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MD is still around in Milford. Last I heard he is still tying to secure a financing deal so he can get get the company out of Chap. 11.
Also, Southworth and the BOD voted MD out. MD didn't leave and let "MS become the fall guy". I am not defending MD, just clarifying your statement.
FFF
To see your removed posts:
Go to settings.
Click on "My Removed Posts".
FFF
I would like to get anyone's opinion on where this is going as well.
FFF
CO,
Nice to have you back! I do not recall getting an email from you. Sorry for any confusion here.
FFF
CPRKSA and the EHC.
I have been asked to explain the purpose of CPRKSA and the EHC, and to describe their relationship.
CPRKSA is the CPRK Shareholder’s Association. It was started by me to rally all CPRK shareholders together and to make sure that there is an easy way to contact interested shareholders. The goal of CPRKSA is to preserve our investments and maximize CPRK(Q) shareholder value. Membership in CPRKSA is open to any and all CPRK(Q) shareholders. As CPRKSA grew, a leadership team emerged and became the CPRKSA Steering Committee. The Steering Committee did a lot of work and put together the documentation package that was used by the US Trustee’s office to authorize the formation of the Equity Holders Committee (EHC) in the CPRK(Q) Chapter 11 proceedings. The formation of an EHC is a rare occurrence and it would not have happened here without the dedication and work of the CPRKSA Steering Committee.
The EHC committee, consisting of seven large CPRK(Q) shareholders and two ex-officio members, is recognized by the court and is in place to represent all CPRK(Q) shareholders in this complex bankruptcy case. The EHC represents all CPRK(Q) shareholders, regardless of whether that shareholder is registered with CPRKSA or not. Two of the 6 members of the CPRKSA Steering Committee are official members of the EHC and two more (including me) are ex-officio members of the EHC. Ex-officio means that we are part of the committee but we are non-voting members.
The EHC "IS" authorized to speak on behalf of all shareholders in the bankruptcy proceedings. CPRKSA "IS NOT" authorized to speak on behalf of all shareholders. Registering your shares with CPRKSA does not give CPRKSA your proxy and CPRKSA will not speak on your behalf without your authorization.
This is a very complex Chapter 11 case and it is possible that the EHC may need to poll the shareholders on various matters at some point in time. The CPRKSA shareholder log and website gives them a quick way to do this. Having the support of 51% or more of the shareholders provides not only moral support to the EHC, but also gives the committee a good weight and standing in the courtroom and empowers it in all possible negotiations with the other parties of the proceedings.
If you have not yet registered your shares with CPRKSA, you can do so at:
http://groups.google.com/group/copper-king-shareholders-2010?hl=en
Click on "Apply For Group Membership". You will be asked for your name, email address, phone number, mailing address and the number of CPRK(Q) shares you own or control. You will also be given access to the CPRKSA shareholders website where occasional updates are provided on the Chapter 11 proceedings. (Note: Because most of the CPRKSA Steering Committee is on the EHC, we are limited at this time as to what we can post here. We have petitioned the court to allow us to pass on more information to the shareholders, and if we get that approval the information will be posted on the CPRKSA website.)
There is another CPRK(Q) website that is managed by a shareholder. http://cprksa.0sites.net/ This site is not affiliated with the company, CPRKSA or the EHC. However, I have found it to be very useful. The site contains all the court documents that have been filed along with a brief description of each filing, a calendar of upcoming events in the case, recaps of past hearings, participants in the case, etc. I recommend bookmarking this site if you want to keep up to date on the proceedings.
FFF
PW,
I hope you are alright. It seems like you might be having a bad day today.
First, CPRK is a very risky play, as are most companies in a chapter 11. I don't recommend that you, or anyone else, put any money into this that you cannot afford to lose. And any of my comments on this board are not intended to minimize that fact.
I am an ex officio member of the ESHC. I participate, but I do not have a vote on the committee. The goal of this committee is to prevent the shares from being wiped out and to maximize the value for the shareholders in the Chap. 11 process. Whether or not this can be accomplished, and to what degree, is still the million dollar question here.
