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Sleep,
Respectfully, I disagree with your assessment of the recent PR. Since you are in the medical field, I will put it in terms you can relate with. IMO, CPRK is terminally ill. The only available cure is Long Term Financing sufficient to pay off all current lien holders on the property and equipment. Without this medicine, CPRK will die. The symptoms of their illness are as follows:
-lack of transparency (what are they hiding?)
-Non performing, dishonest, overly medicated CEO. (He has alienated anyone and everyone that may have been able to help dig him out. He has no where to turn.)
-Dilution, Dilution, Dilution.
-A mill that does not work as anticipated (according to Walt himself)
-60 M in secured Debt that is 2 years plus past due.
-13 M of unsecured/under secured debt that is 2 years plus past due.
-Accounts payable policy?---Don't open any mail that looks like a bill.
-Unhappy share holders.
-Downsizing of staff, and missed pay roll.
-Narrowly averted Sheriff's sale. (why wasn't the Sheriff's sale addressed in last PR?)
-No LTF in sight.
-STF is impossible without 20 plus lender participants agreeing to participate or subordinate depending on the scenario. This is not going to happen.
-Cant afford fuel.
-Cant afford reagents or catalysts.
-Mill has been down for two months with little hope of opening anytime soon.
That is the short list.
Problem is, LTF, the only cure, is not currently in reach. If it is not administered soon, CPRK will die, and we as shareholders will all lose, regardless of the number of shares we have in our account, or who we purchased them from. GLTA shareholders!!!
Regulator,
Seems to me you have become a little worked up since last we talked. Is there a specific reason for your sudden outbursts. I agree with everything you are saying, but it seems as if you have already betrayed someones trust with what you have disclosed.
Rich,
IMO, the use of repetitive positive rhetoric to pump a stock is equally self serving. Each of us have our own selfish reasons for what we do. Just seems a little ironic to label other posters as such simply because their perceptions do not match yours. Furthermore, what is the deal with being "long". Why is it a badge of honor on this board to be "long"? I got into this thing to make a buck---the quicker the better. Unfortunately, the opposite has happened.
Now that is clever. Thanks for posting it again. I hadn't seen it the first time. LOL.
Then I have a great ocean front property in Phoenix you might be interested in. If you'll buy that I'll throw the Golden Gate in free. How are you doing today Nate. Did you get your farming done. Total joke BTW. Got to loosen it up around here occasionally. hope all is well.
Nate good posts. I appreciate the good due diligence; however, this proves my point. None of these guys have any real experience running a large corporation. They have mining experience, scientific backgrounds, financial experience, etc. Not one of them has been involved in something of this magnitude before now. What is wrong with bringing in a fresh set of eyes, with real business experience as a CEO to help us take it to the next level. Maybe if we had done this a year and a half ago the share price would be double what it is now, and we would not have to use the economy as an excuse for our slow progress. Just a thought. I am not the be all end all, but it seems reasonable to me.
Dent I agree with you. IMO we need to bring in a legit CEO to get CPRK where they need to be. If we had a CEO like Patrick Schwartz from RZ come in, things could get cleaned up and PPS would increase.
CPRK hired David McMullen as VP to come in and add some credibility. The problem is he also has no experience in taking a company like this from A to B. His background is lending. Eric Barlow, another VP for Copper King, is nothing but a promoter. Also no substantial experience.
We need to get someone in here that knows how to get the job done. It is great to have mining expertise, but that alone will not take us to the next level. My issues with Dotson aside, CPRK needs a real experienced CEO.
What do you guys think?
I may be Nate. I wish I had a crystal ball to know for sure. How are you doing anyway?
You got it all wrong Paidmyway. It is a small state, and has an even smaller business community. CPRK is on the forefront here in Utah and people are watching closely. I, like many locals, am on the edge of my seat. BTW--just renewed on IHUB. I let it go a few extra days, and shouldn't have. Have a great day.
He didn't share specifics. Sorry Fairway18. I would share if I could.
In speaking with Durant, and then Back on the first prior to the PR being released, I was told that JR was part of the extension negotiations. Maybe he wasn't. That would explain it. IMO It would not make sense, but it would explain it. The second could still force foreclosure. They would have to take out the first in order to do so, but it would def put CPRK and investors at risk by not including the them in the negotiations.
