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I just hope we don't have to wait for our gen eration to die off before the mill is restarted!
I was told by someone in Milford that the crusher was at work on Monday @ CPRK.
Rich,
I hope you are correct. But unless they have 2 separate firms working on their financials and the audit, then that is not the case. On several occasions I have spoken to the owner of the company that has been hired to get CPRK's past financials up to speed. They are working on producing bullet proof financials that will be able to stand up to an audit. But as of a month ago, they were not auditing the financials or the company.
Also, I am sure a company would want to be paid to do an audit of CPRK. And we all know the current financial condition of the company. So my opinion is that at this time no audit is being performed. But I also think that is OK for right now. If we publish the financials that we have and start some transparency, I think the investment community will be willing to wait until the company is profitable before begining their audits.
All IMO.
FFF
Dent1,
I agree with you 100%. It is time for CPRK to grow up and start acting like a public company with shareholders.
FFF
I don't know the terms of their loans.
FFF
I don't know the terms of any of the other lenders' agreements. But if they don't have faith in the company, would having any shares matter to them? And even if they have some shares backing up their loan, they are probably now worth pennies on the dollar compared to their initial investment. Also, my limited understanding of law would lead me to believe that if they take and sell the shares backing up the loans, then they would forfeit their claim to their loans.
FFF
lleap2,
I am not condoning that the lenders try and derail the efforts of the company here. But lets be honest, you also can't expect a lender to have the same attitude as a shareholder. Many of the shareholders have had a chance to average down on their investment and are hoping for a 10x, 20x, 50x, or whatever, payoff. But the shareholder can also get out at anytime by selling their shares and at least recoup some of their initial investment.
A lender who stands pat stands to lose everything they put in if this does not work out. The difference here is that they can't average down their loan (but they could buy some shares and sort of average down that way), and if it all works out they will probably be lucky to get a 1.5x or 2x payout. They only way they have right now to try and limit their potential losses is to try and get their loan secured or fight for any money that comes into the company. If you have faith in the company you let the company use the money, and if you don't have faith in the company you try and get your hands on some or all of it.
So both parties share a similar risk of losing most or all of their investments, but the shareholders have the carrot of a very large payout in front of them.
SO I WOULD LIKE TO PROPOSE: That we all agree to disagree on this topic. I feel like there have been way too many posts of shareholders arguing with lenders today. Let's just live with the fact that we have different points of view and they will not be settled by anything other than the company proving to be sucessful or not.
FFF the Mediator
EDIT: I feel that we will see which way the company is going within the next few weeks as the mill gets restarted, the stop sign is removed, and hopefully some financing is received. And it will take a lot longer than that for any legal actions to be acted upon. So let's all just hope that the company makes some significant strides in March and we can all put this behind us!
My opinion is that I don't believe they are working on audited financials at this time. I believe that they are trying to get their past financials completed and in order so that they can be in a position to begin auditing financials in the future.
You can't audit your current financials until you know that your old financials are in order. My opinion is that they would need to have legitimate asset, liability, and equity numbers in place before anyone will audit a current financial statement.
FFF
If we knew the answer to that we wouldn't be posting on this board looking for information. We'd be out buying or selling.
FFF
Richard you forgot the category of people who are both shareholders and lenders. I am one of those. My loan (unsecured) has already been exteded 3 times, and will probably be extended a 4th time in the near future. I agree that we are too close to be filing lawsuits, trying to divert their financing, etc. When I got in I knew this was a risky venture with a potential good payoff at the end. Right now we are going through the time that tests your mettle and your character. I made my bed and now I am going to sleep in it. And while I would much prefer a nice dream to a nightmare, I won't know what I am going to get until after it all plays out.
Now I must also say that I did not invest my life savings in this. If I did I might be a little more desperate to try and get it back. I consulted with my financial advisors and the consensus was not to risk more than 15% of your worth into a risky venture. And I more or less followed their advice.
FFF the LendHolder, or FFF the ShareLender - which ever you prefer
I was not making a commentary on whether or not they should have a spare parts inventory. (For the record, I think they should, and I am sure they would agree as well) I was simply answering the question as to why they didn't have spare parts on hand at this time.
FFF
PS: Thanks to the mods for taking down the post that told me to "Wake up dude, where is your common sense."
Empire,
They have not had the money to pay their critical bills. So why do you think they would have a bunch of spare parts just laying around?
FFF
Neph,
CPRK will be compensated for the amount of copper, gold, silver, and if applicable, moly, in the the concentrate. There is not moly in the Hidden Treasure ore, but there is moly in some of the other mines on the property.
FFF
CO,
What you say sounds reasonable. And I hope it happens that way.
FFF
Don't know about employees. I heard on fri that crusher was ready to go.
WMH,
Other than CAM getting another shareholder letter out in his promised 10 days, what timelines have been met in the past?
FFF
I think we will see the corrected PS paperwork filed this week. And the stop sign should then be gone later this week or next. I have heard that discussions for short, bridge & long term financing continue to move forward. I am expecting enough cash to come in to get the mill up sometime this week. I am not counting on the mill to be up Mon, but I expect it it up sometime this week. All IMO.