My question to regulator was whether or not he had talked to any, as he put it, "world class studs" to back up his statement that they wouldn't touch CPRK with a 10' pole. My guess is that he has not. But I wanted to ask the question to give him a chance to back up his statement. My guess is that it is really only his opinion, but I will wait to see if he responds.
Also, if anyone reading this is a CPRKQ shareholder and you have not yet registered your shares with the CPRK Shareholders Association (CPRKSA), please go to http://groups.google.com/group/copper-king-shareholders-2010?hl=en and apply for membership to the group. I don't yet know if it will be needed or not, but in the event there is the need for a shareholder vote as part of the restructuring, we want to know how to reach you. Also, as the Equity Committee is authorized to release information to the shareholders, that information will be posted on the CPRKSA site.
FFF
Reg,
As far as I know your are not involved in any of the current restructuring discussions. Have you talked to any "world class studs" that have said they wouldn't touch CPRK? If not, your comment is only your opinion, and by the way, it is way off base.
FFF
TVI Pacific Acquires Rights to Exploration Property Near Canatuan Mine, Including Drill-Ready Prospects
CALGARY, ALBERTA -- (MARKET WIRE) -- 10/07/10 -- TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF) ("TVI" or "the Company") today announced the acquisition of rights to explore and subsequently acquire a highly prospective Copper-Zinc-Gold (Cu-Zn-Au) property on the Zamboanga Peninsula, Mindanao Island, Philippines. TVI's Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), has signed two agreements that cover a total of 2,000 hectares (4,900 acres) both areas being located within MPSA No. 076-97-IX granted to Siennalynn Gold Mining Corp. (SGMC).
A reinterpretation of previous exploration data on the property from programs conducted by major international mining companies, together with recent field work conducted by TVIRD, has identified two types of exploration targets: near- surface showings that could provide material for immediate trucking to the Canatuan mill site; and deeper, potentially major hydrothermal deposits. These targets could add additional ore sources and extend and expand TVI's mining operations at Canatuan.
Click here to view Property Map and Location of Prospects
Immediate Benefits of the Acquisition
- Samples taken recently from small scale mine workings at the Pinili Prospect show grades of up to 3.62% copper (Cu), 15.59% zinc (Zn) and 2.40g/t gold (Au);
- Exploration data, including airborne and ground geophysical data acquired along with the property, have been re-interpreted by geophysical consultants and TVIRD geologists. Several immediately drillable prospects; namely, Pinili, Nanao West and Nanao East lie within a short trucking distance of about 25 kilometers (15.5 miles) from TVI's operating mine at Canatuan; and
- The primary prospect, the Pinili Prospect, where small scale, high-grade copper mining has taken place, has been identified for immediate drilling.
Exploration Plan
Drilling of the property is planned in two stages:
- Stage 1: a total drill program of about 1,200 metres (3,900 feet) will begin in October 2010 to assess the extent and quality of the near-surface mineralization.
-- 7 holes for a total of 500 metres (1,600 feet) at the Pinili Prospect; and
-- 1 hole each at the Nanao West and Nanao East Prospects for a total of 700 metres (2,296 feet).
- Stage 2: By mid-2011, approximately 3,000 meters (9,842 feet) of exploratory drilling will be carried out on prospects that could host deeper hydrothermal porphyry copper targets. These prospects include Bailos, Abueva, Tatfu, and Rodrige.
Property Acquisition Summary
- The properties were acquired from SGMC and YZ Summit Mining Corp, ("YZ"), a small-scale operator who had entered into an Operating Agreement with SGMC on a portion of the Siennalyn MPSA and over the past two years was engaged in mining for the purposes of direct shipping copper ore to China from two small adits on the Pinili Prospect.
- TVIRD acquired the exploration rights over the property for an initial consideration of US$1.2 million in cash, with the right to acquire a 100% interest in the property at a subsequent time, in the event of a decision to develop a mine.
Geology
The property is underlain by volcanic intrusive rocks which contain epithermal and mesothermal auriferous quartz-sulphide veins. These veins have been the target of small-scale gold operators over the past few years.
