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Sleep CPRKs MNGMT has been talking about the possibilities of BK since October last year when they first consulted a BK attorney. I know this for a fact because it is on record in several depositions taken from Dotson, McMullen and others. The lenders are done sleep. They have posted their notice of sale. To be clear, this is the first time the first trust deed has posted a NOS. The only thing that could slow them down is a possible claim from pure nickel. This is happening whether any of us like it or not. Frankly, they are running out of options. My guess, something will happen before the 15th of june. BK is the most likely scenario at this point. Also, fact--lights have been off at the CPRK office atleast since mid last week. No one was even there sleep. How do you account for that? Anyway, I feel terrible for all those that have lost with this venture. Good luck to everyone.
No. Foreclosed on--means it already happened. This is new.
Paid,
From what I hear, no one is at the office. Lights have been off since middle of last week. Also sounds like a NOS has indeed been posted. This is bad news. My guess, BK will be filed in the coming weeks, instead of months as I originally anticpated.
Thanks CandyB. Sounds like it is real then. My sources have told me the 1st trust deed is moving forward towards foreclosure, and that a notice of sale was posted. I guess I am not shocked, but was hoping it was heresay, and just another rumor.
I have to check into it myself, but I have heard that an NOS has been filed on the part of the first trust deed. Apparently it happened sometime last week. CandyB, would you care to help me verify?
Rich,
The STF that was partially funded was from Empire/Altus metals. If you will remember the 750K from Empire on the financials posted here by allyaustin. That money is gone. Truth is, there is no new STF. There is an old agreement in place, but other creditors would have to subordinate to make it happen. They have not agreed to do this, so no further monies have been released. My guess, with what is required, no further monies will ever be released. Current creditors have made it clear they will not participate/subordinate to Empire. Hence, no more money coming in. This is total BS garbage.
Yeah they can say that STF was partically funded. It was. Yes they are working on the terms to get more money released. What they are not saying is that this is an old deal, and no money has been funded recently. They are also not saying that they are dead locked unless current creditors agree to participate and subordinate. Rich, there has not been any new monies come in for quite sometime. Dont be fooled here.
According to my sources, we are no closer to producing a high grade concentrate today then we were a month ago. My guess, this mill will never produce as originally planned or thought. Wrong equipment given the type of ore. We need SXEW, and should have built one from the get go. The word is the consultants are saying the same thing. I think it is too little too late. lender, and investor confidence is gone, and CPRK is in financial shambles. Mr. Southworth has blown through his connections, and Barlow really never had any of his own. Word is Barlow's partner, Horton is now claiming there was never any formal connection or agreement between himself and CPRK. Go figure--I wonder why. Heads may just roll on this one folks. Too many people are going to wind up hurt. These guys better pray they dotted their i's and crossed there t's. My guess, they didnt. With all that Dotson told them, they never thought it could fail. Given that belief they were extremely aggresive in promoting their sure thing, their money train, their milford miracle as it were. Well this is no miracle people, and my guess, they are losing some sleep thinking about all of the promises made, cash borrowed, and the possibility of compromised SEC regulation. There may be another bounce left in the stock, but ultimately this company will not make it. JMHO. GLTA.
Was there a new PR released today? I did not see one on E-Trade. If there was, will someone please post it. Richard, PM me and fill me in on what is going on when you get a minute. Thanks.
FFF---fidelity would not take them. Initially they said they would, but when they were actually delivered they changed there mind. I also got cleared through the TA etc. Must have changed there policy since they took yours.
No usary in utah. Private money lending is virtually un-regulated here. Check into it. Usary is state to state.
More like Richard the Realist. He is not a cup half empty kind of guy. Reality is going to set in for all of us sooner or later if we don't hear anything about financing from CPRK. I for one am watching closely for the first notice of sale to be posted. Without news that we have the capital to continue ops, talking about production numbers is nothing but a false sense of security. It almost sounds like you all are trying to convince yourselves. Richard is right in his thinking. To say otherwise is in defiance of good logic. Eitherway, GLTA.
Richard you are right, except on one point. They are not servicing an ounce of their private debt. Not a red cent has been paid by CPRK to service their private money loans in quite a long time. We are talking a year plus. So, the incoming capital from dilution is going somewhere, but not to any of the lenders that I am talking to. Also, IMO, wanting, or even attempting to force CPRK to honor it's financial obligations is far from being greedy. Have a great weekend Richard, and try to relax a little bit. Let's just let this thing play out a little longer and see what happens.
Wes,
My DD is solid. I have talked a pretty good feel for what is going on the financing end of things. Thanks for the concern.
I hope your right, but logically, if they do not get financing, or extensions, and a notice of sale is posted, what are they going to do? Common sense. Everyday they do not address the issue, the more likely it becomes. I know, I know, just because they do not make an announcment does not mean it is not being addressed, but I can tell you from the lenders I have spoken with, no agreement for STF or LTF has been reached. Maybe tommorow, or the next day, or the next day.... How long can it go on? I dont know for sure, but not forever. Anyway, I hope they make an announcement soon and prove me wrong. BTW, I am looking forward to the picnic either way. A nice spring day in Milford with good company sounds like fun to me. Take it easy Johnny.
