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Seems to me the information about the claims in millard and juab county is common knowledge to everyone who reads this board, well almost everyone
just trying to better understand our position there
clearly if were gonna mine there we need some place to process the ore, ya know, the main goal of mining,
Perhaps cs would accommodate us with start up help -- those SOB's owe us that much
i personally can not seem to find any info on the sites - just locations of the claims, would be nice to know -- just to get an general idea and a few specifics of the geology of our sites would be a great place to start
At least some transparency of what seems to be a legitimate asset is in order here
Maybe then we can start rebuilding our ihub home page with something real to look at,, instead currently every day we look at all the asset that we lost to cs
Farmboynate Member Profile Farmboynate Share
Wednesday, September 21, 2011 2:34:13 PM
Re: None
Post # of 76502
Anyone know if they still have their claims in millard County? or if they let them go this year?
ChuckD-MSB Member Profile ChuckD-MSB Share
Wednesday, September 21, 2011 11:35:56 PM
Re: Farmboynate post# 76393
Post # of 76502
I think they let them go.
Farmboynate Member Profile Farmboynate Share
Thursday, September 22, 2011 1:30:55 PM
Re: ChuckD-MSB post# 76401
Post #
doing searches with blm claim tool was able to find that they are paid up until 2012
Candy B Member Profile Candy B Member Level Share
Thursday, September 22, 2011 2:27:26 PM
Re: Farmboynate post# 76404
Post # of 76502
Hi Nate, I confirmed: Looks like the claims in Millard & Juab Counties are Active & listed under Western Utah Copper/ IMO/ Candy B
ChuckD-MSB Member Profile ChuckD-MSB Share
Thursday, September 22, 2011 2:38:56 PM
Re: Candy B post# 76405
Post # of 76502
Thanks Candy !!
Your interpretation of my posts and your comments makes me lol.
perhaps you should re read them, and read between the lines this time
nice comments guys,
how about a comment on the deeded and patented claims copper king mine supposedly bought in 2007. or perhaps a clarification, or maybe you guys like to talk among yourselves about the seemingly endless demise of our share price,
why complain now about share price
(for now since nobody but a couple of jerks can trade this stock)
bet your watching level two as we speak, ya know, just in case
Found this on another board. Looks like it may give us a clue as to the assets candy b and others have talked about, that we didn't give away. only a hopeful guess that we still own the 62 claims as described below. HD
Posted by: Dagwood Admin Date: 07/20/10 1:28 pm
In Reply to: Cookie - Post# 186 Post #187 of 756
The Copper Kings
History of Joy Utah
(Drum Mountains)
Joy was a small mining settlement in the Drum Mountains near Mount Laird, southeast of the Fish Springs Range. Today it is a Ghost town site thirty miles northwest of Delta. Harry Joy was a mining engineer from Detroit, Michigan. In 1872 he and his partner, Charles Howard, organized the Detroit Mining District with the new town of Joy as its center.
The Detroit district produced from 1904 – 1917 1,511 tons of ore, containing 534 oz. in gold. 5,127 ounces of silver, and 169,250 pounds of copper, valued in all at $45,809 at that time of exchange. The copper that was mined was said to be the largest quantity of copper bars produced in Utah at that time.
Subsequently the smelter was destroyed by fire, and the cost of transporting ores and supplies forced the mine to shut down.
Manganese
Manganese ore has been mined sporadically since 1924, with peak production during World War II. Total production of manganese ore from 1924 to 1954 was 72,462 tons, there appears to have been little activity in the district in recent years other than sporadic prospecting.
Gold-Bearing Jasperoid
Several samples of jasperoid similar to that which is commonly found in highly productive mining districts were collected in the Drum Mountains of Utah in 1963 as part of a study of the significance of jasperoid related to ore deposits. Later chemical analysis revealed that some of these samples contain as much as one-fourth of an ounce of gold per ton as well as anomalous concentration of other metals. Earlier reports indicate that gold production in the area was largely confined to the jasperoid bodies in the district. The geochemical anomalies for gold may be useful as guides to further exploration, and some of the jasperoid bodies.
Masses of jasperoid are widely distributed through the carbonate rock of the region. Most of them are localized along faults and fractures where they have replaced the adjacent host rock and commonly form prominent dike like bodies. Some jasperoid bodies are small pods a few feet in diameter, and others are masses several hundred feet long and as much as a hundred feet wide. Many of the jasperoid samples have characteristics similar to those of jasperoid found in the Bingham, Tintic, and Ely mining districts.
The richest gold-bearing jasperoid sample analyzed thus far assays 100 ppm in gold.