Near Surface Targets for Immediate Drill Program
Clast-supported hydrothermal breccias containing copper-zinc-lead (Cu-Zn-Pb) sulphides and gold (Au) within areas of low-temperature alteration are exposed in historical excavations at Siennalynn. Grades of up to 3.62% Cu, 15.59% Zn and 2.40g/t Au in the breccia lodes located in the northern part of the property have been identified as possible near-term feed for the Canatuan plant. This area, called the Pinili Prospect area will be the subject of the immediate drill program.
TVIRD mapping recently completed at the Pinili Prospect Adit 2 revealed that the main mineralized breccia lode strikes WNW with steep dip directions swinging from NE to SW. It is exposed for at least 85 meters (278 feet) along the drift of Adit 2. The breccia lode is a structurally-emplaced body at least 2 meters (6.5 feet) wide where mapped, but the full width is not exposed in Adit 2 and may therefore be greater. A low grade mineralized alteration halo also exists around the main breccia lode. Where it was exposed at a crosscut within Adit 2, an 8 metre (26 feet) thick zone grading 0.22% Cu (with trace gold and zinc) was encountered. Drilling will allow determination of true width and strike continuity of the Pinili breccia lode.
Potential Deeper Hydrothermal Deposits
Evidence of additional, larger and deeper mineralized targets of porphyry mineralization is being identified using reprocessed geophysical data combined with ground prospecting recently completed by TVIRD. Mineralization is extensive but outcrop exposure is limited requiring further follow-up. These prospects are Bailos, Abueva, Tatfu, Rodrige, Nanao West and Nanao East.
Previous airborne magnetic survey data outlined a large alteration zone of quartz-clay-sulphide-iron oxide in the central part of the project area. Reprocessing of this magnetic survey data revealed a core alteration zone 2 Kilometres by 1.5 Kilometres (1.2 miles by 1 mile) of low magnetic intensity surrounded by magnetic volcanic rocks. Surface mapping of this alteration zone has outlined several mineralized areas of quartz-sulphide breccias and hematitic altered rocks.
Soil geochemical anomalies coincident with ground IP and magnetic survey anomalies from previous investigations occur along the margin of the alteration core. Ground prospecting follow-up by TVIRD has identified several potential drill targets; namely, Bailos, Abueva, Tatfu and Rodrige. Of these prospects, Bailos has been traced over 1 kilometer (0.6 miles) in length. Further exploration including trenching, mapping and sampling will be carried out to better pinpoint the drill targets.
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of Mr. Medina's membership of the Australasian Institute of Mining and Metallurgy (AusIMM) and the reciprocity rules covered under ROPO (Recognized Overseas Professional Organizations). He has prepared and/or supervised the preparation of the scientific or technical information in this document and confirms compliance with NI 43-101 requirements. TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina.
Peter Swiridiuk of AIMEX Geophysics, Gold Coast, Australia and Graeme Mackee of Geo Discovery Group Pty. Ltd., Brisbane, Australia have been engaged by TVIRD as consultants for the re-processing and interpretation of the airborne and ground geophysical data acquired by Placer in late 1990s. Messrs. Swiridiuk and Mackee are also Qualified Persons in compliance with NI 43-101 reporting requirements.
About TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF)
TVI Pacific Inc. is a publically traded copper producer focused on the production, development, exploration and acquisition of precious and base metal mining deposits in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.), Inc.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "schedule" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, such things as the volatility of prices for precious metals and base metals; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; ultimate recoverability of mineral reserves; timing, results and costs of exploration and development activities; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this News Release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking information respecting the nature and timing of the exploration program at Siennalynn and the Company's ability to define additional resources and reserves is based upon the previous exploration activities at Siennalynn, management's experiences with other exploration work programs undertaken in the Philippines and elsewhere, advice received from third-party advisors with respect to the various components of the exploration work program and the Company's current budget and overall strategy for Siennalynn, which plans, budget and strategy are all subject to change. Forward-looking information concerning development and production activities at Siennalynn (in the event a production decision is reached by the Company in respect of the project) are based upon management's experiences with other construction projects in the Philippines and elsewhere, advice received from third-party advisors, and the Company's current budget and overall strategy for Siennalynn, which plans, budget and strategy are all subject to change. The forward-looking statements of the Company contained in this News Release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2009, which was filed on SEDAR on March 25, 2010, and is available under the Company's profile at www.SEDAR.com.
Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this News Release to reflect subsequent events or circumstances.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Executive Director Investor Communications
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
TVI Pacific Inc.
Connect with us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
Be a Fan at www.facebook.com/tvipacific
http://www.tvipacific.com/Investors/news/News-Release-Details/2010/TVI-Pacific-Acquires-Rights-to-Exploration-Property-Near-Canatuan-Mine-Including-Drill-Ready-Prospects1122900/default.aspx
FFF
I checked to make sure that it was the Same Thomas Moore:
Thomas A. Moore
Chief Executive Officer and Chairman of the Board
Advaxis Incorporated
North Brunswick , NJ
Sector: HEALTHCARE / Biotechnology
Officer since December 2006
59 Years Old
Mr. Moore joined our Board as an independent director in September 2006. Effective December 15, 2006, Mr. Moore was appointed our Chairman and Chief Executive Officer. He is currently also a director of MD Offices, an electronic medical records provider, and Opt-e-scrip, Inc., which markets a clinical system to compare multiple drugs in the same patient. He also serves as Chairman of the board of directors of Mayan Pigments, Inc., which has developed and patented Mayan pigment technology. Previously, from June 2002 to June 2004 Mr. Moore was President and Chief Executive Officer of Biopure Corporation, a developer of oxygen therapeutics that are intravenously administered to deliver oxygen to the body?s tissues. From 1996 to November 2000 he was President and Chief Executive Officer of Nelson Communications. Prior to 1996, Mr. Moore had a 23-year career with the Procter & Gamble Company in multiple managerial positions, including President of Health Care Products where he was responsible for prescription and over-the-counter medications worldwide, and Group Vice President of the Procter & Gamble Company. Mr. Moore is a graduate of Princeton University.
From http://people.forbes.com/profile/thomas-a-moore/1729
And here is more on the SEC charges against him 2005 with Biopure:
http://www.sec.gov/litigation/litreleases/lr19376.htm
FFF
It could be this article:
09/24/10
.....I've been covering biotech investing for so long now, I thought nothing -- no matter how egregious -- could shock me anymore. Then, I opened an email from BFB:
"I read your two Rodman & Renshaw pieces, and have something that might amuse you. One of the companies there was Advaxis(ADXS_). I have some shares (a lot fewer than before) but I didn't get around to reading the full SEC filings until it was too late. Anyway, a kerfuffle has erupted on the message boards for Advaxis because the filings revealed that the CEO has a history, not a pleasant one, with the SEC."
BFB's email contained some links, which is how I learned that Tom Moore, the former CEO of the failed, disgraced and now blown-up human blood substitute company Biopure, somehow managed to land another job in the biotech/drug sector as the chief executive of Advaxis. And Moore has been running Advaxis since 2006.
Wow. That is unfreakingbelievable.
Moore and I go way back to the early aughts. (Hey Tom, we meet again!) His primary job at Biopure was to (allegedly, per the SEC) make repeated false and misleading statements about Biopure's efforts to gain FDA approval for its human blood substitute Hemopure.
In 2003, FDA informed Biopure that it had rejected the Hemopure approval application. Moore didn't tell investors about the rejection. Instead, he told investors that Hemopure was still on track for approval! Biopure's stock went up and the company raised more money. Later the truth came out about Hemopure and Biopure's stock price plummeted. The SEC launched an investigation, leading to civil charges being filed against Moore. Eventually, SEC reached a settlement with Moore, which is why all the charges that Moore lied and misled investors are still just legal "allegations."
For some reason, the SEC didn't bar Moore from serving as an officer of a publicly traded company, even though what he did to investors was worse, in my opinion, than the crimes committed by Martha Stewart or Sam Waksal.
I take the Moore situation personally, I'll admit, because it was my reporting about Hemopure that largely uncovered all the problems with Hemopure and Moore's alleged role in Biopure's eventual demise.
So to my surprise and horror, Moore is still around running Advaxis, a tiny cancer vaccine company trading on the bulletin boards. I had no idea. I'm not familiar with Advaxis but are there really any reasons to dig further when you know that Advaxis' board thought it wise to hire a guy like Moore as CEO?
http://www.thestreet.com/story/10870...bag-vivus.html
FFF
Can we submit a Joinder for 3436 and 3434 or are we past the deadlines to do that?
