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I have been getting a lot of questions from you guys about what is
going on. The Equity Committee is working on an update for
shareholders, we should have it out by Monday.
Good call Colorado
Minute Entry Re: Motion to Compel Assumption or Rejection of the Compressor Lease Agreement and for Allowance and Payment of Administrative Claim filed by Utility Industrial Compressors (related document(s): 242 Motion to Assume or Reject) Hearing continued. Hearing scheduled for 12/07/2010 at 02:30 AM at US Bankruptcy Court. Payment of $5,000 shall be paid to Creditor for use of compressors and generators. OTF-Johnson. Pending Order Deadline due by 11/10/2010. Appearances: Michael R. Johnson (CR): Steven Skirvin (DB); David Leta (Senior Sec. Creditors); Nathan Seim (Official Committee of Equity Secured Holders) (tjc) (EOD: 10/27/2010)
lol, Panson, No Whimpering, I like that.
Great advice private wealth !!!
I guess my perspective is a bit different from some on here because
while I did not manage to catch any at .0003, I loaded up at .0004,.0005,.0006,.0007 so much so that my average is around .0008 despite my position before the BK
Look here under "participants" for a list.
http://cprksa.0sites.net/
Bounce away !!!!! We are willing to take all the help we can get.
Stephen Krajewski is a very respected geologist.
THE PENNSYLVANIA STATE UNIVERSITY. Geography (B.S./1968), Geology (M.S./1971), and Earth Science (Ed.D./1977).
CERTIFIED PROFESSIONAL GEOLOGIST (AIPG).
He has published several books. Here is one
http://www.amazon.com/Understanding-Contouring-Practical-Estimation-Interpretation/dp/0943909252
even the simplest of searches will turn up plenty of his his work.
This is a little dated, but a sample.
tephen A. Krajewski is a geographer and geologist and is Vice President of Industrial Ergonomics Incorporated, a company providing training and consulting services to earth science professionals in petroleum, mining and environmental companies, in government agencies, and in universities. For the past ten years, his work has focused on helping end-users select, install, and use microcomputers and technical applications software for geological, geophysical, engineering and environmental applications on an international basis. Also, he is Chief Geologist at soft, Ltd. Specific experience includes the following:
- Vice President of Marketing at GEOMATH, Inc. and at GEOSIM Corporation (now Terra Mar). These companies market software for database management, graphics, mapping, geostatistics, mining engineering and mineral processing, seismic modeling, potential field modeling, petrophysical and GIS applications. While working for these companies, his responsibilities included project consulting work, training, technical support, marketing software, installing software, managing new company start-up activities, writing user's manuals and advertising materials, and exhibiting at conferences and shows. Software was installed on microcomputers, workstations and mainframe computers.
- Conducted workshops on microcomputer applications for oil and gas, mining and environmental professionals on a national and international basis for societies (AAPG, CSPG, SME, AIPG, GSA, RMAG & HGS), and for companies offering training services (IHRDC, PPI, and RICTHERSARM).
- General Chairman of nine annual conferences on computer applications in the earth sciences (Denver GeoTech '83-92: Personal Computers in Geology Conferences sponsored by the Colorado Section of the AIPG, COGS, and 15 other Denver-area societies). Organized and chaired computer technical sessions at other conferences; and, he has presented numerous technical papers and articles on microcomputer-related topics in the earth sciences.
- Project work in geological, geophysical, hydrogeological, mining feasibility, environmental, and research studies. This work ranged from collecting, interpreting and reporting field data; to assuming program management responsibilities for private, multidiscipline acquisition evaluations. Siting studies for federally-funded synfuels projects and for basin analysis studies.
- Taught college-level courses in geology, geography, and oceanography at Washington and Jefferson College and at The Pennsylvania State University.
There will be a Hearing November 10, 2010 at 10:30am on Nevada Star’s Objection to the Debtors’ Proposed Order Authorizing Employment of John Bryan as the Debtors’ CEO
As I understand it, JB has NOT been paid a dime in salary, in fact no one in management has been paid since they filed BK.