LOL--I love it. Law and order!! Difference is law and order if Fictional. This is real life, and people could lose a lot of money. Not trying to ruffle your feathers sleep. I do not want them to go BK either, but if they do not either get financing, or extenstions on current debt, or both, that is where it is going. I would love to hear an announcment that financing and extenstions have been obtained. Until we do, we have no security. Period. There is really no common sense way of discrediting this line of thinking.
Ken,
Easy there. Not sowing doubt. Just telling it as I see it. You can and should check into this, but I have found out in conversation with several of the participant lenders that a notice of sale is immenent. The only thing that has held it up thus far, has been internal disagreement amongst the note holders. There has been a time limit set recently for CPRK to make changes, and it is short. If certain criteria are not met in the specified period of time, you will see the notice of sale posted. Now you will say, but, but, some of the note holders have an equity position, and they will never do it. My response is this, their equity positions are currently worthless. I promise that is not a factor. Anyway, good luck to all of us. If the notice is posted, and things are not worked out, then BK will happen within 30 days of the notice. This sucks.
If what I have heard is true, and I beleive it is, LTF is not going to happen in the near future. Bridge money, or short term hard money, is more likely; however, a stipulation to bridge financing will be extensions from current creditors. Still way up the in the air as far as I am concerned. This thing could as easily crash and burn, as be succesful. I immagine we will know soon either way. I am hoping for success, but preparing for, and even expecting failure.
Not sure why that posted three times??? Sorry, was unintentional.
I was encouraged on Friday. Now I am just sick. This is the same BS we have been dealing with for years. I was not aware of the financial stipulation to having the stop sign removed. I do not see that happening anytime in the near future, and as such do not beleive that the Stop sign will come down soon. At least, not until they have something to show that does not contradict past PR's etc. It is obvious they are hiding something. UGLY, UGLY, UGLY...
Colorado,
Have you heard of any additional financing coming in? A few weeks back I was told that a third party was going to put up some additional collateral so that Empire/Altus would comsemate their bridge loan. I was hoping we would have recieved some news to these ends last week. Anyway, just curious if you had any additional information that I did not. Thanks in advance for the help.
Regards,
Billy
I hope so Web. I am encouraged. I am hearing rumblings about financing, but it is not done quite yet, and you know what they say, its not done until it is done. I hope soon. without financing, or extensions, a spike in the pps is nothing but a false sense of security. I appreciate the good wishes, and hope the same for you.
Regards,
Bill
Marc,
I am guessing you are refering to Mark Dotson, or Eric Barlow?
Nate,
The pps is far from recovered, and cprk is not out of hot water. The hope is we hit a penny Monday, but even 1 cent is far from the levels at which most of us got in. Your attempted I told ya so to Web is a little early IMO. Without hearing news of LTF, or STF soon, people will look back and wish they would have gotten out when they were able with the last spike in CPRK stock history. Now, if LTF, or even STF is worked out in short order, I will welcome all the told ya so's you can to dish out. If that happens, I just may be able to recover what I have into this thing. I will cross my fingers, but not hold my breath. Good luck Nate, and I hope you are right.
Regards,
Bill
Camel
Sounds like you are having a rough day. Good luck tomorrow buddy.
Man I got to go. Rich--they never had any intention of making the payments they agreed to. They didnt even make one payment as agreed. First payment default. They did not have the ability to service our debt, and knew it when they signed the note. Period. That is fraud. There are other examples that I will not get into. Anyway, take it easy. I hope I spelled everything right.
Alright, I really gone this time. Take it easy guys.
Well mainly because they have been unable to agree. There is a minority of the participant lenders that are holding out hope, but like you said time is running out. That minority includes Barlow, and some of his associates.
Sleep,
Wanted to reply quickly and answer your questions. Part of the collateral was stock, and part was a piece of property put up by a third part unrelated to CPRK.
As far as insider information, I dont have any; however, my father and I know several of the participant lenders on the senior, and junior positions. I have spent time with them recently, and at least know what it going on from a financing stand point. I do not claim to know much else, but CPRK's fate will hinge on financing. Without new financing, and extensions on current debt, CPRK will fail---which could mean a number of different things.
I agree with you on Colorado 1. Seems like a solid guy. That said, CPRKSA will never be taken seriously by Dotson, or the BOD. If you think the lenders have no recourse, think about the pull that CPRKSA would have. The answer is none. Dotson does not care about you, or me, or anyone but himself. He has proven this time and time again.
As for me, I am going to let CPRK dance a little longer, and see what happens. Until then, I will do my best to get my ducks in a row as to be in line for the scraps when and if it comes to that.
Good luck Sleep, and everyone else on the board.
Well Richard, Venture Capatil implies an equity position. I did not invest in CPRK, I lent money to CPRK. My decision to extend financing was based on stregth of collateral and exit strategy. Had I known CPRK would have gone a year and a half past due, I would never have lent them the money. That is Dotson's MO. He borrowers money without any intent to abide by the terms under which the money was lent. He just figrues he will work it out later. Anyway, you and I have talked on the phone before. Feel free to call me anytime. I am going to take break from the board. I don't have the time for the extra entertainment right now, but would be happy to fill you in. Take it easy Richard, and dont be so serious. I like that good Jersey boy sense of humor.