FFF
Greetings CPRKQ Shareholders.
I have been contacted by a few posters here after the dialog between Primary Watcher and me the other night.
I would first like to apologize that we went back and forth about an internal CPRKSA issue on this board instead of via a more private form of communication. It was late, and speaking at least for myself, I probably wasn't at my best at that time of the night.
I just want to let everyone know that we have talked and all is good between us. She supports CPRKSA and the EHC is setting up a calender of upcoming events in the CPRK Chap 11 case and will continue to try and pursue getting an article published on what we are doing here.
In some of her postings the other night she wanted to figure out how to get information from the EHC to the shareholders. The filings today by the EHC's attorney are specifically about setting guidelines and procedures for how the EHC can communicate information with the shareholders while still keeping confidential information confidential. So this will hopefully be resoved soon.
FFF
Primarywatcher,
I appologize that you feel you have been violated. I felt like your posts were undermining me and the CPRKSA steering committee members so I changed the password until we could have a conversation. I did not "remove" you as secretary. I simply limited your access to the CPRKSA management portal until we could sort this out.
With your latest post it appears that you have lost faith in my professionalism and no longer wish to participate with CPRK and CPRKSA. Thank you for your help over the last couple weeks. It was very much appreciated.
FFF
Primarywatcher,
1. It definitely sounds like you are complaining to me.
2. What request did you send to the steering committee? I am not sure to what you are referring.
3. If you have some concerns or ideas for CPRKSA don't you think contacting me, as the founder and a steering committee member of CPRKSA, might be a more useful approach than airing your frustrations on a public forum?
4. If you think it is critical to get all shareholders an explanation of each filing made in this case, then by all means knock yourself out and go do it. But personally, I am having a hard enough time running my business, spending time with my family, particpating with the EHC, reading each filing in the case to keep myself informed and doing what I can to save and maximize the shareholder's investments in this case. I do not have the time, or desire, to write a summary of each filing. The filings are public and all shareholders are welcome to go and read them. We have tried to post some summaries of the documents we feel are of great interest to the shareholders, but please do not count on us to disseminate all the filings for the shareholders.
5. In terms of having the EHC's attorney interpret these documents for the shareholders. Are you kidding me? Do you really think that would be the best use of her time or the money that is being used to pay her?
6. You state that "Perhaps the Committee is way too busy tho... I don't know." Well I can tell you that the best way to find out would be to ask us instead of making this kind of post on a public forum.
FFF
The EHC members will NOT be providing CPRKSA members with insider information. The EHC members are not supposed to trade the stock while they are a member of the EHC committee. Members of CPRKSA are free to trade the stock as they wish. Just make sure you keep us up to speed on your holdings if they change significantly - send an email to cprksa@gmail.com with your changes.
FFF
HSS,
How do you know they have been "purchasing heavily in Sarissa"?
FFF
OK, here is how I wrote the titles for my 2 Joinders:
JOINDER TO OBJECTION OF CERTAIN EQUITY SHAREHOLDERS (Docket #3224) TO THE DEBTORS’ PLAN OF REORGANIZATION
and
JOINDER TO OBJECTION OF CERTAIN HOLDERS (Docket #3293) TO DEBTORS’ SECOND AMENDED JOINT PLAN OF REORGANIZATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
FFF
Here is the title I am putting on mine:
JOINDER OF CERTAIN EQUITY SHAREHOLDERS OBJECTION (Docket #3224) TO THE DEBTORS’ PLAN OF REORGANIZATION
Ergodoc,
Would it be easy for you to go and make that change on the template for any people who have not downloaded it yet?
FFF
Ergodoc,
I have a question on the Joinder. The title on this says "JOINDER OF CERTAIN EQUITY SHAREHOLDERS TO THE DEBTORS’ PLAN OF REORGANIZATION". This sounds like we are joining with the POR.
Shouldn't it read something like "JOINDER OF CERTAIN EQUITY SHAREHOLDERS OBJECTION TO THE DEBTORS’ PLAN OF REORGANIZATION"? Don't we want it to state that we are joining with an OBJECTION to the POR?