As to doc 341
proposed past participle, past tense of pro·pose (Verb)
1. Put forward (an idea or plan) for consideration or discussion by others: "he proposed a new peace plan".
FFF was unanimously voted in as an ex-officio member of the ESHC, I am almost 100% positive that you are aware of this fact. Not sure why you continue to bring it up.
Thank you Candy, I will ask some more people next week.
Thank you Satellite, I really wish I could say more about what is going on, but they have us on a pretty tight leash. Just know that there is a team of smart folks working very hard for a good outcome for the shareholders.
I will find out Satellite, it may be early next week though.
Ya, its over 3 air compressors, the debtor is supposed to be paying 7500 a month to lease them and it includes a service contract.
The company that owns the compressors wants the debtor to assume responsibility for the whole lease (around 100K) but we all know the debtor does not have 100K at the moment, but needs the compressors to help keep the other equipment serviced.
I think Mr Woods is a land owner, as in the McCulley/Woods property. Not 100% positive on that though, I will ask CandyB next time I talk to her.
lol Richard I have given a link to Interactive Brokers not only listing pink sheet and Q stocks to short, but ones that are actually on the REG SHO that are available to short.
In addition, this from Investopedia.
Can investors short sell pink sheet or over-the-counter stocks?
In regards to pink sheet and over-the-counter (OTC) listed securities, short selling is allowed. An OTC security is one that is not traded on a formal exchange such as the New York Stock Exchange or the American Stock Exchange. OTC securities are often quoted on the OTC Bulletin Board (OTCBB). Pink sheet securities are very similar to OTC securities in that they are not listed on exchanges, but are quoted on a daily publication issued by the National Quotation Bureau. However, pink sheet securities carry much more risk because they do not require the companies to register with the SEC or stay current in their financial statements.
Although short selling is allowed on these securities, it is not without its problems. Short selling on OTC is extremely risky because these securities are often very thinly traded, which makes them very illiquid. This illiquidity can prove hazardous if an investor needs to cover an increasingly unprofitable short position. If the volume is very low, covering the position may become a very unlikely prospect. Another problem that has arisen with short selling in OTC securities is the use of pump and dump schemes. These schemes are done by con artists who use internet message boards and SPAM emails to heavily promote a thinly traded stock in which they have long positions. When this happens, the result is often a high spike in the price of the stock, followed by a fall. However, the initial spike will devastate any investor with a short position. These schemes often use OTC stocks because they are relatively unknown when compared to exchange traded stocks.
http://www.investopedia.com/ask/answers/06/otcpinksheetshortselling.asp
and from shortsqueeze.com
Short Interest: Pink Sheet Stocks
Find short interest for Pink Sheets listed securities and become better informed of short selling in stocks that trade on the Pink Sheets Electronic OTC Markets stock exchange. Short sellers sell shares of stock short when they expect a stock to fall in price. ShortSqueeze.com proprietary research tracks short interest in Pink Sheets stocks and makes this information available for powerful market research, so our members can be better informed and gain from this powerful market data. Become a member and receive instant acccess to all of our proprietary data and services now.
Download all updated short interest data and stats (in Excel) for over 16,000 stocks - now! (View Data Sample)
* NASDAQ®
* NYSE®
* AMEX®
* OTCBB®
* Pink Sheets®
http://shortsqueeze.com/shortinterest/stock/pinksheets.php
and then of course the infamous Mr Tim Sykes
http://www.timothysykes.com/2010/05/how-to-short-sell-penny-stock-pump-dumps-months-before-the-sec-does-its-job/
I dont understand why you guys think you can't short OTC/PINKS, you most certainly CAN. It depends on which broker you use.
How do you think the PINKS end up on the NSS/Fail to Deliver list in the first place? You can actually even short stocks on the REG/SHO List
Go here and look at IB's list. You have to check daily to see how many shares are available, but you CAN short them including the Q's
For example there are 950,000 shares of THMRQ available right now to short.