In 1968 an examination of a polished section under a metalographic microscope reveals the presence of free gold particles imbedded in the quartz and hematite. The presence of native gold has been further confirmed by electron microprobe analysis, which also showed a few small grains of pyrite in addition to the iron oxides. An area about 0.6 square centimeters of the polished section was examined microscopically to determine the size and distribution of gold particles. Of 4,000 particles of gold counted, all but 12 were found to be less than 1 micron in diameter; the largest particle is 6 microns in diameter. Thus, the gold in this sample would escape detection unless examined microscopically or assayed. The small size of the gold particles in this sample is similar to that found in the gold deposit at Carlin, Nev.
Several elements other than gold were found to be concentrated in the jasperoid sample. Maximum concentrations of other elements detected include: 1,000 ppm silver, 1½ percent bismuth, 5 percent arsenic, 2 percent antimony, 1½ percent tin, 1 percent lead, 10 percent copper, 100 ppm mercury, and 700 ppm yttrium.
Jasperoid outcrops containing greater than 5 ppm of gold appear to be confined to an irregular north-northwestward-trending belt or zone approximately a mile wide and 2½ miles long. The highest gold contents obtained were in jasperoids adjacent to the Joy and Staats faults. Jasperoid outcrops with high gold content appear to be most abundant along faults that have east to northeast trends.
Copper
Copper values are highest near the west end of the vein, and decreases to the east. Trend surface copper values are also highest near the west end of the vein, but tend to extend further to the east and south. The statistically treated copper values are considerably more widespread than the untreated values. The highest copper value of 2300 ppm was located about 8 feet south of the vein, indicating that the anomaly was slightly transported.
Drainage samples revealed a remarkable increase at the point where copper entered the drainage. Total copper values increase from 30 to 430 ppm, and cold-extractable copper increased from 1 to 8.5 ppm.
The Joy Fault
Crittenden et. al. first named the Joy fault, from exposures near the Joy town site.
Field observation combined with laboratory studies have established the Joy fault as a major structural feature which links the Spor Mountain beryllium and fluorite deposits to the manganese, copper, and gold mineralization in the Drum Mountains.
High geochemical values for gold, molybdenum, silver, and zinc tend to follow the Joy fault. The Joy fault is a significant structure for controlling the passage of metal bearing hydrothermal solutions, from possible important mineralized sources at depth.
In addition, the Joy fault is believed to represent a ring fault for a previously unrecognized valleys type of calderas. Volcanic eruptions have occurred along the Joy fault, the fault is believed to be a major zone of weakness. The age of the calderas is probably middle Tertiary, and later Basin and Range block faulting patterns are now superimposed on this volcanic feature. The suggestion that the northern half of the Sevier Desert may represent a volcanic-tectonic depression is also expressed. Additional work is required to substantiate this possibility.
Conclusion
In 2007 Copper King Mining Inc. rediscovered the property at Joy Utah and purchased the deeded and patented claims. The mines consist of 62 claims filed and recorded in both Juab and Millard counties as the claims straddle the borders of both counties.
Upon discovery of the mines and ore bodies left behind, several assays were performed that lead us to further investigation of these mines. George Harris a senior geologist with Bullion Monarch Mining, a consulting and mining firm based in Utah, was contacted and spent several days going over the property and past data recorded on the area. It is in his and the firms’ opinion that there is a sizable amount of mineralization that could possibly be a billion dollar mine, but without further investigation and core drilling it would be impossible to give a proper value. (See business plan)
Not sure what ya mean CK, you said if the APA goes through, i read the court order approving the sale, what could possibly impede the sale, nothing i know of, seems unlikely these folk would walk away from a 65 million dollar mill and all the leases worth 100's of millions
At this point we must come to realize where we have found our self's and that place is "starting over" with not even close to what shareholders have put into this
ya were lucky, lucky, to be involved with the great shareholders and such, but not so lucky with investing
Starting over at the bottom of the barrel is nothing new to me, ya it builds a little character, but its nothing like getting lucky and making a little money, which i can't seem to do
Not sure what ya mean CK, you said if the APA goes through, i read the court order approving the sale, what could possibly impede the sale, nothing i know of, seems unlikely these folk would walk away from a 65 million dollar mill and all the leases worth 100's of millions
At this point we must come to realize where we have found our self's and that place is "starting over" with not even close to what shareholders have put into this
ya were lucky, lucky, to be involved with the great shareholders and such, but not so lucky with investing
Starting over at the bottom of the barrel is nothing new to me, ya it builds a little character, but its nothing like getting lucky and making a little money, which i can't seem to do
So it appears now we have a nearly empty shell with hopefully only around 3 billion shares (as we hope many where retired as a result of being paid off in the BK). No mining assets at all as it appears we sold off even the unpatented claims, no equipment, no party in milford for us. sad indeed, for most all of us who held on to the dream till the end and beyond "now".
