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I think you may be on to something nebula.
I don't know about you guys, but I read this board for the entertainment value. lol
Pretty clever bid whack by somebody at the bell for just 5000 shares, (10 bucks) well done whoever you are. LOL
Global Metals and Mining
The Bank of America Merrill Lynch Commodities Team raised their
copper price estimates to $5.10/lb in 2011 and $5.44/lb in 2012, ~40%
above consensus (Metals Strategist, November 11, 2010) They expect the
red metal scarcity premium to the marginal cost of production to increase
due to: recurring structural supply constraints, BRIC economies continued
FAI, QE2 in the US (i.e. structurally weak USD) and the potential for
physically backed base metal ETFs.
The hearing today was no big deal, I think it was built up to be something other than what it was. The objections were just to the "Form" of the judges order. I think the judge just clarified his order as to the exact hire date of JB, and about how he has to report. I will try and get the details out tomorrow, but I promise nothing earthshaking happened today.
Link???
There seems to be just a few of us interested in this one on here, they have a really great story, its kind of frustrating that more folks don't notice them.
Thanks for all the info Joseph, I am thinking this may run up a little before earnings Monday
Hehe, The Equity Committee was "thrown together" "red flag"
Thanks for making me smile.
I cant really comment more on it, but here are links to all the relevant docs.
http://www.copperkingwesternutahminingrestructure.com/wu%20341.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20370.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20376.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20377.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20416.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20417.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20418.pdf
That is not actually the question tomorrow, I believe the objections are more to the "form" of the judges order, specifically as to the actual start date of JB's employment, not about employing him at all. I think some of you guys may be building this up to more than what it actually is.
TVI got a little coverage here today. (scroll down to the Agoracom video)
http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/
Penny's diner ??
The Ted Davis filing is on Rincewinds site as well. Its under adversary proceeding.
http://cprksa.0sites.net/
Yep, he has plenty of problems of his own, but he sure is throwing plenty of mud in that response.
RTR, I have been asked by our sleepy friend to let you know that you are a "Make believe Prognosticator" LOL
On another note, I have copies of all the objections dealing with JB's employee, and an answer from Ted Davis (accountant) that is a pretty good read. LOL I have no idea how to put PDF's on here, so they are at my other hangout, and rincewind should have them up on his site as well shortly.
Changing this post, the filing says 700K shares, NOT 700 mm
so my initial post about the % ownership being changed by dilution seems to be correct.
I believe at the time Wells Fargo made their initial loan, 700 mm shares was indeed around 12% Of course we all are all aware of the dilution that happened over the past couple of years, thereby lowering the % they own.
I am intimately aware of what a Trustee is and does, I mentioned that the Trustee would NOT appoint an Equity Committee, and YOU said there was NO Trustee. I was just backing up my statement and disproving yours in relation to my initial comment about a Trustee.
I see that you have been posting this one on many different boards including here
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56373976
and here
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56373915
and here
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56373894
and here
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56371915
I will leave you to it, just wanted to get some facts out.
There is indeed a Trustee.
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
DISTRICT OF DELAWARE
J. CALEB BOGGS FEDERAL BUILDING
844 KING STREET, SUITE 2207, LOCKBOX 35
WILMINGTON, DELAWARE 19801
(302) 573-6491 FAX (302) 573-6497
ROBERTA A. DEANGELIS WILLIAM K. HARRINGTON
UNITED STATES TRUSTEE ASSISTANT U.S. TRUSTEE
REQUEST BY THE UNITED STATES TRUSTEE TO THE CLERK OF BANKRUPTCY
COURT TO SCHEDULE A SECTION 341(a) MEETING IN A CHAPTER 11 CASE
______________________________________________________________________________
ATTENTION: 341(a) NOTICE CLERK - CHAPTER 11
Pursuant to Sec. 341(a) of the U. S. Bankruptcy Code, please schedule a meeting
of creditors for the following case:
DEBTOR: Wolverine Tube, Inc., et al
CASE NOS: Case No: 10-13522 thru 10-13526 (PJW)
DATE: Thursday, December 2, 2010
TIME: 9:30 A.M.
LOCATION: J. Caleb Boggs Federal Building, 2nd Floor, Room 2112
By: /s/ Richard L. Schepacarter
Richard L. Schepacarter
Trial Attorney
Dated: November 3, 2010
PLEASE NOTE THAT THE 341(a) MEETING HAS BEEN SCHEDULED WITHIN THE
TIME REQUIRED BY RULE 2003, FEDERAL RULES OF THE BANKRUPTCY
PROCEDURE. IF YOU ARE UNABLE TO COMPLY WITH THE NOTICE
REQUIREMENT OF THIS RULE, PLEASE ADVISE IMMEDIATELY.
http://www.donlinrecano.com/Dockets/wti/10-13522
Bloomberg does not say all of the debt will be in new commons, it says "will convert the secured notes into all of the new common equity plus a new secured note for $30 million.
