11 and we still don't know how it will all play out. The best I can do is to include the latest information put out by the ESHC on Nov. 1.
FFF
Nov. 1, 2010 Update from the Equity Security Holders Committee
The Official Copper King Equity Security Holders Committee (ESHC)
would like to thank all of the many shareholders who have shown the
ESHC support. As many of you know, ESHC members have spent many hours
working on behalf of the interests of CPRKQ shareholders in the
company’s bankruptcy case. For some of us it has become almost a full
time job. The ESHC believes it is fortunate to have received so much
support from shareholders, and to have obtained the assistance of an
elite core of professionals to guide us through this difficult and
complex process.
The purpose of this communication is to provide shareholders an update
of ESHC’s efforts in the bankruptcy case. However, please do not take
this information out of context. This non-confidential information is
not meant to provide you with any predictions or recommendations about
the company’s reorganization, which is not certain at this point and
not in any way in the control of the ESHC. Furthermore, the
information herein does not and is not intended in any way to provide
any recommendations or opinions about whether or not you should buy or
sell CPRKQ stock.
Prior to formation of the ESHC, numerous shareholders worked hard to
obtain formal recognition of CPRKQ interests in the bankruptcy case.
This effort successfully culminated into the formation of the ESHC,
and appointment of the ESHC as a recognized “Official” committee in
the company’s bankruptcy case. Under applicable law, the ESHC is
responsible for representing the collective interests of CPRKQ
shareholders in the bankruptcy case, and has standing to appear in the
negotiations and the Bankruptcy Court to further those interests.
Since its appointment, the ESHC has met with the numerous major
constituencies in the case, including the debtors, secured creditors,
Nevada Star, and the official committee appointed in Western Utah
Copper Company’s bankruptcy case to represent the interests of
unsecured creditors. The ESHC has advocated in favor of a plan of
reorganization (POR) that will include the interests of current
shareholders and that will be supported by all major constituency
groups.
When the ESHC was first appointed, the debtors were engaged in very
heated and expensive litigation with other major groups in the case.
The ESHC saw these actions as being expensive, destructive and,
ultimately, not in the interests of shareholders. Accordingly, it
strongly advocated for a continuance of the litigation to allow
parties to attempt to put together a consensual POR. Since, the
parties to the litigation have agreed to continue pending court
matters until December 1, 2010.
The ESHC is in the process of negotiating with numerous parties to
obtain support for a global, consensual POR. The success of such a
POR is contingent on the ESHC obtaining financing not only sufficient
to exit bankruptcy, but also to allow the company to go into
production. While the ESHC cannot in any way guarantee that such
financing will be forthcoming, significant positive progress has been
made. The ESHC has been in constant contact with numerous financing
sources, and several have shown interest in helping CPRK move through,
and then beyond, bankruptcy. The ESHC is currently focusing on three
major financial institutions who have shown real interest in providing
the financing that will be necessary to fund a POR.
To facilitate its attempt to obtain this financing, the ESHC has
obtained significant information about the company. It has also
arranged to have qualified and well-respected experts in the fields of
both mining and geology, review and examine the data available from
and about the properties of WUCC/CPRK (including the mill and its
potential). The review, advice, guidance and input from these experts
is being used to formalize complete and comprehensive mining plans and
related reports requested by the targeted financial institutions.
Furthermore, in order to take this process from plan to reality, the
ESHC has arranged for the engagement of mining experts, geologists,
engineers and metallurgists to provide information necessary not only
to obtain funding but also to assist in any ultimate mine operation.
The ESHC is hopeful that the data that we have obtained and provided
to the experts will be sufficient to meet initial goals, and that
further re-drilling and/or assaying of the properties will not be
necessary at this time.
The bankruptcy process can be a long one and, as noted above, the ESHC
in no way controls the outcome. Significant roadblocks to
reorganization still remain, and shareholders should be mindful of the
fact that equity is the least favored class in bankruptcy. The ESHC,
however, is committed to serving the interests of CPRKQ shareholders,
and believes that this is best done through a consensual POR that
takes into account the interests of all other major constituencies in
the case, including current equity.
While the ESHC is not in a position to share confidential information
about the company or its reorganization, we remain committed to
providing as much information about the process as possible and
obtaining any feedback that you might have. Please contact Chuck
Dawson, ESHC’s Chairperson, if you have questions or concerns about
the process or wish to express your support or concerns.
I am still here reading all the posts.
FFF
What is causing this spike? I sold some yesterday at $14.39 and thought I did pretty good until it just hit $15.52.
FFF
Round,
That is the funniest thing I have read in a long time. I almost blew my beer out my nose when I read it!
Have a great holiday everyone!
FFF
But it concerns me that we have a big increase in volume with a decrease in price. Are people dumping? And why? I bought 1M at .0006 yesterday and thought I got a good deal. Now I am not so sure.
FFF
I sold out my position yesterday at the open for $2.24. I will also get back in, but I think we still have a ways to drop.
FFF