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Glock,
There are currently 23 secured lenders. Everyone of them is in default. To put things in perspective, CPRK has leveraged every piece of collateral and property they own to stay a float. In order to obtain further secured financing, these lenders must either agree to subordinate too, or participate with (depending on their position)the new STF/bridge lender coming in, or be paid off so that collateral may be re pledged. To restate the problem, it is either convince 23 skeptical participant lenders to cooperate, or pay them in full. Why would any of these lenders dilute, or subordinate too a worse position? Especially when they are 2 years past due. This is what CPRK is up against.
According to my sources, you are right. There is short term financing on the table in the amount of 6 M. Problem is, the new lender is requiring a first position to lend the money. That means the current participant lenders on the first have to cooperate, and the current junior creditors have to subordinate. I am not saying its not going to happen, but it is an up hill battle, and is in no way a done deal. Yeah the money is on the table, but there are a lot of contingencies and things that must happen for it to be lent. Honestly, I just don't see it happening. Why would anyone two years past due dilute there positions. Why would a second or third lender agree to subordinate. I give it Vegas Odds. Anyway, take it easy.
Nate if you think you it is in their nature to intentionally default on equipment loans in order to purchase the collateral back at lower prices, why would you put insider trading past them?
Smart? Not so sure.Abicious? Maybe. Adjectives I would use for Dotson: bull headed, inconsiderate, liar, selfish, and a few more that would get my post deleted. BTW--his last name is Doston, not Dobson.
Sleep,
"Respectable" borrowers pay their bills. The initial creditors are 2 plus years past due. Do you think lenders, private or otherwise, will wait forever? Time is running out, if it is not already gone. This notice is evidence of such.
Though failure is not optimum for creditors, it is progress towards at least partial repayment, which is better than waiting, and further speculation with no results. This is especially true if failure is inevitable. Which it may very well be.
Reg
Sleeo nothing good comes from failure for who? You? Shareholders? Creditors do not care. They lent money, and expect to be paid. They don't care who gets hurt. That said, who's fault is it? Well we all know the answer to that question. Everyone still love dotson for his dream. The milford miracle. Ha. What a joke.
My thoughts exactly.
Today's volume hit 20,000,000 if I am reading it right. That means that some how there are still transactions being made. Does anyone know who is still allowing CPRK transactions to go down. I heard Alpine securities, or maybe Zecco? Is there still any brokerages accepting physical shares, and putting them on line, that will also allow buy/sell transactions. Thanks in advance for the information.
"Stock prices don't mean anything"---Serious Nate????? The PPS is not always indicative of the health of a company; however, that is the exception, certainly not the rule. Bottom line, we all invested for one reason--to make money on CPRK stock. As such, I would say that the PPS means EVERYTHING. One thing you got right, our PPS is in the toilet and could be flushed very soon.
Since when when have you seen Mark Dotson make good on any of his promises?
.0038 PPS SAYS MORE THAN I EVER COULD. Go CPRK!!!!! Maybe if I pretend to be positive the PPS will "go to da moon" (whatever that means).
Eye---There are two diverging claims. Glockist, and my own. If I am wrong, I will happily retract. I don't believe I am. A reliable source gave me the info. I am going to go back to this person, and ask for further elucidation. I will let you know what I find out. If CDL, or Glockist, would like to PM me some info that I can verify, all the better. I am not saying it is there duty to do so, nor do am I demanding any action on their parts. I guess, your post did not make much sense to me, but I tried to answer objectively. Have a great new year Eye.
Will do.
There is all kinds of conflicting data on this board. This happens all of the time. One person says one thing, and another something different. It is tough to sort through. I know that several of Dotson's relatives work at the mine. It was my understanding that Jensen was his brother in law. If he is not, then prove differently and I am happy to accept it. I will ask my source for clarification, and pm you a more detailed answer. Thanks.
WUCC is Utah, and Copper King is Nevada. Case will be made, though may not work. Depends on what happens. Coming from an attorney, not me. I know very little about how that works.
Yes I did. Nevada is not a friendly state---I know. Case will be made to move BK proceedings to Utah. Talk to an attorney, and you will understand how and why.
There are several participants on the 1st note. They own a pro-rata share of the note depending on how much they lent. So there is not one entity that controls the note. Just a group of individual investors. This is a common practice in private/hard/bridge money world. Sometimes, there is a note holder, or other entity that acts as the front man, and that may be the case in this instance. I don't know for sure. I know two individual participants on the 1st, and on of them also lent on the third as a participant. I also know the assistant of one of the participants on the second personally.