I truly hope that some how some good will come from this. All those who worked so hard to win for us this must also share in this hope.
It will be a small miracle, again, to bring this company back to life base on the information we have now. With the share structure as is, (and further delusion in a company with no major assets seems unlikely) and hardy any way to raise money. the hope and dreams of success seem far, far, away, which is sad considering the excitement of the resent dueling we have witnessed.
The equity in this case seems to be the "1% of voting equity interest in CS" and depending on what this means, it is what we get. we all hope means a 1% return on the annual net profits of CS, it could mean big bucks over time, especially if we are able to purchase that other %2, for a cool 2.5 million. We need to raise the 2.5 million asap. maybe we ought to just switch our current donation page into high gear for this one.
If we were able to obtain a loan based an a annual payout of now %3 of CS annual net profits (i'm just hoping thats the case) then we certainly could have hard cash flowing into the coffers on a annual basis.
Just guessing here, based on the figure of the strike price, could be that 125,000,000 is CS current annual net profit (we hope).
This could make a %3 ownership in CS very lucrative over time.
Hopefully we can get the cash to purchase that other 2%. Because it could be that we might get an annual take of %3 of 125,000,000 is $3,750,000 not a bad chunk of change for a annual return.
With that kind of money you could see the new board perhaps starting a new mining operation some where in the world. And maybe someday will see some profits from that yet undetermined mine, and i guess many of us will still be here 5 years from now when that happens.
Could all be a pipe dream, but apparently there is allot of dreamers on board here.
It appears now that we must come up with 2.5 million to purchase that other %2 equity position in CS. Borrowing the money to make that %2 purchase based on the %1 were getting now seems like the first order of business, but what do i know, not much, according to the people i convinced to invest here.
What does this mean to the average joe shareholder? i mean what do we get here, doesn't seem well explained in the press release.
More specifically i don't understand
"issuance of an equity interest and warrants in CS to Copper King"
this is what Wikipedia has to say about warrants and equity interest.
In finance, a warrant is a security that entitles the holder to buy the underlying stock of the issuing company at a fixed exercise price until the expiry date.
the question that begs an answer is "are they buying our stock" so we don't own it, any more, now with no chance for dividends or stock price growth, and if so how much for each?
Do we still retain our current equity (stock) positions with the current share structure with no changes?
the press release states that CS owns the company (not the stock holders)
Cant find CS stock with symbol TY. but if it does exist will we be issued that stock?
you say there is a break up provision for 600k. what does that mean...600k for all the shares of CPRK??
please help us who obviously don't get what really happened.
it is very disheartening to have read the press release, published court documents and comments to this point (3am) and still not have a clue as to where we stand on our own personal stake in CPRK.
Please help us better understand were we stand in terms, words and an explanation that makes it clear to the average joe
Warrants and options are similar in that the two contractual financial instruments allow the holder special rights to buy securities. Both are discretionary and have expiration dates. The word warrant simply means to "endow with the right", which is only slightly different to the meaning of an option.
An equity interest is an ownership interest in a business entity, from the concept of equity as ownership. Shareholders have equity interest; their purchase of shares of stock in the corporation gives them a share of the ownership of the business.
Copper king mining company is number 6 on the breakout boards :)
Now that says a lot in my book
From zero to hero
CPRK Rocks
Sounds to me like they are treating CPRK (minus the Q) stock like its got some real value, as i am pretty sure the court and attorney's didn't go through all that legal ease, just to pass off some bad paper to some one like bill: which would really be a kin to kicking a man when his down (ya know, him owning so many shares and such)
The value of CPRK stock is looking better by the moment -- however how many more (moments) we have to wait to get the details seems up in the air at this point
the sentence in bold seems to be a clue :)
Minute Entry Re: Motion to Sell Assets (related document(s): 732 Motion to Sell Property Free and Clear of Liens) Appearances: Steven Skirvin, David Golubchik (DB); David Leta (Skye Minerals, et al); Thomas Beckett, David Billings (Nevada Star);Steven Dougherty, Michael Roeschenthaler (UCC); Adalaide Maudlsey (McCulley/Wood Lessor); Scott Cummings, Annette Jarvis (Equity Security Holders' Committee); Erin Stone (Republic Bank); Ben Picklesimer (Treasure, Inc.); Laurie Cayton (USTR). Testimony of John A. Bryan, Jr. and Clinton W. Walker proffered. Exhibits received. Findings made on the record. Motion granted. Previously filed order as modified by the Court and set forth on the record approved. Debtor's oral motion to change name on share certificate approved. OTF-Golubchik. Pending Order Deadline due by 09/06/2011. (tjc) (EOD: 08/22/2011)
It sounds like your saying we own stock in a company without assets or "they" now own stock in "our" company (plus a % of net or something like that)
That's gggggggggggggggggggggggrrrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaatttttttttttt.