"ALL" being the operative word for me.
I guess we just read it differently.
I DID "share where the information came from" I put the link at the bottom of my post. Here it is again from Bloomberg.
http://www.bloomberg.com/news/2010-11-01/downey-tridimension-point-blank-loehmann-s-threat-to-sue-bankruptcy.html
I did some research on the company today, and they look like they will be fine going forward, but NOT with the current equity. They appear (at least from their filings) that they have way more liabilities than assets, even if they are doing 400 mm a year in revenue, I cant see the Trustee or the judge approving an Equity Committee. There will probably be some good trading over the next 60 days as most of the "Q"'s have big % swings, but the "Greater Fool" theory applies IMHO. Good luck with your investments.
What piece of news did you post?
I love trading the Q's, and came across this one looking for the next potential opportunity, but by my read of the following article, it appears as if current equity and even preferred's will be wiped out. Am I missing something?
Wolverine Tube Inc., a producer of copper tubing for manufacturers of heating, ventilation and cooling equipment, began a prepackaged Chapter 11 reorganization today supported by holders of 71 percent of the $131 million in senior secured notes.
The reorganization plan, which Wolverine said it would file “shortly,” will convert the secured notes into all of the new common equity plus a new secured note for $30 million.
Wolverine said the filing was caused by declining revenue coupled with high copper prices, pension funding expenses, and interest on the senior notes. The plan is contingent upon a termination of the pension plan and the treatment of the resulting claim of the Pension Benefit Guaranty Corp. on terms acceptable to the noteholders.
The petition listed assets of $115.6 million against debt totaling $237.5 million.
The plan calls for paying general unsecured creditors in full as much as $6.7 million. Existing common and preferred shareholders are to receive nothing. Plainfield Asset Management LLC, a signatory to the plan-support agreement, is both a secured noteholder and a preferred shareholder.
In May 2009, Wolverine completed an exchange offer where $122 million of maturing 10.5 percent unsecured notes were exchanged for 15 percent senior secured notes that would have matured in 2012. The notes traded on Oct. 25 at about 47.5 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
The Huntsville, Alabama-based company said there was a “significant decline” in revenue. For 2010, revenue is estimated to be $281 million.
The case is In re Wolverine Tube Inc., 10-13522, U.S. Bankruptcy Court, District of Delaware (Wilmington).
http://www.bloomberg.com/news/2010-11-01/downey-tridimension-point-blank-loehmann-s-threat-to-sue-bankruptcy.html
LOL, obviously she does not read these boards. LMAO !!
Dr. Nelson has done much more than teach, information on him is not hard to find. But I guess some here are better qualified to pass judgment. LOL
Dr. Nelson holds eight patents relating to mining methods, and mining and mineral processing equipment. He consults for mining and equipment companies in the U.S., Australia, and South America. Dr. Nelson has extensive experience in property assessment and development and will bring his expertise to Palladon in the development of both the copper and iron properties.
http://www.allbusiness.com/company-activities-management/company-structures/5101692-1.html
Some of his publications, he literally "wrote the book"
* Lynch, A. J., M. G. Nelson, and G. J. Harbort, History of Flotation, AusIMM, Melbourne, Australia, to appear (2010). Book/Monograph, pending, 10/01/2010.
* Nelson, M. G., D. Lelinski, and S. Gronstrand, Design and Operation of Mechanical Flotation Cells, chapter in Recent Advances in Mineral Processing Plant Design, Malhotra, D., P. R. Taylor, E. Spiller, and M. LeVier, editors, SME, Littleton, Colorado, 2009. Book Chapter, published, 2009.
* Nelson, M. G., and R. W. Truss, Liners and Coatings for Mineral Processing Equipment, chapter in Recent Advances in Mineral Processing Plant Design, Malhotra, D., P. R. Taylor, E. Spiller, and M. LeVier, editors, SME, Littleton, Colorado, 2009. Book Chapter, published, 2009.
* Nelson, M.G., Developing and Testing of a 3-D, GPS-Guided Control System for Mining and Excavating Equipment, presented at Automated Mining Equipment (conference), Brisbane, Australia, July 30-31, 2008 (published on CD-ROM). Conference Paper, Professional, published, 2008.
* Nelson, M.G., and M.J. Holden, Purchase and Renovation of a Used Ball Mill, Proceedings of PROCEMIN 2008, V International Mineral Processing Seminar, Santiago, Chile, October 22-24, 2008 (published on CD-ROM). Conference Paper, Refereed, published, 2008.