Thanks for any clafification on this.
FFF
Wes,
1. A 51% vote of the O/S is needed to make changes.
2. Restricted shares can still vote. There are currently about 5.85B shares outstanding and we have close to 50% of that registered with us.
4. Anyone can buy as many shares as they like. If you do buy more I request that you register them with CPRKSA. You can report any changes to your share count by sending an email to cprksa@gmail.com.
5. I have some restricted shares that are not part of the float. I also have free trading shares.
FFF
There were 2 issues being addressed today in the senate. Hatch was for 1 of them and against the other. He pushed to extend the R&D tax credit permanently, but voted against the $30B small business lending program.
http://www.sltrib.com/sltrib/home/50300347-76/hatch-tax-bennett-bill.html.csp
FFF
Private Wealth,
First off, this MOU was submitted to the court as a Notice. There is no motion to accept it. At this time it is for information only. So at this time there are no actions being taken on this by the Debtor so there is nothing to comment on in terms of if they are acting in the shareholders best interest.
On a personal note, that deal is not one that I want to see finalized. I am not a fan of the terms. But I am glad to see at least one financing deal on the table as it shows the judge that someone thinks there is value in the company. Everything else filed to date has been saying that the company is insolvent and won't work. So this is a start.
FFF
Whisker,
The MOU is now a public document. It is filed with the court and anyone can access those filings.
FFF
CK,
We have people on our list with as few as 1,000 shares. If you are a shareholder and you want a chance to exert your rights as such, you should register your shares with CPRKSA. We will keep you up to speed on what is happening in the Chap. 11 process and will be ready to execute a shareholder vote if it becomes necessary in the future.
You can register at:
http://groups.google.com/group/copper-king-shareholders-2010?hl=en
FFF
That is why we need every shareholder to register their shares with CPRKSA. Right now CPRKSA is watching management closely. If we get to a point where we feel what they are doing is not in our best interests we will need to flex our muscles.
FYI. It takes 51% of the shares to make changes in the BOD. Right now we have 49% of the O/S registered with CPRKSA. We are looking into the legalities and specifics of how we will need to certify the share counts if we do a vote in the future.
To register your shares with us, go to: http://groups.google.com/group/copper-king-shareholders-2010?hl=en
If you are already registered and there is a change in the number of shares you own, send an email to cprksa@gmail.com with those changes.
FFF
It was a nice buffet. They had fruit, yogurt, waffles, pancakes, bacon, sausage and a made to order omlette station.
There were 5 people affiliated with the EHC in attendance and 3 shareholders. We basically discussed the same things going around on this message board here and talked about the need to try and preserve shareholder equity. Most, if not all, at the meeting did not like the terms of the MOU, however it was also stated that something is better than nothing. And this at least creates a bottom and should prevent any other low ball offers from coming in. Also, the people at the breakfast are hoping that someone can come up with something better than the current DIP and MOU proposals - which is why ChuckD-MSB has asked if anyone knows of an investor with deep pockets. If you look at what is on the table now ($8-15M in DIP, and $15-$40 in the MOU) it should give you a good idea of the size of the loan / investment that is needed here.
FFF
I will be there as well.
FFF
Not yet.
This is why it was so important to for CPRKSA to get an Equity (Share) Holders Committee (EHC) approved by the US Trustee. Now that the EHC is approved we will have a watchdog over the proceedings.
CPRKSA will also post updates on the proceedings on our shareholder website. Right now there has been a flurry of documents submitted to the court so we are just trying to keep up with that at the moment.
Also, CPRKSA will be working closely with the EHC, so if you have not yet registered your CPRKQ shares with CPRKSA, please do so now. To register your shares with us, go to http://groups.google.com/group/copper-king-shareholders-2010?hl=en and click on Apply For Group Membership.
Thanks.
We're getting close.
If you haven't registered your shares, send an email to cprksa@gmail.com with:
Name
email
phone #
# of shares
mailing address
CDCH is up over 21% today and has gone from $.065 to $.095 over the last month. Why is MDMN not on the same trend? I thought these properties were linked in the same deal.