I know some have said things will be done sooner, I just don't think those timelines will be met. And I won't blame CAM for the delays.
FFF
EXCELLENT DD!
Thanks CO1.
CO1,
CAM keeps stating that DTC will not return calls and that CPRK has no idea why the Chill was put on them. If you haven't already done so, I would recommend that you send this to CAM and the BOD. If this is the real reason for the chill, then they can now focus on getting it cleaned up and having the chill removed.
I think getting all brokers back in the game and allowing buys of CPRK will help us a lot.
FFF
Shiz,
In CAM's last note, he said he would provide an update in 10 days. I just don't think he would have said that if there wasn't something brewing. CO1 posted 3/5, so I just went along with that date. CPRK has not been reliable at meeting their target dates in the past, so I figured 3/5 provided a buffer on the 10 days.
FFF
Reg,
The only problem with building the SX/EW first is that it only extracts copper. The ore they are processing has high silver and gold credits and without floatation, they would not be able to recover those metals. By floating the ore they can get the gold, silver, and some (hopefully most) of the copper out. They can then get the rest of the copper out with the cementation or SX/EW processes.
I have not run the numbers (as I have no idea what they would be) to analyze the financial rate of return between the 2 scenarios of starting with floatation versus SX/EW.
FFF
CO1,
I am with you. Over $.01 by, and probably before, March 5.
FFF
CPRK also has rights to a gold deposit on Drum Mountain. I think they want to mix some of that ore (or higher gold content ore from elsewhere) in with the Hidden Treasure ore.
FFF
Or they could do both and put out a PR today and follow it up on Tuesday with additional information. With all of the unanswered questions we have right now, they could put out a PR per day for a couple weeks just to get caught up.
FFF
Maybe I'll write it for them.
We could issue a PR that we are now a bio fuel co. Bio Fuel King.
Because the people who would be making the decision to increase the A/S are also shareholders. And I doubt that they want to see their position diluted any more than we want to see our position diluted.
FFF
Jonny,
Would you risk your job on the hopes that maybe some posters on Ihub might send you $1 per week? Me neither. My guess is that you are not going to get an actual employee to post daily happenings here.
FFF
RDG,
Great points. I agree completely. I hope they don't go private at this time. I simply wanted to reply to Sleep's post that it could not be easily done.
FFF
Sleep,
I am not suggesting that the company has any plans to go private, and if they do, I am not aware of them. However, I did want to point out how they could do it if that was their plan.
It is not that hard to get to 300 shareholders, but it would cost some money. However, if you believe that this is a $1B+ company, then at today's prices it would not cost that much, relatively speaking.
First you suspend trading of your stock. Then you do a big R/S of say 10M:1. And then buyout anyone who has less than 1 full share after the R/S at a preset price, probably at a premium above the last market price (EDIT: if you have less than 1 share you have to sell out, you would not have a choice). I suspect you would then have less than 300 remaining shareholders. You can then offer a buyout to the remaining shareholders or they have the option of going private with the company.
We keep hearing about LTF of $100M, $150M, $200M. The current market cap of the company is around $15M at $.003 per share. So the cost to buy out the shares, even at a premium, is not that much when you compare it to the possible amounts of an LTF or your $1B+ valuation of the company.
If you personally own enough shares to still have some full shares after the R/S (i.e. you own more than 10M shares in my example here), then you can decide whether or not to be part of the private company.
FFF
I have confirmed with 2 people from the mill that they are hopeful to have the mill up and fully operational either this weekend or Monday. This should include the 12 new cells (2 banks of 6 cells each).
FFF
I have been told that the CPRK attorneys for the PN lawsuit and for the SEC inquiry have told CPRK not to issue any press releases at this time. I have also heard that the SEC has also told CPRK that all press releases must be cleared through them before being issued.
If that is true, then this could explain why there is a blackout on information.
I also heard the SEC inquiry should be wrapped up by the end of the month. Word is that the SEC has found nothing of substance in their inquiry, and I am not even sure if there was something specific that they were looking for in the first place.
FFF
I have been told that they are implementing 12 new cells (6 upper and 6 lower). They expect the start the mill back up on Fri. or Mon. and hope to have all 12 new cells up and running when that happens.
FFF
Lucky,
I know we have all heard this before (on several occasions), but I am hearing that you may be coloring in that last X very soon. One of these times it has to be accurate, right? Let's just hope that this is the time.
FFF
Jummbo,
Good luck to you!
FFF
Jummbo,
Word on the street is that you may want to hold off on selling those shares just yet.
FFF
Jummbo,
I don't know if it came across this way or not, but the comment on TARP money was supposed to be sarcastic and tongue in cheek.
FFF
Jimmy,
What exactly did you ask / tell him? I am curious what the campaign is that you are proposing to send to the Utah poliiticians?
CPRK needs money right now. Are we asking for TARP funds?
FFF
Verd,
It has been quite a while since I researched this. Both processes get over 80% of the copper, and it may even be into the 90's. The big difference is that the cementation produces a concentrate (I call it CemCon) that is about 60% copper and needs to go to a smelter, while the SX/EW actually produces 99.99% pure cathode copper plates which can be sold right into the market.
FFF