* Nelson, M. G., Engineering of Mineral Extraction, chapter in Environmentally Conscious Materials and Chemical Processing, Kutz, M., editor, John Wiley & Sons, New York, 2007. Book Chapter, published, 01/01/2007.
* Nelson, M. G., Inspection and Rehabilitation of the Daly-Judge Tunnel, Park City, Utah, CIM Technical Paper Library (on-line, https://www.cim.org/forms/library/), volume 1, issue 4, June/July 2006. Article, Refereed Journal, published, 2006.
* Nelson, M. G., and J. T. Smit, Development of the Theory of Froth Flotation, Jameson, G. J. (ed.), Proceedings of the Centenary of Flotation 2005 Symposium, AusIMM, Victoria, Australia, pp. 895-904, 2005 (published on CD-ROM). Conference Paper, Refereed, published, 2005.
* Lelinski, D., Redden, L. D., and M. G. Nelson, Important Considerations in the Design of Mechanical Flotation Machines, Jameson, G. J. (ed.), Proceedings of the Centenary of Flotation 2005 Symposium, AusIMM, Victoria, Australia, pp. 217-224, 2005 (published on CD-ROM). Conference Paper, Refereed, published, 2005.
* Nelson, M. G., and N. K. Riddle, Sampling and Analysis for Optimal Ore-grade Control, Mining Engineering, volume 56, number 4, pp. 55-59, 2004. Article, Refereed Journal, published, 2004.
* Nelson, M. G., F. P. Traczyk, and D. Lelinski, Design of Mechanical Flotation Cells, chapter in Mineral Processing Plant Design – Operating Practice and Control, Halbe, D. R., editor, SME, Littleton, Colorado, 2002. Book Chapter, published, 2002.
* Nelson, M. G., M. Machina, and S. Goldstein, Projectile-Based Excavation its Application to the Mining Industry, Proceedings of the Nineteenth Annual International Pittsburgh Coal Conference, September 23-27, 2002, Pittsburgh, Pennsylvania, Paper 28-2, 14 pp., (published on CD-ROM, ISBN 1-890977-19-5). Conference Paper, Refereed, published, 2002.
* Nelson, M. G., Underground Mining of Frozen Placers, chapter in Underground Mining Methods: Engineering Fundamentals and International Case Studies, SME, Littleton, Colorado, 2001. Book Chapter, published, 2001.
* Nelson, M. G., and D. Lelinski, Hydrodynamic Design of Self-Aerating Flotation Machines, Minerals Engineering International, volume 13, number 10-11, pp. 991-998, 2000. Article, Refereed Journal, published, 2000.
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More words of wisdom.
"Arguing with idiots is like wrestling with a pig, you both get dirty, and the pig likes it.”
Thanks DrBob, Point taken, however it was not my intent to "go after" anyone, just trying to correct a blatant misconstruing of the situation. I am not sure if it is deliberate or not, I do my best to stick to the facts and not get caught up in the nonsense. Perhaps I should listen to my post here. LOL
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56324351
Thanks from the whole committee to all you guys for your continuing support.
Ummm... The "need" for an Equity Committee means that the US Trustee thinks that there IS equity. You have it exactly wrong. If there was NO equity THEN there would be no need for the committee.
None of the pump sites were paid in any way, they were simply issuing volume alerts on their own, so NO "promo shares"
"Never argue with a fool; onlookers may not be able to tell the difference."
--Mark Twain--
http://www.copperkingwesternutahminingrestructure.com/Dkt%2022%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2023%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2021%20CK.pdf
In addition to the above docs, refer to this part of the recent update from the Equity Committee
To facilitate its attempt to obtain this financing, the ESHC has obtained significant information about the company. It has also arranged to have qualified and well-respected experts in the fields of both mining and geology, review and examine the data available from and about the properties of WUCC/CPRK (including the mill and its potential). The review, advice, guidance and input from these experts is being used to formalize complete and comprehensive mining plans and related reports requested by the targeted financial institutions.
Furthermore, in order to take this process from plan to reality, the ESHC has arranged for the engagement of mining experts, geologists, engineers and metallurgists to provide information necessary not only to obtain funding but also to assist in any ultimate mine operation. The ESHC is hopeful that the data that we have obtained and provided to the experts will be sufficient to meet initial goals, and that further re-drilling and/or assaying of the properties will not be necessary at this time.
I am not sure what to make of all the initial volume this morning, someone wanted large blocks of shares in a big way. Short covering perhaps???
So far nobody has stepped up and said they were responsible
The avatar has been changed just for you Sleep. LOL
Tickets are being booked tonight for the next trip to SLC Ken.
LOL, No I dont think so. I have met him and I am pretty sure he was not involved in prop 19.