Thanks Chuck
And all those who did the work for us
CPRK Rocks ON
The fat lady is singing "the boys are back in town"
seem to me that what goes down will go back up in the days and weeks to come. think about it, real hard, cause not sure your getting it. If this stock was really going down the drain for sure, people in the no would have started dumping shares days ago in a big way. ya know what i mean now? large selling volume justifies a retreat that we have yet to see. why would so many people in the no, be holding on to a pipe dream, i mean come on. To many people who have large numbers of shares have stayed the course. So for now you can have your fun with your trademark: i told ya so's and gotta'ya's , and enjoy those chuckles only you can hear. the fat lady has been warming up and the prelude to the song is cued up. I'm sure you will find another board, and enjoy the same trademark comments we come to know you for, always a downer with no skin in the game
The final count down,,,,hours instead of days, soon minutes instead of hours, then seconds instead of minutes,,,,,,,,,,,,,then, then, then the truth of matter at hand will be revealed,,,with cards on the table and family fortunes at stake, our collective destinies takes a hard right turn today...............watch out for happy shareholders dancing in the street:).............yep i'm taking the day off and grabbing the ore
sink or swim, i'm in like fflyn
I say nay to all nay Sayers, confidence is building and easing the burdened of many, or is it those little blue pills again,,,,no, no no its not,, placebo or real pills are no substitute here,,,we all drank from the well,,,,well its down to the wire,,,i'm sure were not down and out,,, and a sure fire way to find out,,,
is is toooooooooooooooooooooooooo
stay tuned
Who is going to be in the the fly on the wall in the courtroom for all the anxiously waiting shareholders?
I'm sure it will be quite a celebration for one side or the other, un-less the shot = gun wedding (of this unlikely marriage) is consummated, in proper fashion. Then i guess we can all celebrate together.
Efforts to prompt speculation on outcomes prior to the court date has not been as robust as of late, and/or has fallen on deaf ears. i hope the fog will clear in about 26 hours or so, thus ending a the swirl of what ifs and who done its.
Here's hoping good new will be spread quickly to the unlikely successor's here, namely........................................................................................................................................................................... the 6700 or so shareholders and other equity holders who will finally get a verdict, vindicating the legitimacy of their fair share in the future of the Copper King Mining Co.
HD
I guess what i find hard to fathom is the statement below.
I just don't understand how someone can file a motion to consider an APA and include such a seemingly definitive statement, and be not able to stand by it. Clearly if it were not true, the consequence of stating it was true should prove detrimental to there cause on many levels. But for now the statement is seemingly uncontested.
So to me its starting to get clearer, either our attorney's are gonna have a turkey shoot, quickly pointing out an important fact, that the New Board is "not supportive" of the transaction. If not they have their free and clear, uncontested right to pursue a final judgement on the motion from the court. Clearly the New BOD approval of the APA is an important and finalizing detail to close this deal prior to court approval, or else they probably wouldn't have put it in the APA.
Case 10-29159 Doc 736 Filed 07/15/11 Entered 07/15/11 16:04:49 Desc Main Document Page 18 of 153
L. Pursuant to certain actions taken on or about June 29, 2011, Seller’s Board of Directors (the “New BOD”) has been reconstituted. Purchaser has been advised and understands that the New BOD is supportive of transactions contemplated by this Agreement and have not withdrawn the authority of A. John A. Bryan, Jr., the Chief Executive Officer of Seller, to complete the negotiation of this transaction and execution of this Agreement. M. The transactions contemplated by this Agreement shall be conditioned on the Bankruptcy
How will it turn out, will the new board come in at the very last second, crushing the motion with their merciless on slot of objections, to prevail, saving our hides. Or will the daunting efforts of our foes deliver their final blow of a seamless counter attack.
Stay tuned,
Thanks to those folk doing all the hard work for us.
HD
Not sure about the rest of you, but I'm fairly anxious. Trying to figure out how the end game will play out here, is and has been a nail biter and an exercise of futility. Many thought we might see a motion to consider a POR w/ LTF this week from the new BOD, but as the clock tics down its beginning to look like another long week end. Don't remember a time when i have been so beside myself, its almost like i got a sick dog that may have to be put down or maybe just need a shot in the arm. And the Vet won't be in to tell me whats up till monday. Oh well i will try to stay busy and keep a positive attitude, as i am currently poor (but happy) and a negative outcome here (i feel is unlikely) will just mean i'll just have to stay that way for quite a while longer.
