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Johnny4profits, just look at their past postings and you will see just how bad those predictions are.
The research was great and we saw it coming,at least for those of us that did research and those that decided to believe some of it.
Now concerning the train,I don't really know if it is leaving the station just yet and i'm positive that you are not the conductor.
I for one will wait until after the conference call to base my decision on if this train is leaving the station or not.
I'm not going to be the first to judge John Bryan for something that happened 16-18 years ago especially knowing that these tabloids are always 100% correct in what they print.
I think what we really need to do right now is to come up with a few good questions to ask about Copperking,the BK's and the shareholders and get them to Charles as that might be the best way to get them to John for the conference call.
Thanks AllyAustin, I'm just looking foward to the conference call which should hopefully be next week. They should be accepting questions during the call. I get the feeling that Mr Bryan is not here to just sit around. I wish we did not get to this point,but since we are here i'd much rather go through this with Mr Bryan than with the incompetent management we've had in the past that brought us to this point.
Now don't get me wrong, Copperking has quite a few hurdles in front of them. But I agree with the BK if it was done for the right reasons like holding off creditors,sales of assets,lenders not willing to agree to allow someone to take a better position when providing much needed funding and through this process to eventually be paid what they are owed.
All I know is that I feel much better about our situation then I have in the last month and I guess we shall see how it turns out.
I will continue to do my research and post the good and the bad as I have done in the past.
My feelings and opinions from my research.
Marc
Looks like the website is almost up.
http://www.copperkingwesternutahminingrestructure.com/
RS500, I called the U. S. Trustees Office in Nevada and talked to a trial attorney there today. It seems as if the company needs to come up with a plan or Disclosure of Compensation/Reorganization and funding. Then have the judge sign off on it.
Since Copperking is the Debtor in possession if they come up with the funding and a viable plan and show the courts that we do indeed have valuable assets we might stand a better chance of pulling out from this.
My understanding is that starting the mill back up could be a short time frame if funding is close and the plan gets approval.
Now pulling completely out of BK could take 6 months or a couple of years. It all depends on how the company is doing in it's plan and the judge to sign off on it. Lenders and those owed money also could have a say in it,but if they are getting paid then I would think they would be happy with the plan.
MY OPINIONS FROM MY RESEARCH
Talked to our new CEO from the Watley Group, John Bryan after the market closed. We should hopefully have a Conference call late next week. They are also setting up a web site so that people interested in finding out what is going on in this process the ability to do so and to follow along. Unless it changes the web site should be "www.copperkingwesternutahminingrestructure.com" and it might be up this weekend(depending on how long it takes)as they are working on it now. He seems to have high hopes for all involved(even us shareholders). It also seems as if he has the sooner than later attitude which would be refreshing for a change. For what its worth,I felt better about our situation after speaking with him. IMO
Been searching for about a half hour and having trouble locating it. Anybody????
Hoping to find out more when they have this conference call,hopefully soon!!!
Oh I forgot,this is Copperking. It's always been later than sooner!!!
Copperken, The other problem I have is with management. If the BOD voted for the BK on May 13th and cared about the shareholders, why did they not set up or announce a time and date for the conference call at the same time or very,very close to the release of this PR???
" The Company plans to schedule a series of conference calls to brief shareholders and creditors and to answer questions. Mr. Bryan will chair the call. Conference call information will be provided as soon as it can be arranged."
I guess management cannot even coordinate those two simple things!
Seems like us shareholders are the least of their concern.IMO
My biggest problem with Charles is he seemed to be their biggest promoter yet he seemed to know nothing. Now in these news stories and PR's he seems to know everything again. Saving face,to look good, to seem like he knew all the going ons and mistakes by the company???? Again,he's the knowledgable one as he was in many of the phone calls where nothing really came true. To me Charles was a promoter,nothing less and nothing more. IMO
Well,looks like it's a PR now.
http://finance.yahoo.com/news/Mining-outfit-in-Utah-shuts-apf-3182991425.html?x=0&.v=1
The Fox13 story is the most informative and interesting of the three.
Copper King Mining Corp. shuts down Utah operation, files for bankruptcy protection
PAUL FOY AP Business Writer
2:43 PM MDT, May 20, 2010
SALT LAKE CITY (AP) — A mining outfit in Utah's west desert has shut down operations, furloughed employees and filed for bankruptcy protection after just a year of operation.
Copper King Mining Corp. said Thursday it hopes to emerge stronger from Chapter 11 bankruptcy after reorganizing debts and raising money.
The company, operating as Western Utah Copper Co., controls lucrative iron ore and copper deposits on about 60,000 acres of leased land around Milford, Utah. It opened a $60 million mill a year ago and employed 85 people.