Copperken, I noticed you were also on the RZ board. Razor has a fantastic CEO. Patrick Schwartz was a VP for Huntsman Chemical for years. I wish CPRK would bring in someone like that. IMO they would be better served letting Mr. Dotson operate as a COO, serve on the board, and bring someone in that would run the company like it should be. The idea was that Dave McMullen would be able to this, but his background is lending. Doesn't make a lot of sense. What are your thoughts?
Copperken--I think you are misunderstanding the question. I know that the first and second are two separate and distinct lenders, and as such have two separate and distinct notes, and liens. I understand that. What I don't understand is how, if the second (Josh Romney and crew) modified their note to extend the term until January 2010, were they able to file a notice of default. A notice of default implies breach of contract. How could CPRK be in breach if the term was restated as January 2010 (the modified term of the note). So my question is, if there was no breach, and the term was extended, why did they file the notice? It doesn't make sense. There is no innuendo. It is an honest question. The reason I am asking is purely out of interest. I didn't ask anything about subordination, I understand how all of that works. Hopefully that clarifies the question. My guess is that there are other terms to the modified note that CPRK was in breach of. The only other explanation is that the note was never modified as stated in a former PR. Does anyone know for sure?
Copperken, no innuendo intended at all. It is a serious questions. If the note was modified, how was the second lien holder able to take any action at all. It doesn't make sense. Unless, there are multiple notes etc. Only thing I could think of. With all due respect, please don't put words in my mouth. Thanks, and have a great day.
Hey Copperken---how was the second position able to file a notice of default if their note was modified and the term restated as January 2010. Just curious if you knew. Thanks.
Does anyone have any specific information about the progress CPRK is making towards LTF? Are they thinking private, or institutional. I would think without audited financial statements they are looking for a private solution. Anyone know for sure? Any info would be greatly appreciated. Thanks.
Better than I deserve. Thanks for asking.
Hey PWF hope you are having a good weekend. I was just responding to Rubyo. I will drop it for the evening. Sorry to bug you.
Ruby---I get the analogy. The difference is Dotson hurt dozens of people, and owes millions of dollars. Furthermore, Dotson knew full well he would not be able to meet the terms he agreed upon before entering into contract, though he led everyone to believe otherwise. It was premeditated.
I am hitting the sack, have a good night guys. Let us all make hay while the sun shines, and may the sun shine ever so brightly on CPRK very soon. That will be a fine day for all of us.
Dougboy--I like your name choice (billyboy). IMO, MD has everything to do with Copper King. He is, after all, the president and CEO. Is his character irrelevant? Not to those who have been hurt by his banter. Had you been induced to lend money under false pretenses, or had you done work you were not paid for, would you not be upset? Of course you would be, as would anyone. I am just expressing my "perception of reality". No one has to answer my posts, but I would post anyway. honestly, I am just venting. What else can I do. I hope it is not offending you. Have a great weekend.
I like this. Perception is reality. Each person is entitled to that much. Good post, have a good weekend.
Got to run PWF, but no he did not tell me that; however, I was in range to hear. That is all I can, or am willing to say. Have a good one.
RDG---That is a good note to end on. Hope for the future--I will drink to that. Have a great weekend all, I am taking my beauty of a wife out to dinner and a movie.
Richard--truth is Dotson claims to "not remember" most of the last year and a half. Not sure what he tells himself, but I would not compare yourself to this man. I doubt you are anything like him.
I hope so. Thanks for the response. Problem is, damage has already been done for some; however, it would certainly be a step in the right direction. I will cross my fingers, but not hold my breath. Have a good one RDG.
Ban--I can appreciate an intelligent response. You are right, I do have an axe to grind. In my opinion, the economy excuse is played out. There are lots of people trying to hide bad behavior behind the big bad economy. A lie, is a lie, is a lie, is a lie. Come on, you are smart, and judging by the way you write you are also educated. You know better. The economy is no excuse for illegal, oh sorry, I mean unethical behavior. All IMO of course.
This sounds a little like redistribution of wealth, which is the fundamental principal of socialism. Milford workers UNITE!!!! (that is more communistic, but you get the point).
I personally could live with that. I think a lot of other folks feel the same way.
GREAT NEWS!!! I thought you seemed like an honest guy. Then you agree with me. There is no justification for Dotson's lies, not even success. I am glad I have another ally on here.
Nate--not sure what you are saying. I am a little confused, so bare with me. Are you saying it is okay to lie, and hurt others so long as it creates a few hundred jobs for those living in Milford? I know you thought that the safe harbor act justified the lies in the PRs. Is this really what you think? I am probably misunderstanding you, but this is how I am interpreting it. Thanks.