FFF
We are currently a little under 50%. However we have identified, and are in discussions with, some larger investors that could put us well over 51%.
But keep in mind that just having 51% of the shares registered with CPRKSA does not mean that all of them would be in agreement on a particular course of action. But it does give us the opportunity to have that happen.
FFF
PW,
I went back and looked at the bylaws and I may need to restate my last post. With 51% of the shares on board, the shareholders can replace the BOD. I DO NOT KNOW if the shareholders could replace JB or if the BOD is the only entity that can do that.
If 51% of the shareholders align, then yes, the shareholders could not only oust JB, but could replace any/all of the BOD.
FFF
I have tried to reach him several times over the last 2 days. No response to the emails I sent to his 2 email address and the 2 cell phone #'s I have are not letting me leave a message.
I know he was out of the country for at least several months, but I believe he returned a month or so ago.
FFF
I have a few ABWTQ shares and have been following this thread with great interest. I started a shareholder committee for CPRKQ (Copper King Mining, pink sheets) and we were looking to get approved as an EHC (equity holders committee) in their Chap 11. We met with the US Trustee about 2 weeks ago and submitted a lot of information on the valuation of the CPRKQ property. And yesterday, the Trustee granted us an EHC!
Thanks to everyone on this thread that contributed their knowledge about the process as it helped us in getting ready to submit our package to the US Trustee.
Thanks again.
FFF
PROPOSED DIP FINANCING:
Another item of interest, which is listed in several of the recent
filings, is the request for approval of the DIP (debtor in possession)
financing. Document 154 is the motion to approve the DIP financing,
http://www.copperkingwesternutahminingrestructure.com/wu%20154.pdf
There are 2 parts to the DIP financing proposal.
1. They need $650,000 before the end of this month in order to pay
for the BLM mining claims (or else they lose them), to pay for
insurance (or else it expires and no one can go on the property),
etc. They are also calling for the judge to rule on the $650K Interim
Financing on Aug. 30,
http://www.copperkingwesternutahminingrestructure.com/wu%20168.pdf
(I, personally, am in favor of the $650k financing as it is needed in
order for the company to continue on as a going concern.)
2. The full amount of the DIP financing from Altus is $10M, with the
potential to go up to $18M if certain conditions are met. The terms
of this loan are significant:
a. 12.99% interest,
b. pay 2% of the money back to Altus in cash at the time of the loan
as a closing fee.
c. a Loan Accomodation Fee which, depending on whether they take $10M
or $18M, will give them 8-16% ownership of the reorganized company
through the issuance of a stock warrant. See the Fees and Expenses
box on page 5 of document 154. (As a shareholder, I personally have a
big problem with this one.)
d. CPRK will pay Altus for all internal and external expenses they
incurred in their due dilegence and preparation of the DIP financing.
This includes all of their legal fees. And the document doesn't give
the amount of these expenses. (my comment: are we doing this on blind
faith???)
e. If CPRK doesn't use the entire amount of the DIP financing, they
still have to pay a 2% unused facility fee on that financing.
f. Altus gets "superpriority" status as a secured creditor, which
means they jump ahead of the current secured lenders.
g. If the Altus DIP financing is not approved and we get DIP financing
from someone else, we still owe Altus $100,000.
h. This is all for a 1 year loan that must be paid back in Sept. 8,
2011.
i. And to top it all off, if we decide to to repay the loan before the
Sept. 8, 2011 due date, there is a 10% prepayment penalty.
How do we listen in?
FFF
I just wanted to give everyone a quick update on CPRKSA's share count. As of this afternoon we have over 2.7 Billion shares represented in CPRKSA. This is about 46% of the approximately 5.9B outstanding shares. And with 300M shares being held by WUCC and 200M shares being held by Copper King Mining, one could argue that those 500M shares should not even be included in the outstanding shares.
We are still waiting to hear from the US Trustee on our request to
authorize a shareholder equity committee. When we submitted our
request 2 weeks ago she said we should hear back this week. We did not hear back from her today. We will let you know once we get word on this.
Keep up the good work by referring any other CPRK shareholders to join
our cause at http://groups.google.com/group/copper-king-shareholders-2010
Frank
I can't argue with you on that one.
FFF