"The company ran out of money in middle of a startup phase for a complex and difficult mining operation," said turnaround adviser Anthony "John" Bryan, who is taking over as chief executive. "The plant they built there — these things are not easy to get up and running. Three-quarters through the process, they just ran out of money."
Copper King said in a bankruptcy filing Tuesday that it was unable to pay for mining leases, workers, lawyers or operations and even had its power disconnected. The filing included minutes of a May 13 board meeting that ended with a vote to declare bankruptcy.
By meeting's end, board chairman David McMullin took up the unpaid wages he said the company owed workers — many were his "friends and neighbors," he said. The minutes didn't say whether or how the company planned to pay the back wages, but Bryan said he hoped to raise money quickly to call back company executives and workers.
"We're going to get the mining facilities operating profitability," said Byran, chief executive of The Watley Group, a Los Angeles-based bankruptcy specialist. "We take over enterprises and move quickly without a lot of the emotional baggage and a lot of problems the incumbents might have had."
Copper King shareholders "are going to take the biggest haircut," said Charles A. Moskowitz, the company's investor-relations manager — a hired contractor who says he's owed more than $60,000 for his services.
Moskowitz said Copper King ran into financial and operational problems. "They never got the mill running anywhere near capacity," he said.
Shares of Copper King rose 66 percent to five one-thousandths (0.0005) of a cent in over-the-counter trading Thursday. Moskowitz said the company has issued billions of shares in an "absurd" effort to raise capital. The 52-week high was 1.9 cents last September.
"The mill was built on the back of shareholders," he said.
http://www.fox13now.com/business/sns-ap-ut-iron-mine-bankruptcy,0,4093541.story
Seems like David McMullin knows a lot about bankruptcies this year,he just can't seem to avoid them.IMO
Was watching ABC4 news about 10 minutes ago and even they had the Copperking BK news on TV.
http://www.abc4.com/content/news/state/story/Utah-mining-outfit-shuts-down-files-bankruptcy/_5RMtRNcFUW67oqhAlSrAw.cspx
http://www.fox13now.com/business/sns-ap-ut-iron-mine-bankruptcy,0,4093541.story
http://www.ksl.com/index.php?nid=148&sid=10851814
Sure hope that was not the great news we were waiting for!!!!!
Trav G , I think sleep will really see the panic mode starting next week if Copperking does not come out with some great news very soon. Some big time shareholders have already gotten out and there are many more sitting on the fence.
Here I sit on the fence getting splinters,but it's starting to get a little too painful. Just afraid if I go the wrong way that I might just fall on them Rocks
Management better start working together before its too late.IMO
Marc the frustrated shareholder.
WOW, So nothing has changed!!!!! LOL What a great company we have invested in. Seems like there are too many egos involved in the upper management.
Charles does not seem to know what management is thinking or talking about from past communications with him,the change in management,in PR's and with listening to his past radio promotions!!!
"he still thinks company can survive"
Now why would he even say that? I've never been paid by the company like he has and I will say that. But I now put the odds of that happening at about 10% and only survive(boy thats not very inticing)!!
"he also said trustee sales have been cancelled manny times in the past and hopes same will happen this time too"
Trustee sales in the real world do also happen on many occasions to people and companies that could have had a great future,but they DO happen and we all hopes that it gets canceled again as it did the many times before.
Sure makes me feel good of where we stand with this company.
I hopes management figures out how to work together very soon before this company just turns into them ROCKS!!
Marc the frustrated shareholder(AKA the frustrated mushroom)
All just my opinions
CopperKen, I'm thinking sooner then that. I hear that they are still working on the STF as we speak. I'm hoping that MD,MS and the BOD work things out for the best interest of the company and the shareholders.
In my opinion I think everything hinges on the STF coming through soon and the judge not ruling in Nevada Star's favor. Remember that there might be other properties that are better suited for the way the mill is set up.
My guess if Copperking gets the STF,MD,MS and the BOD work things out and the judge does not grant NS the injunction would be a couple of months. I believe Oct would be too late.
My opinions from my research
ThunderBell, A big AMEN to your last sentence!!!!!
b2r,
Posted by: marc_1958 Date: Thursday, April 08, 2010 11:59:23 PM
In reply to: richard the Realtor who wrote msg# 62238 Post # of 63795
Richard, I've been doing some more research(oh no, not more)and I was thinking(that always seems to get me in trouble,lol).I was told that Massey provided a loan of 10 million at approx 0% interest to Copperking and in return would get 75,000 ton of magnetite at approx $16.50/ton(I don't know if that has changed from last year)and was a very sweat deal. Now if Copperking cannot deliver the magnetite(no magnetite=a bad deal)as it looks of late,do you throw good money after bad money? I see a few scenarios that could be possible.