I am pissed off, but I would not say vengeful. Pennies on the dollar--maybe, but better than nothing.
The first trust deed stands to do very well in any scenario. They are over collaterized on this deal. CPRK would be great, if management had a clue. Minerals are there. No doubt about that.
I am married with four kids. After work, I don't have much time for anything. Again, they wouldn't let me if I wanted too. I am not sure where you are going with all of this.
Under the circumstances, I would not be granted a tour.
RS500,
I do have an axe to grind with CPRK, and especially Dotson, of that there is no doubt. I am not going to go back over it again here; however, you are welcome to read my past posts. No I do not believe that the 1st will continue to work with CPRK. I have good reason, but will not name names (yeah, yeah, I know, you are owed that information, and will not believe me without it--got it). I guess we will see what happens in January. BTW, did anyone know that is only takes 3 unsecured creditors to force involuntary BK in Utah? Interesting huh?
Trueblue,
I have taken two tours, and been on the property several times. The last tour I took was in April of 2009. Is that clear enough?
I guess this makes Nate wrong too. He guessed Provo. I was closer. LOL
I may have bad information. I am relying on a friend of mine that lives in Beaver. He was a photographer there for years. His mother still lives there. I just pass through the area on occasion, but am a Utah resident. If you will read my last post, I did say that Cedar City was the next option if something was not needed very quickly.
It is. Beaver County. I said it wrong.
I dont think they would let me if I wanted to at this point, but the real reason was because it was Saturday, and it was 7:00 at night. Not sure they would give you a tour on a Saturday at 7:00 pm either, but I am no VIP to these guys.
Trueblue,
I agree with you on the rumor part. I did not ask anyone to take any of what I said as fact. I stated "take it for what it is worth". I thought that was pretty clear.
Dent,
I responded to Candy B. I know she is local. I admit she would know better than I; however, I live only two hours away from the mine, if you go the back way through Cedar (i think it is the 89?). I would bet I have a better feel for what is going on than someone that is not a Utah Resident. A lot of money has come out of St. George for this thing. St. George is also a small town. It is even a smaller business community. Other than my self, I know a lot of guys in this deal. I associate with Utah based business people all day long, and know whats happening, not only locally, but state wide. My father, and I have personal relationships with some of the bigger lenders in CPRK. I have talked to them. I have a pretty good feel for things, but am not always right. Not all of the info I get turns out. Some is just rumor and BS. I try to sort it out the best I can. I know you dont like me because I am vocal, and believe differently than you do. I am sure you think my rants hurt your investment. I beleive that you still believe in CPRK. I know that Candy does. I also know that Candy is vested in their success. She has leased mineral rights to CPRK. I am not saying she has a bias, but I am not saying that she does not. She comes off as a very nice person, and I enjoy her posts. I guess what I am saying, is dont disagree just to disagree. In this economic time people are desperate for something good to work out. Sometimes so desperate that they are blinded, and unable to see the writing on the wall. Something are true no matter if you believe them or not. Everything I have found on CPRK is bad. It is looking bleak folks. It sucks for everyone.
Nate,
They are not going to drive to Ephraim or Orem to do Grocery shopping. They would go to Cedar, and then St. George, but if they need anything fast they go to Beaver. Cedar is only 45 minutes if you go the back way. For other shopping they would go to St. George. Much closer than Provo. Dont disagree just to disagree.
multiple times. The last time was April 2009. I have driven on the property as recently as two months ago.
Thanks for the advice Candy B. One thing I can say, those that knew about the mine, sure hoped it would succeed. The area really does need CPRK. There are so many hopes and dreams riding on this thing. Not only shareholders, and investors, but those living in the area. It is easy to focus primarily on my loss, and anger at management, but that is a very small part of the picture. There are going to be so many people affected by CPRK's failure. It is really too bad.
Trueblue,
It is pretty obvious you are not a Utah Boy. If Beaver did not exist, Milford would not exist. Milford/Minersville folk do most of their grocery shopping in Beaver. It is cheaper. If Milford/Minersville folks want entertainment they go to Beaver. The youth/teenagers co-mingle at LDS events like stake dances. Most of the teachers at Milford High, and Elementary live in Beaver. Most of the people from Milford/Minersville either work in Cedar City, or Beaver. Everyone knows everyone in this area. The distance is all relative. 30 miles is not much in rural Utah. That was a pretty week argument, and shows how little you really know about the area.
Not what I was saying at all. Plus doesn't work. Everyone in that area should know about the mine. This guy was just clueless. I am not saying that the mine has problems because this guy had not heard of it. I am saying that everyone in that area should know about it, and he was clueless.