Good luck to all of us,
Thanks to all those folks who have been doing all the hard work,
HD
Now that's funny. LOL
We sure could use a hint. being left completely out in the dark for such an extend period of time makes is difficult to see a favorable ending here, to say the least. we were told at some point that LTF was 'on the table" if that fact has changed, so has our strong position. I personally can not fathom that we have been lead astray. what we know is that many kind, hard working folks, have gone to bat for us. I find it hard to believe that when all done and said their plan has fallen apart. I got to believe that they are going fight, and that they do have legal and moral grounds to prevail.
Any luck with TD ameritrade allowing cprkq to trade?
One thing seems clear. That if our side has a POR with LTF, they sure can keep a good secrete. Insiders usually take some advantage of their knowledgeable position and pass it on to others (or at least hint around a little), allowing for some one to tip their hat. Not here. Mmuummmmmmmmmssssssss the word, not a mention of who, what, when, where or why.
Motions to consider another POR w/LTF must be front and center in court this week (as just rebuffing their POR/APA is only a half step and seems off the table completely) and/or a yet unknown "mr. deep pockets" will swoop in, to save the day. Which will it be : the prize found behind door #1 ooorrrr perhaps........ door # 2....... or maybe, just maybe, could it be, door #3.
The suspense is killing me.
Goliath seems quite sure of themselves.
Seems to me that the other side is very pleased with the motion of non = opposition. Looks like they are banking on the Judge viewing this as a serious change in the previous stated position of equity committee.
They also supply a statement that they think constitutes a fair inclusion of the equity value to the shareholders.
The New BOD and their attorney's must be holding a great hand given the attitude of confidence conveyed in the filing below.
Case 10-29159 Doc 777 Filed 08/08/11 Entered 08/08/11 18:28:48 Desc Main Document Page 2 of 7
As a preliminary matter, the Debtors submit that it is critical to point out that the Motion, and the transactions contemplated thereunder, are supported by the Official Committee of Unsecured Creditors in the Debtors’ cases and the Official Committee of Equity Security Holders in CKMC’s case. The foregoing demonstrates that substantial progress has been made in these cases.
The only objections that have been filed with respect to the Motion as those by:
(1) William B. Wray; (2) McCulley/Wood; and (3) Treasure Inc.
Case 10-29159 Doc 777 Filed 08/08/11 Entered 08/08/11 18:28:48 Desc Main Document Page 3 of 7
The offer is subject to overbid at the hearing on the Motion. If substantial interest and bidding occurs, there may be substantial value for equity holders. However, even if no overbids are submitted, based on the Equity Committee’s non-opposition to the Motion, CS Mining, LLC, will provide warrants for equity holders of CKMC. As a result, value should be available for equity holders. With respect to the balance of the objection
In conclusion, the Debtors assert that there are no substantive objections to the Motion and that the Motion should be approved in its entirety.
Dated: August 8, 2011
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
Wishing the best to us all,
Really hoping we got some gun powder for these cocky sob's
Much thanks to those actually doing the work for us.
I guess i don't understand why the new board did not file for an objection to the APA, as it appears the deadline was yesterday (maybe that deadline was just solely for the ESHC).
It seems to me with no objections, that some kind of deal with CS backing the restart, seems to be in the works. Maybe our attorneys uncovered enough deviant behavior from our foes, along with the fear of those depositions pining them down (to the truth), they instead came to the table with a plan to keep the shareholder equity intake.
Wondering if big things have already happened.
We are not privy to any on-going negotiations with CS and the new board. I speculate that perhaps CS conceded to the new board, to keep the shareholders equity in tacked. Maybe an agreement to reissue the stock from a clean shell, for a fresh start, was made. Perhaps clearer heads prevailed and CS concession came from them realizing they would lose everything without bringing us shareholders on board.
The last sentence in motion 772, appears to be being enforced by both parties, thus allowing for the deposition to be taken off the schedule.
Phar. 8 also seems to allows for changes "except as the parties otherwise might agree prior to such deadline"
8. If, on or before 5:00 p.m. MT on August 5, 2011, the Equity Committee files a Notice of No Objection to the Sale Motion indicating that they will not object thereto, then the discovery and document production set forth in paragraphs 2-6 above of this Order shall be cancelled, all obligations of the parties to comply therewith shall terminate, and there shall be no change in the CKMC Term Sheet attached as Exhibit 2 to the Bryan Declaration in support of the Sale Motion, except as the parties might otherwise agree prior to such deadline.
Just a thought
HD
ChuchD
Guess what your saying is that i have misinterpreted the documents "go figure". Sorry.