Hi Mogus,
The Ibox here on Ihub has a good deal of information, and this site has a good bit as well, including some links to some geology information. http://cprksa.0sites.net/
http://www.copperkingwesternutahminingrestructure.com/wu%20413.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20405.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20406.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20399.pdf
http://www.copperkingwesternutahminingrestructure.com/wu%20400.pdf
Hey folks, around 40 million shares have traded the last few days, if your total has changed significantly please send an update on your share count to CPRKSA@Gmail.
thanks.
WOW, that must have been good coffee, hardly any volume all day then BOOM 14 million shares.
lol, somebody definitely woke up, 7,123,424 shares now.
Update from the Equity Security Holders Committee
The Official Copper King Equity Security Holders Committee (ESHC) would like to thank all of the many shareholders who have shown the ESHC support. As many of you know, ESHC members have spent many hours working on behalf of the interests of CPRKQ shareholders in the company’s bankruptcy case. For some of us it has become almost a full time job. The ESHC believes it is fortunate to have received so much support from shareholders, and to have obtained the assistance of an elite core of professionals to guide us through this difficult and complex process.
The purpose of this communication is to provide shareholders an update of ESHC’s efforts in the bankruptcy case. However, please do not take this information out of context. This non-confidential information is not meant to provide you with any predictions or recommendations about the company’s reorganization, which is not certain at this point and not in any way in the control of the ESHC. Furthermore, the information herein does not and is not intended in any way to provide any recommendations or opinions about whether or not you should buy or sell CPRKQ stock.
Prior to formation of the ESHC, numerous shareholders worked hard to obtain formal recognition of CPRKQ interests in the bankruptcy case. This effort successfully culminated into the formation of the ESHC, and appointment of the ESHC as a recognized “Official” committee in the company’s bankruptcy case. Under applicable law, the ESHC is responsible for representing the collective interests of CPRKQ shareholders in the bankruptcy case, and has standing to appear in the negotiations and the Bankruptcy Court to further those interests.
Since its appointment, the ESHC has met with the numerous major constituencies in the case, including the debtors, secured creditors, Nevada Star, and the official committee appointed in Western Utah Copper Company’s bankruptcy case to represent the interests of unsecured creditors. The ESHC has advocated in favor of a plan of reorganization (POR) that will include the interests of current shareholders and that will be supported by all major constituency groups.
When the ESHC was first appointed, the debtors were engaged in very heated and expensive litigation with other major groups in the case. The ESHC saw these actions as being expensive, destructive and, ultimately, not in the interests of shareholders. Accordingly, it strongly advocated for a continuance of the litigation to allow parties to attempt to put together a consensual POR. Since, the parties to the litigation have agreed to continue pending court matters until December 1, 2010.
The ESHC is in the process of negotiating with numerous parties to obtain support for a global, consensual POR. The success of such a POR is contingent on the ESHC obtaining financing not only sufficient to exit bankruptcy, but also to allow the company to go into production. While the ESHC cannot in any way guarantee that such financing will be forthcoming, significant positive progress has been made. The ESHC has been in constant contact with numerous financing sources, and several have shown interest in helping CPRK move through, and then beyond, bankruptcy. The ESHC is currently focusing on three major financial institutions who have shown real interest in providing the financing that will be necessary to fund a POR.
To facilitate its attempt to obtain this financing, the ESHC has obtained significant information about the company. It has also arranged to have qualified and well-respected experts in the fields of both mining and geology, review and examine the data available from and about the properties of WUCC/CPRK (including the mill and its potential). The review, advice, guidance and input from these experts is being used to formalize complete and comprehensive mining plans and related reports requested by the targeted financial institutions.
Furthermore, in order to take this process from plan to reality, the ESHC has arranged for the engagement of mining experts, geologists, engineers and metallurgists to provide information necessary not only to obtain funding but also to assist in any ultimate mine operation. The ESHC is hopeful that the data that we have obtained and provided to the experts will be sufficient to meet initial goals, and that further re-drilling and/or assaying of the properties will not be necessary at this time.
The bankruptcy process can be a long one and, as noted above, the ESHC in no way controls the outcome. Significant roadblocks to reorganization still remain, and shareholders should be mindful of the fact that equity is the least favored class in bankruptcy. The ESHC, however, is committed to serving the interests of CPRKQ shareholders, and believes that this is best done through a consensual POR that takes into account the interests of all other major constituencies in the case, including current equity.
While the ESHC is not in a position to share confidential information about the company or its reorganization, we remain committed to providing as much information about the process as possible and obtaining any feedback that you might have. Please contact Chuck Dawson, ESHC’s Chairperson, if you have questions or concerns about the process or wish to express your support or concerns.
Thank you.
Charles (Chuck) Dawson (Chairman)
Jack Rasmussen
David Bessinger
James McCormick
Richard Lee
Shad Morris
Ex-officio members
Scott Harmer
Frank Firek
Lee Abbott