I live in St. George, and get confused. I am Washington county, north of us is Iron County (Cedar City), and them Beaver County I guess. I normally only pass through central Utah on my way north.
Forgive me. You are right. My bad.
Saturday night, I stopped and ate at the Paradise Grill off of the last exit in Beaver. Beaver is 20 minutes east of the mine and the I-15 runs right through it. In speaking with a waitress there, I was told that according to her friend, who works at the mine, CPRK has big problems, and pay roll has been hit and miss for quite some time. She also said that her friends hours had been cut back dramatically. She didn't have many details, but knew at least that much. Apparently, Quite a few of the mine's employees actually live in Beaver. I proceeded to speak to several other locals at the grill, and then at the gas station. 2 out of the three people I spoke with had a bleak outlook for CPRK based on what they had heard around town, and the other one hadn't even heard of the mine. He was pretty clueless. Anyway, you guys like the boots on the ground info, so there it is. Not sure that it means anything, and it only took me half an hour so take it for what it is worth. Beaver is in Milford County BTW.
Before you pass judgement read the post. I said, and I quote---my guess is 10 percent. I really have no idea. The point is it doeant matter how much went to what. They wasted tens of millions of investor dollars on equipment that does not work right. Doesn't matter if it is ten million, or 50 million. If you know so much you tell me what each piece of equipment is worth. Ill bet you can't, and cprk sure won't tell us. Come on paid, don't knock me just because you don't like me. Let's be honest about what is going on here. Incompetant management has thrown away tens of millions of dollars on equipment that does not work. This is a big, big mistake, and you know it to.
Nate,
We need the ball mills. Got it. I know the ore needs to be crushed.so tell me, what percentage of the sixty million plus dollars went towards the most simple pieces of equipment? My guess is maybe 10 percent. You are missing the point. It doesn't matter how many millions of dollars were wasted. It is still incompetance, and a mis-use of investor dollars.this is bigger than you and your feelings nate. Lots of people will get hurt here, and it sucks. Who is to blame? Well you know the answer to that question.
I would be happy to eat crowe. I honestly hope I have too, but I doubt it.
This is more than spilled milk Ken. I am not telling CPRK Managment what to do, I am telling you what they have done. These are the facts:
The PR guy lies, and or purposely misleads, Dotson is not a man of integrity and will say whatever it takes to raise the next dollar, nepotism is valued over competence (Jenson), where is LTF?????, there is zero transparency (that is putting it lightly), the PPS has tanked, dilution continues daily, CPRK is up to its eye balls in debt which it does not service, it can not pay its accounts payables, and the ore is not compatible with the equipment selected and purchased by Dotson and his brother in law Jensen. To clarify 60 million dollars of other people’s money were used to purchase the equipment that does not work as anticipated!!!!!!!!!!!!!!
My prediction, CPRK Management will be replaced in BK, shareholders will be wiped out, and a lot of people will lose money. These guys better hope they have dotted their I's and crossed their T's when it all goes down.
MORE THAN SPILLED MILK KEN!!!!!!! SHAME ON ME. HA--WHO IS DOING THE REAL DAMAGE HERE. POINT THE FINGER AT THOSE THAT DESERVE THE BLAME, BUT YOU WONT. YOU WILL CONTINUE TO SHOOT THE MESSENGER.
Ken,
Are you serious? This is not just my life, or just yours. CPRK has put 60 M of other peoples money into equipment that does not work properly. Pretty big mistake. This is not spilled milk we are talking about, this is $60,000,000.00!!!!!!!! Thats without considering the share holders. I am not arm chair quarter backing, I am telling you what has happened to date (I know, Your next move is to list all of their accomplishments, which add up to nothing IMO). IMO, it is time for the cheerleaders to get a grip on what is really happening here. Where there is smoke there is fire. It is time to be honest with ourselves. It is what it is Ken.
Ken,
These are the facts. Do you really think CPRK Management is doing a great job. These guys are a joke.
The PR guy lies, and or purposely misleads, Dotson is not a man of integrity and will say whatever it takes to raise the next dollar, nepotism is valued over competence (Jenson), where is LTF?????, there is zero transparency (that is putting it lightly), the PPS has tanked, dilution continues daily, CPRK is up to its eye balls in debt which it does not service, it can not pay its accounts payables, and the ore is not compatible with the equipment selected and purchased by Dotson and his brother in law Jensen. To clarify 60 million dollars of other people’s money were used to purchase the equipment that does not work as anticipated!!!!!!!!!!!!!!