Just needed some assurance that the collusion btw the those two groups did not lead to the rest of us being hung out to dry.
Are the chairman of the committee that agreed to this motion ?. (if not, thought you were, but have been wrong so many times, i must have gotten it wrong again:)
Thanks for the clarification
IT or the APA looks like a done deal
This sums it up to me, the dates match up, attorney's signature is present, again, "it look like a done deal"
Some one striaghten me out
Case 10-29159 Doc 772-1 Filed 08/04/11 Entered 08/04/11 16:30:09 Proposed Order Document Page 3 of 3
8. If, on or before 5:00 p.m. MT on August 5, 2011, the Equity Committee files a Notice of No Objection to the Sale Motion indicating that they will not object thereto, then the discovery and document production set forth in paragraphs 2-6 above of this Order shall be cancelled, all obligations of the parties to comply therewith shall terminate, and there shall be no change in the CKMC Term Sheet attached as Exhibit 2 to the Bryan Declaration in support of the Sale Motion, except as the parties might otherwise agree prior to such deadline
Approved as to form:
DORSEY & WHITNEY LLP
/s/ Scott A. Cummings
Scott A. Cummings
Attorneys for the Official Committee
of Equity Security Holders
SNELL & WILMER LLP
/s/ David E. Leta
David E. Leta
Attorneys for CS Mining, LLC
and Skye Mineral Partners, LLC
Now it looks like are goose is cooked "on the face of things". Or more like "the Parties over". Doc 776, upon further review, looks to me like complete roll over by the very people we thought were gonna fight for us shareholders. I thought i was some how mistaken,
but i believe the folk listed below have had their attorney's endorse the motion found in doc 776. I go a lot of skin in this game and brought others on board for the fight we thought were gonna see to the end.
Someone please tell me I'm wrong
Peggy Hunt (Utah State Bar No. 6060)
Milo Steven Marsden (Utah State Bar No. 4879)
Scott A. Cummings (Utah State Bar No. 11443)
DORSEY & WHITNEY LLP
136 South Main Street, Suite 1000
Salt Lake City, UT 84101-1685
Telephone: (801) 933-7360
Facsimile: (801) 933-7373
Email: hunt.peggy@dorsey.com
marsden.steven@dorsey.com
cummings.scott@dorsey.com
Attorneys for The Official Committee of Equity Security Holders
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF UTAH, CENTRAL DIVISION
In re:
WESTERN UTAH COPPER COMPANY and
COPPER KING MINING CORPORATION,
Debtors.
Case No. 10-29159 WTT
(Jointly Administered with Case No.
10-30002 WTT)
Chapter 11
The Honorable William T. Thurman
OFFICIAL COMMITTEE OF EQUITY SECURITY HOLDERS’ NOTICE OF NON OPPOSITION TO THE MOTION FOR ENTRY OF AN ORDER: (A) AUTHORIZING
THE SALE OF SUBSTANTIALLY ALL OF THE DEBTORS’ ASSETS FREE AND
CLEAR OF LIENS, CLAIMS, ENCUMBRANCES AND INTERESTS; (B)AUTHORIZING AND APPROVING ASSUMPTION AND ASSIGNMENT OF EXECUTORY CONTRACTS AND LEASES AND DETERMINING CURE AMOUNTS;(C) WAIVING THE 14-DAY STAY PERIODS SET FORTH IN BANKRUPTCY RULES 6004(H) AND 6006(H); AND (D) GRANTING RELATED RELIEF The Official Committee of Equity Security Holders (the “Equity Committee)
“Notice”) to the Motion For Entry Of An Order: (A) Authorizing The Sale Of Substantially All Of The Debtors’ Assets Free And Clear Of Liens, Claims, Encumbrances And Interests; (B) Authorizing And Approving Assumption And Assignment Of Executory Contracts And Leases and Determining Cure Amounts; (C) Waiving The 14-Day Stay Periods Set Forth In Bankruptcy Rules 6004(h) And 6006(h); And (D) Granting Related Relief [Docket No. 732] (the “363Motion”) purportedly filed by Copper King Mining Corporation and Western Utah Copper Company (collectively, the “Debtors”). This Notice is filed in accordance with the stipulation among the Equity Committee, CS Mining, LLC, and Skye Mineral Partners, LLC, which was
presented to the Court at a hearing held on August 4, 2011, and which is memorialized in an order, the proposed form of which has been submitted to the Court as Docket No. 772.
DATED this 5th day of August, 2011.