Scenario #1-Massey provides Copperking with STF and gets even more of a sweet deal for the new loan especially with the price of magnetite at this time(seems like Massey could be sitting in the drivers seat).Downside of this one is that the easiest(it seems like)process of the mill which could pay a lot of the overhead could be repayment of the loans and not for operational cost. Time is also a big factor here.
Scenario #2-Massey provides Copperking with STF gets the sweet deal and in doing so puts themselves in a better position with the position they already had on the first loan. Copperking does everything they can but the mill just will not work. Massey steps in and gets the mill cheap and shareholders are left with nothing. Thats how some big companies get bigger.
Scenario #3-Massey or someone provides Copperking with STF and they fix all of the problems and flourish. The community gains jobs and we make a lot of money. I do not like the odds and time is against us but this is the one that I would like to see happen.
Hell, Massey might even have an expensive machine sitting around that could help them fix some of the mill problems.
Thats enough thinking tonight cause I'm getting a big fat headache.lol
My research and my opinions from that research.
Marc the researching mushroom
Any numbers to put to that STL? Should have been simple to do!!
I thought that once before about 3 years ago with a different company when I believed everything that management told me and I lost about $100,000!!! So tell me that again!!!!!!
Dam, I bought more friday(not even a day) and i'm already down over 20%.LOL Just got to laugh!!!!!! Or is that cry???
For those that think this PR is great,think again. For transparency I will give them a B- instead of an F as most of the infomation disclosed has been discussed on the message boards for quite a while but at least this time it came directly from the company.
On the information provided on the status of the company and how it is looking,I am giving it an F(it is failing)as they will be fighting an uphill battle to make it. Do you really think that the company would have issued this PR if they had not seen the discussions on the message boards(and yes some of them DO read these messages).
"The company hopes to resume full operations as soon as possible"
Wasn't that stated about 37 days ago??? And no budget for getting the mill up and running yet?
Was there any mention of Dotsons status(which at this time might be very important)???
Is anyone aware of who and when anyone in management has filed for BK in the present and past.
I think the company had no choice but to disclose this information(which I think was good,but the information doesn't look all that good).
These are my opinions from my research.
Disclosure: I bought more shares on friday. Why? I guess i'm just a gluton for punishment. I just keep hoping that things will get better than worse. Just like some people post"THINGS HAVE NOT CHANGED" LOL
Marc the not so frustrated mushroom
dcragun, It is my understanding that the judge granted the Motion to Compel also NS was given 14 days to file a Motion for Attorney's Fees and then WUCC has 14 days to Respond to Attorney's fees. It's NS that wants the Attorney fees. Also WUCC has until May 13th to file Supplemental Responses to Interrogatories. This is my understanding from the court clerk.IMO
U.S.District Court of Utah
Judge David Nuffer
Court Clerk
801-524-6100
Is there anything you can expand on with that month old press release??? Especially since the company has not!!!
How about a timetable for transparency???
U.S. District Court - District of Utah
Court Calendar
Honorable David Nuffer Room 477
Wednesday, 04/28/2010
11:00 am Lovejoy v. Patton et al 2:08-cv-00936-DAK Initial Pretrial Conference
Dft - Burt, Patrick C.
Dft - Mann, John W.
Dft - Pro se
Dft - Sanders, Gregory J.
Pla - Goodman, Joseph R.
11:00 am Seely et al v. Deseret First Federal Credit Union 2:09-cv-00775-DAK Initial Pretrial Conference
Dft - Frazier, Ryan B.
Dft - Moesinger, Gregory S.
11:00 am Kunz et al v. JPH Enterprises et al 1:09-cv-00115-DAK Pretrial Conference
Dft - Romero, Jerome
Pla - Dalton, Donald L.
11:00 am PRG Resort Management v. Resort Center Condominiums Homeowners 2:09-cv-00817-TC Initial Pretrial Conference
Dft - Brinton, Jonathan G.
Dft - Snow, John P.
Pla - Utley, Ginger
Pla - Zimmerman, David W.
02:30 pm Nevada Star Resource v. Western Utah Copper Company 2:09-cv-00542-DAK-DN Motion Hearing
Dft - Boehm, Bruce J.
Dft - Frank, Gary A.
Pla - Billings, David P.
Pla - Langton, Derek
U.S. District Court, District of Utah, 350 S. Main St., Rm. 150, Salt Lake City, UT 84101 (801) 524-6100
https://ecf.utd.uscourts.gov/cgi-bin/PubCal.pl
U.S.District Court,before Magistrate Judge David Nuffer @ 2:30PM today.