Symbol: THMRQ
Availability: 950'000
Exchanges: PINK, CBSX, NITE
Check it out for yourselves.
http://www.interactivebrokers.com/en/trading/ViewShortableStocks.php?cntry=regSHO&tag=Reg%20SHO&ib_entity=llc&ln=
Richard,
I think I can answer your question about the funds spent that were supposedly not authorized. If you look through the filings that show where every dime is, the amount in question is around 50K which is also the same amount that the accountant has in his "trust account" received from deposit returns. Attorneys are pretty good spin doctors in my opinion. lol
I have no idea what you are referring to about the timing of the documents and a "large" shareholder selling. The only documents with any real substance were filed with the court just last night. And judging by the volume this morning some people like what they see.
I dont know how it could be more clear what has happened.
1) The debtor has withdrawn the motion for the 7 million that would have given up our equity.
2) The secured lenders have agreed to continue their motion for relief from stay/conversion to ch 7 from Nov 3 till the final DIP hearing in December. (you were VERY worried about Nov 3, it is NOT an issue now)
3) All the discovery and depositions will stop and settlement negotiations will be given a chance rather than more litigation which runs up costs, which end the end come out of the shareholders pockets.
4) "The debtors are hopeful that this will allow ALL parties in interest, to engage in meaningful discussions to reach a resolution of the cases in the best interest of all parties"
5) Number one rule of investing is to NEVER invest in something you dont understand. If you are "disturbed" or "in the dark" or worried about "rose colored banter" or someone selling "a boat load" then perhaps this is not the best investment for you.
Here is the meat of the good news, from doc 371
From: David B. Golubchik [mailto:DBG@lnbyb.com]
Sent: Wednesday, October 13, 2010 3:28 PM
To: Beckett, J. Thomas; Martin J. Brill; grb@pyglaw.com; Laurie.Cayton@usdoj.gov; jcovey@parrbrown.com; sdougherty@aklawfirm.com; MFreedlander@mcguirewoods.com; Chris Grivakes; mark.h.howard@irscounsel.treas.gov; Hunt, Peggy; davidh@dixontruman.com; Jarvis, Annette; mjohnson@rqn.com; Langton, Derek; maudsley@chapman.com; Krikor J. Meshefejian; Buddy Miller; Leta, David; Shaughnessy, Todd; Tejeda, Engels; cmontgomery@cnmlaw.com; eolmstead@barney-mckenna.com; Perkiel, Mitchel H.; Price, William C.; Roeschenthaler, Michael J.; randall.c.schneider@irscounsel.treas.gov; justin@babcockscott.com; Seim, Nathan; Steve Skirvin; qsperry@mbt-law.com; gsuniville@vancott.com; USTPRegion19.sk.ecf@usdoj.gov; Billings, David P.; Bell, Scott S.
Subject: Western Utah
Counsel and parties in interest:
As some of you know, preliminary settlement discussions were commenced between the Debtor and certain other parties in interest, including the senior secured creditors. Based on such discussions, the parties agreed that time would be more prudently spent on exploring a settlement rather than litigating. Based on the foregoing, the following agreement was reached this afternoon between the Debtor and the senior secured creditors:
1. Debtor’s request for interim financing, currently scheduled for October 20, 2010, will be withdrawn;
2. Senior secured creditors’ motion for relief from stay or, in the alternative, conversion to Chapter 7 or appointment of a Chapter 11 trustee, currently scheduled for November 3, 2010, will be continued to December 1, 2010, to coincide with the scheduled final financing hearing; and
3. Outstanding discovery will be suspended pending such discussions.
Based on the foregoing, the following will occur:
1. The Debtor will be filing today a notice of withdrawal of the interim financing request.
2. A stipulation will be prepared amending the budget from the prior financing hearing. There will be no additional borrowings. Only the categories of expenses will be amended;
3. A stipulation will be prepared continuing the RFS hearing and suspending discovery.
Thank you
<<< PLEASE NOTE CHANGE IN FIRM NAME AND EMAIL ADDRESS >>>
DAVID B. GOLUBCHIK, Esq.