Thanks Eye. It has been good chatting with you. You are insightful, and honest about what is going on. I have personal reasons to feel the way I do about Dotson. I don't like the lies, but hopefully it pays off in the end for everyone. Nothing I can do about it, but vent on IHUB anyway---right. Have a good weekend.
Richard--people are hurting because of CPRK. Nothing to do with instant gratification. Promises were made with no intention of following through as agreed. That is unethical.
Eye--you are right. That is worded incorrectly so let me explain. People, like Dennis Back, Devon Durant, and others lent money based on false information provided to them by Dotson. According to these individuals, he has been telling people for a year and a half that production, and LTF was only two weeks away. Granted production has now happened; however, Dotson knew a year ago, and six months ago, that it was not two weeks away. To me such promises are more than being optimistic. To me it shows the kind of man Dotson is.
Furthermore, Dotson took on debt, and terms that he knew full well he could not meet. For example, did you know the term of the note for the first was only 90 days? In my opinion Dotson accepted these terms, desperate for money, with the intention of stringing these poor folks out. Meanwhile, Dotson's cronies like Jim Horton, and Eric Barlow were out raising nearly 70 million dollars from mom and pap type investors promising them a quick return. Dotson has now separated himself from Horton (who claimed to be a VP for CPRK).
I hope that clarifies my position. Again, I understand why Dotson employed the shady tactics, but I don't have to like it. There is no justification for dishonesty. Lets not forget, Dotson built this mine on the backs of the poor folks he borrowed money from, and contractors he has not paid. I want CPRK to be successful for them, and for the shareholders. They are the ones that deserve it. All IMO. Have a good one eye.
Eye---I like your honesty. At least you are willing to say it like it is. They are paying based on priority. The squeaky wheel gets the grease as it were. I realize they have to take care of the most pertinent issues first. My problem is they (specifically Dotson) has used deception to induce others to lend, do work etc. based on the financial strength of CPRK. It is wrong to take on financial liability that you know you can not service as promised, and guaranteed. Again, I understand why they did what the did, but it doesn't make it right or ethical. Again, understand the reasoning, but don't like the method. The ends don't always justify the means. All IMO of course. Have a good weekend Eye.
How about they don't pay there bills Mariner?That means they are not cash flow positive, even if they are delivering one solid truck load per week day. PAY UP CPRK!!!!
Bernie Madoff's presentations also referenced the safe harbor act. Just throwing that at the end of a PR does not mean the whole thing was not a lie. It also does not mean that CPRKs management did not intend on misleading its investors. I don't have a crystal ball, and cant read minds, but actions speak louder than words. To me, a track record of poor follow through, or no follow through at all indicates integrity issues. Again, where there is smoke there is fire. Guys, just because you do not believe something, does not mean it is not true. Fact is, there is not a person on this board who has done real honest DD that does not smell the fish. Repeating the same positive rhetoric over and over again will not make it happen. I say, lets be realistic, call it like it is, and hope for the best. Dishonesty is dishonesty. Why try justify it? All IMO.
The safe harbor act does not give someone the right to lie Nate. Their is a difference between legal and ethical, and though CPRK may no have done anything illegal, IMO they have been less than ethical in their PRs. Basically what you are saying is that it is okay to lie, if you preface it by saying it is forward thinking. Come on Nate, in reading your posts I know that you are a smart guy. You know better. I am sure everyone has heard the old adage, where there is smoke there is fire. Lots of smoke on the horizon IMO. Have a good night all.
Why are the CPRK PRs always so vague. Can someone define regular shipments. Does that mean hourly, daily, weekly, monthly. for that matter how much are they shipping? have they made their "regular shipments" as promised? How can they say so little in so many words. I want some real info from CPRK. Info on the Mag is great, but lets hear the specifics on the copper con. All of the speculation is wearing me out. Lets hear what is really going on from the horses mouth so to speak.
Those numbers sound a bit optimistic with the share price at sub penny levels again. I don't want to be that "negative guy", but with the trustee sell looming, lack of transparency, compliance issues, lack of long term financing, and an out of control debt structure, I cant see 3 cents in the near future. Regardless of whether this trustee sell happens or not, without long term financing, which isn't looking good in my opinion, CPRK will be forced to BK. I think we should be worried about getting wiped out as shareholders, not about where this thing will be in ten years. All IMO of course.