Regards,
Reg
Jimmy,
Thanks for asking. Overall life is very good. I have a wife and kids that love me, and despite having been duped out of my life savings by Mark Dotson, I am making a financial comeback. 2010 should be a very good year. I would be willing to bet CPRK will not be able to say the same thing. How are things working out for you? Great increase the last few days, if you don't take into account that the pps is still 2/10th of a penny. Cup half full kind of thing I guess. Yeah, yeah now you are going to say I shouldn't have put all my eggs in one basket and it is all my fault for being so ignorant. Well, to a certain extent, you would be right. Lesson learned. I should have known Dotson was a lying, overly medicated. unorganized POS who couldn't manage himself out of a paper bag. Something to think about, it will not matter who was right when CPRK goes belly up. At least having a note signed, I am one place in line ahead of the general shareholders in BK. Cup half empty kind of thing I guess. Oh well, good luck Jimmy.
"Tell me how much difference a little board can make???" I stand by my earlier statement. This board will make no dicernable difference in CPRK's fight for survival. It does not matter how much you or anyone is vested in CPRK, or what you have to say on this board. The creditors DO NOT care about you, or any other share holder for that matter. Mark Dotson also does not care about you or about anything you have to say positive or negative. We can pretend he does, but his actions tell a different story. Lenders care about getting paid period. If getting paid means CPRK fails, you can bet they are okay with that scenario.
The only difference you or I, or anyone could make is by lending additinal money to CPRK to get them over this hurdle. I am all tapped out, as I have already lent them all available cash on the promise that they would pay me over a year and a half ago. Paid---I hate admitting when I was wrong. It is hard to do, but I was wrong on CPRK. When I lent them money, I beleived every word Dotson told me. I was wrong, and you are too. I hope, and have hoped they could turn it around, but I know better. I know alot about the company, and the people that are running the company. I have had personal experience with these people outside of just touring the mine, or writting on this board. I know several of the lender participants on the 1st and 3rd trust deed. I have spent time with them recently. They have shared their thoughts with me.
I will tell you this. CPRK is a long shot, and I mean long. They are in a very bad financial position. It is not likely they will come out intact. I wish it were different. I have a lot on the line, but is what it is. So you can go on being offended by every little negative post on this board, but truthfully it is all entertainment. I wish it were different. Good luck to you Paid.
We will see Yanik. I hope you are right.
Yanik,
Pennies on the dollar? If the property is worth half what we think it is, the first position will get there money and then some in the sale. Anyway, progress towards repayment may be what the first is looking for. You underestimate the extent of CPRK's financial problems.
Senior creditors would have no recourse against the unsecured lender. Not sure why you would think they would. Not saying Reg, or any of us should move on CPRK. I say let them dance a while longer, and see what happens, but I can certainly see where he is coming from. The loan is not a for sure thing anyway. If the senior creditors do not agree to extend it really doesn't matter. Without the extension, no lender will lend. If they decide to post a notice of sale, they can do so anytime.
Yeah it pretty much sucks. I am close. Should be soon enough to force a settlement if they get a loan.
Were on the same page PW. They have borrowed a lot of money with no exit strategy.
Some good news--CPRK may have found a way to make the STF deal work without participation or subordination of current creditors. It seems a friend of CPRK may be pledging some collateral sufficient to make the deal work. 7 million isnt much, but it may be the difference between life and death for CPRK. Now all they have to do is keep those pesky unsecured creditors from attaching it as it comes in. CPRK needs the money for operations, not to satisfy accounts payable, so there is still a lot up in the air. IMO, they will also have to get extensions granted from existing secured positions as well. If it works, it will be a miracle.
Subordination is only necessary if the new loan is not sufficient to pay all creditors in full. If it is, no subordination will be necessary. If they are paid in full, they have no more say. Word on the street, the same STF deal for 6 or 7 million is still on the table from the same lender, but they cant get all of the current creditors to agree to dilute or subordinate. I hope something big and long term comes through soon!!!
The main reason that I see--No one wants to work for a company in shambles. To much work to pick up all of Dotson's pieces, and when it all falls a part, the new CEO will be left holding the bag. Not a great resume builder if you ask me.
CopperKen,
With no financing they will be unable to afford the catalysts and reagents to run the floatation equipment. There will be no money for payroll, accounts receivable, extensions on current debt, etc. etc....
Yeah, they may have the rough cells AKA scrap parts installed; however, with out financing nothing will change. LTF is the only way out. STF is impossible. Every asset they have is already collateralized. They have nothing left to leverage, and a new share backed loan is the same as lending on an unsecured position.
Everyone always brings up what he or she has seen at the mill. The mill has an impressive appearance, but bottom line, it has not worked as anticipated, and has yet to have proved that it ever will.
I am skeptical, as should everyone be. We do not know much, because the company is not transparent, but what we do know looks bad. The rest is just speculation.