The price varies greatly depending on grade and location, but yes we have pretty good magnetite.
http://www.magnetite-ore.federalirongroup.com/
http://www.frbiz.com/q-price_of_magnetite/
http://in.reuters.com/article/idINSGE66F09J20100721
Look at this picture I took last week at the mill and you can see magnetite on the drum
http://cprksa.0sites.net/Pics/2010_10_05_Mill_ESHC/millpic12.jpeg
The info Ken is referring to from doc 154 was covered in doc 325
Just my .02 worth, I don't care if the lawyer agreed to be paid in moldy cheese, it does not change the fundamental facts in the underlying company.
The workers are getting paid, (3 I think) there has been money allowed for maintenance in the interim financing,around 10K a month I believe. Management has not been paid at all though, just some expenses reimbursed.
Thats why they have a crew there preforming maintenance on the equipment. They turn it over on a regular basis to prevent what you are suggesting.
Thanks fpga, I sent a message to Rincewind, (the guy taking care of that site) who by the way is doing a excellent job.
The mill did seem to be in fairly good shape, the company has a small crew there keeping everything greased up.
Some members of the Equity Committee went to the mine/mill last week. Pictures are posted here under "At The Mill"
http://cprksa.0sites.net/
I am also posting them on the CPRKSA google group in the files and on MSB
I think you are a little slow madclown, it only took me about 10 minutes to figure that out. lol
gonzilee, Superfly,and especially Madclown, Thank you all for your analysis, there are a few non -koolaid drinkers out here who appreciate it. Keep up the good fight. lol
From the filings, we learned that there are around 500 million shares still held by the company, they are a mix of old WUCC shares and CPRK shares.
There is a process by which we can find out exactly where every share is, but it takes time and I have heard cost estimates from 8-15 thousand dollars to get it done.
Additionally, I will ask DM about the pink sheet info, however I can tell you that he is one of the very few who is still working everyday (un-paid) and he has been covered up in discovery requests, as well as attending the court hearings and all the other regular company business. I am pretty sure that the pinksheet info is not at the top of his list, but I will ask.
Colorado, I like the pinksheets info at the bottom of your posts, I see no reason why CPRK cant be top tier when this is over, every piece of info about them has been revealed via the chapter 11 process, even including copies of bank statements showing every dime.
I had the pleasure of meeting with Cliff and Rhonda recently while they were in Atlanta. They were meeting with market makers/brokers telling their story in conjunction with their new listing on the top tier OTC (OTCQX) This should help with the US volume. These guys are doing everything right, just need some more exposure IMO. I am adding to my position.
Doc 336 is the DEBTOR’S RESPONSE TO SENIOR SECURED CREDITORS’ EMERGENCY
MOTION TO COMPEL DEBTOR’S COMPLIANCE WITH DISCOVERY REQUESTS
which pretty much lays out what I said about this matter, I am glad the company is pointing out the "frivolous behavior". Worth a read for anyone interested. All this legal crap is ultimately costing the shareholders.
http://www.copperkingwesternutahminingrestructure.com/WU%20336.pdf
Bunch of new filings on the restructuring site
http://www.copperkingwesternutahminingrestructure.com/Releases%20and%20Filings.htm
I agree that it is not easy, but one of the big problems is that there have been many small different miners on the property over the years, not until MD managed to combine all the claims did it become a viable property to exploit on a large scale.
If anyone is really interested in just what is in the ground, track down some of these publications.