DORSEY & WHITNEY LLP
/s/ Scott A. Cummings
Peggy Hunt
Milo Steven Marsden
Scott A. Cummings
Attorneys for The Official Committee of
Equity Security Holders
Official Committee of Equity Security Holders
Members of the Committee
Charles Dawson (Chairman) - Conyers, Georgia
Jack Rasmussen - Sandy, Utah
David Bessinger - Logan, Utah
James McCormick - Lindale, Texas
Richard Lee - Laguna Niguel, California
Shad Morris - Cedar City, Utah
Attorneys for Official Committee of Equity Security Holders
DORSEY & WHITNEY LLP
Annette W. Jarvis (Utah State Bar No. 01649) jarvis.annette@dorsey.com
Peggy Hunt (Utah State Bar No. 6060) hunt.peggy@dorsey.com
Nathan S. Seim (Utah State Bar No. 12654) seim.nathan@dorsey.com
Scott A. Cummings (Utah State Bar No. 11443) cummings.scott@dorsey.com
Milo Steven Marsden (Utah State Bar No. 4879) marsden.steven@dorsey.com
136 South Main Street, Suite 1000
Salt Lake City, UT 84101-1685
Telephone: (801) 933-7360
Facsimile: (801) 933-7373
Best of luck to all our dedicated team members this week as it explores the truth of the behind the APA. I would love to be the fly on the wall their.
Much of this pre-trail hoop-la is all for show, as stated below in the court documents to seat the new board, the shareholders are still in the game (as are the crooks). So it looks like we are confronting the hoodlums mainly to expose them for cheating, lying and their fraudulent activities. It seem fairly clear to me that JB and his team did not play by the rules, and the judge. US trustee and our attorney's will see right through their shenanigans.
When the dust settles the Court must give fair consideration for a plan of reorganization. Debunking the the APA should prove fairly easy (with our great attorney's) as the court ordered was entered to seat the new board, who now have power to approve and/or disapprove of anything material to the companies long term survival (as does the court) thus providing a reasonable buffer from doom, at this point. My bet here is that the third option below will be the one the Court ultimately go with (some mystery there). I certainly look forward to our POR presentation and the Judgement day when the stars line up for justice
Case 11-02506 Doc 16 Filed 07/07/11 Entered 07/07/11 11:53:53 Desc Main Document Page 4 of 11
Moreover, Skye and Plaintiffs would still have myriad options even with the New Board in place. First, the proposed Asset Purchase Agreement with Skye (“APA”) could be submitted to the New Board. Then, as the representative of the majority interest, the New Board could determine whether the APA is acceptable. Second, since exclusivity has been terminated,(Motion at 5), if the New Board does not approve the APA, then Skye or Plaintiffs could independently submit the APA to the Court as a Chapter 11 plan. If the Court approves, then the APA can be enacted regardless of the New Board’s decision. Third, with the New Board in place, another attempt could be made at restructuring – potentially offering more favorable terms for all parties.
Go CPRK - HD
Don't they require a $2500 minimum deposit amount before the first transaction?
I'm in for $38 today will do more in the near future.
Thanks for all the efforts, to set this thing up, a job well done.
I got a good feeling, knowing that its the new boards next move. Bryan has laid his cards out on the table, and has a weak hand, at best. Could be any time now that the our team will offer, that new board's approved plan to reorganize, to the court. The court has to choose one plan over the other, is the only way out. I bet we got a great plan :) Cause we got a great team.
Go CPRK
Need some help here, someone please help me understand the item posted below found in the APA.
Case 10-29159 Doc 736 Filed 07/15/11 Entered 07/15/11 16:04:49 Desc Main
Document Page 18 of 153
L. Pursuant to certain actions taken on or about June 29, 2011, Seller’s Board of Directors (the “New BOD”) has been reconstituted. Purchaser has been advised and understands that the New BOD is supportive of transactions contemplated by this Agreement and have not withdrawn the authority of A. John A. Bryan, Jr., the Chief Executive Officer of Seller, to complete the negotiation of this transaction and execution of this Agreement.
Has he perjured himself here?
Why has the new board not "withdrawn authority of a. John A. Bryan?
This is like bizarre'o world.
Found this (old) post on another site. Dave MucMillin must have thought he was in heaven, leaving all the little devils in his life, be-hind. SOme how he got it backward :)
Posted by: ChuckD Grandfathered Date: 07/03/11 3:06 pm
In Reply to: Dagwood - Post# 641 Post #642 of 665
Skye is not happy because they were 2 days away from a deal to steal our company for a pittance.
DM is not happy because he had a shiny new job lined up with Skye
Effectively immediately prior to the Closing, Seller shall terminate the employment of all employees of Seller and pay said employees all accrued salaries, vacation pay, accrued sick pay, accrued holiday pay and any other accrued benefits and Purchaser shall not have any obligations with respect thereto. Purchaser has disclosed to Seller that Purchaser intends to offer employment to the following employees who are insiders of Seller, as that term is defined in the Bankruptcy Code: David McMullin.