Johnny4profits, It looks like they have 5-6 obstacles they need to get over,one at a time to get to where they want to be.
#1-The hearing tomorrow. They need the judge to rule in Copperkings favor and not Nevada Star.
#2-DWQ and DOGM to sign off on the samples taken,tailings problem and a Plan of Operations.
#3-Management problems between MD,MS and the BOD and STF/LTF funding coming through.
#4-The financials getting done and getting the stop sign removed or getting off of the pinksheets.
#5-Getting the mill back up and running efficiently with more improvements.
#6-Becoming more transparent and gaining shareholder trust.
These are the main concerns I have as a shareholder. Can they overcome these obstacles? Of course, will they? I sure don't know.
So here I sit hoping and wishing and doing more research as I can.
Here's hoping they tell us SOMETHING soon.
And here's wishing they succeed for all of our sakes.
My opinions from my research.
Marc the frustrated mushroom
Could those be shares held for services rendered?
AllyAustin, Do we even know if they have any shares left to sell? And if so,why not sell some to pay employees?
ThunderBell, Thank you for that very informative post and the time taken to post it. I kind of wish I was and had about 300 million shares. Again, Thanks
Trav G, Sounds like you've been doing some research. Would you please elaborate a little on your post? Was CPRKSA involved in any way? Have you noticed a pattern in how some of the long term posters were not posting just prior to the new management takeover and since hardly post. Just some questions that make you go "hmmm".
Thunderbell, Thanks for the information. This post seems to give us more questions that need to be answered and a starting point to do more research. I'm just hoping that we don't have more problems being created inside the company management because of this possibility that MD was sandbagged.
This just is not the right time to have this conflict interfering with everything else going on with Copperking and the mill.
Please feel free to expand on the information you posted as I would like to try to do more research on the ones that concern me.
Again, Thanks
Trav G, Thats the way to do research. Read posts,question them and then research and get the answers your looking for.
When someone posts something that you don't like or believe,don't just dismiss it,argue about it,JUST RESEARCH IT and get you own answers.IMO
Rich, I will agree that MS knows more then us,but there are too many variables that even he does not know. Lenders deciding to foreclose,liens,sheriffs sales,people changing their minds or getting tired of waiting to get paid. There is a very large number of creditors that are owed money. And of course,the mill running correctly.
Will the mill operate according to plan as it did the last time(not)? Will STF/LTF come through soon(some financing never gets signed off on)? Hoping for the best,but not expecting everything to just fall into place with the way things have gone with Copperking. We have heard fantastic things were happening over the last year and where are we now??
As for the tailings problem,I don't think it will be as big of a problem as first thought. Their biggest problem is getting the funding finalized and then to get the mill performing up to par.
All I can hope for now is that they come up with the STF/LTF SOON and then get the mill up and running efficiently.
My research and my opinions.
Rich ,my comments are more based on this post,
"I think he can make up his own mind about his investments and where he puts his resources. Why become the CEO of something you do not think is going to survive? Why take over the helm right before the ship sinks? Doesn't make sense to me from that perspective. I would let Mark Dotson be in control when the ship sinks if I thought that it was the Titanic that just hit a huge iceberg."
No one(even MS)really knows if this company will fail or succeed or the complete state of affairs with Copperking and what the final outcome will be. He has more than a full plate,so lets hope for the best.IMO
Rich, If you were in a investment fund,had a big percentage of that fund,had someone like Dotson as the fund manager and that fund was going down like a sinking ship,what would you do??
Leave Dotson in as the fund manager,put someone else in as fund manager or take the fund manager out while he's not looking,taking over as the fund manager therefore taking control of your own possible destiny.
It's just like Craps. If you have a big investment(bet)on the table,do you want to be the one throwing the dice(which dictates the outcome)or the one who watches from the side rail,hoping that the one rolling the dice does them some good?
Just my questions and opinions.
Richwaters,I think if you had as many shares as MS has you would likely want to be the captain and make the decisions to try to protect your ship(money)and make it to dry dock before it sank and you lose your investment. Then if you make it money will be needed to make the repairs.
Of course sometimes as we all know "the ship still sinks". Here's hoping it makes it to port and sails again.IMO
Regulator78, Are you one of the lenders that is owed money. If so what do you think your chances are of getting your investment back and what do you think the odds are that you would get that investment back if Copperking does in fact obtain STF? Would you really like to see Copperking make a comeback as it seems like they are in the bottom of the ninth inning. Rally caps people!!
Trav G, Lets just hope that MD, MS and the BOD work something out so that Copperking doesn't have one more lawsuit to contend with. IMO