# 3 on the break out board (with no official good news) :)
My bad this agreement is already sign sealed and delivered just waiting for Equity Committee and Court approval -- Not
Case 10-29159 Doc 736 Filed 07/15/11 Entered 07/15/11 16:04:49 Desc Main
Document Page 149 of 153
OFFER PERIOD: This offer is for immediate acceptance by Debtors, in no event later than 5:00 P.M. Eastern Daylight Time, Tuesday, July 12, subject to approval by the Bankruptcy Court.
CONDITIONS TO TERM SHEET:
(a) Seller’s compliance with the terms hereof.
(b) An order of the Bankruptcy Court embodying or incorporating the terms hereof.
(c) Completion of the WUCC APA.
(d) In approving, executing and agreeing to this Term Sheet, Seller agrees to (1) promptly file with the Bankruptcy Court a motion with respect to this Term Sheet and the WUCC APA in accordance with the terms hereof, and (2) diligently prosecute the approval of this Term Sheet and WUCC APA and pursue the transactions contemplated thereunder.
(e) CS does not object to overbid of the sale contemplated hereunder in accordance
with and to the extent required by Section 363 of the Bankruptcy Code.
[Signature Page Follows]
See page 150 for actual signature page.
It appears to me that these cronies want it all (out with CPRK stock and in with CS stock: how convenient) and then sum, but they must not read the Equity Committee & new board very well as (e) below seems to require the Equity committee affirmation for the APA after all
Case 10-29159 Doc 736 Filed 07/15/11 Entered 07/15/11 16:04:49 Desc Main
Document Page 146 of 153
ASSET PURCHASE TERM SHEET
Copper King Mining Corporation
July 11, 2011
COMPANY: COPPER KING MINING CORPORATION (“Seller”)
PURCHASER: CS MINING, LLC (“CS” or “Purchaser”), or SKYE MINERAL PARTNERS, LLC, a Delaware limited liability company (“SMP”), or a designee of SMP or CS, the proposed funder of an asset sale of Seller’s assets
PURCHASE PRICE: In exchange for the Purchased Assets and other terms and conditions set forth below in this Term Sheet, Purchaser shall provide the following to a liquidating trust or similar trust for the benefit of the Seller’s bankruptcy estate (the “Trust”) as of the Closing Date (the “Purchase Price”):
(a) The assumption of Assumed Liabilities (as defined below).
(b) Cash in an amount equal to One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Cash”).
(c) A release of all claims of CS, Skye and their affiliates against the Seller and its affiliates in Seller’s bankruptcy case.
(d) One percent (1%) of the voting equity interests in CS in the nature of one percent(1%) of the outstanding voting common LLC or membership interests, as applicable (the “Equity Interest”). Thereafter, dilution and distributions with respect to such Equity Interest shall occur pro-rata with the other common equity interests. The Equity Interest shall be issued at the same time, manner and form as such other initially issued voting common equity interests of CS, and the Equity Interest shall have, pro-rata in accordance with ownership, the same rights, benefits and voting privileges as the remaining originally issued common equity interests. Notwithstanding the foregoing, the Equity Interest and the granting thereof must be structured in such a way that CS remains a private entity exempt from registration with the United States Securities and Exchange Commission.
(e) If the Official Committee of Equity Holders and its members representing Seller’s equity holders (“Equity Committee”) do not object to or oppose this Term Sheet and the WUCC APA or any of the proceedings associated therewith, a warrant with a term of
twelve (12) months to purchase an equity interest in CS in an amount equal to two percent (2%) of the outstanding common voting equity interests of CS, and with a strike price equal to two percent (2%) of One Hundred and Twenty Five Million Dollars ($125,000,000), or Two Million Five Hundred Thousand Dollars ($2,500,000), in CS’s
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Document Page 146 of 153
Copper King Asset Purchase Term Sheet Page 2
standard form satisfactory to CS (the “Warrant”) will be issued to Seller or its designee (the “Warrant Holder”). Seller has advised CS that, subject to approval of the Official Committee of Unsecured Creditors, Seller intends to transfer the Warrant to the Equity
Committee.
#4 on the Breakout Board :)
# 8 on the breakout board, must be quite a few folks following this thing pretty close. They may be seeing through that APA as the ruse it really is :)
sign me up for that donor list, as it appears the only way we could lose on this APA matter is if our attorneys don't show up
After those roasting depositions prior to the disposition of the APA, perhaps (and to avoid complete embarrassment) they will decline to show up for court