*Mine Development Associates Bankable Feasibility Study* Volume 1, 2, 3
>
> 1998 (8,000 total pages)
>
> This is the study (above) the Hatch report is based on
"Mines and Geology of the Rocky and Beaver Lake Districts"
>which was published (in CD format) by the Utah Geological Association, in its volume entitled Mining Districts of Utah (Publication 32, 2006)
> *Dawson Metallurgical Laboratories Inc.*
> January 19, 2006
> Results of Preliminary Leach and Flotation tests Performed on a Gold-
> Copper Bearing Sample. Project NO. p-2888 (Hidden Treasure Mine)
>
> *Dave Beling monthly operational files 1971-75*
> Essex International, daily and monthly reports, Milford Copper 1971-75
> Essex International daily and monthly ore reserves calculation 1971-75
> Shield development files 1967-1970
>
> *Report No. MET 72-4*
> Sulfide Flotation Tests on Maria and Hidden Treasure Composite Samples
> By C.K. Chase
> April 20, 1972
>
> *Report NO: 73-38*
> Summary of Metallurgical Tests on Milford Hidden Treasure Ore
> By Clement K. Chase
> December 14, 1973
>
> *Project No. EI ? 114.8*
> Essex International, INC.
> Ball Mill Feed Leach Tests
> November 29, 1971
> Metcon Research, INC.
> 1796 West Grant Road
> Post Office Box 50225
> Tucson, Arizona 85703
>
> *Copper Resources of the Rocky District*
> Beaver County, Utah.
> Prepared for Toledo Mining Company
> Peter Joralemon September 15, 1980
>
> Journal of Minerals and Materials Characterization & Engineering
> A New Application for Flotation of Oxidized Copper Ore Janury 2003
>
> *Ok Mine Examination Progress Repor*t. John C Wilson January 27, 1964
>
> *Bear Creek Mining Company Rocky Mountain District
> Progress report*
> Milford Utah Reconnaissance September 1965- January 1699
> By M.D Regan
> February 2, 196?
>
> *Summary of Preliminary Analysis of Geology
> Geophysics and drill hole data on The American Mining Property*, Milford
> Area
> Bear Creek Mining Company
> Rocky Mountain District
> M.D. Regan
> August 2, 1967
>
> *Exploration Ideas for Large Tonnage Copper Deposits Milford Area*, Beaver
> County, Utah, December 1968
> By M.D. Regan
> Bear Creek Mining Company
> Rocky Mountain District
>
> *Milford Area, Beaver County, Utah*
> By M.D. Regan and RW Reynolds
> Bear Creek Mining Company
> Spokane, Washington, January 1976
>
> *Norandex, Inc.*
> Summary & Feasibility Report, Milford Project Copper Property
> By F. Condon District Geologist, August 1970
>
> *Maria Deposit*
> John R. Boissonneault
> Geologist, American Mining Company
>
> *Results of Continued Laboratory Testing on a Copper-Silver Bearing Silicate
> Sample*
> ?Maria Mine? Dawson Metallurgical Laboratories, INC.
>
> *Project Summary-Cortex Mining*
> The Beaver Lake-Rocky Project
> Beaver County, Utah
> October 1994
> Volume 1
>
> *The Beaver Lake-Rocky Project*
> Beaver County, Utah
> Volume II
> Appendix 8, 9, 11 to 20
> Cortex Mining and Exploration CO., INC
>
> *The Beaver Lake- Rocky Project*
> Beaver County, Utah
> Volume III
> Appendix 21 to 28
> Cortex Mining and Exploration Co., INC.
>
> *Geology of the Milford Area 1973*
> Utah Geological Association Publication 3
> By Gustav Berndt Baetcke
>
> *Geology, Ore Deposits and Mineralogy of the Rocky Range, Near Milford*
> Beaver County Utah
> J. A. Whelan
>
> *Beaver Lake Mountains*
> Beaver County Utah
> Their Geology and Ore Deposits
> By Patrick James Barosh
neat article here as well
http://historytogo.utah.gov/utah_chapters/mining_and_railroads/whenthehornsilverminecrashedin.html
Nice move in TVIPF today, this little company remains one of my favorites.
I think that is what everyone is missing, nobody is really disputing that CPRK has the stuff in the ground, much of the problem IMO is over who can pull it out.
IMO that is exactly what is going on, I was in the courtroom Monday and it was laughable, many issues are being brought up have no basis in reality.
I have seen the information provided. There were 45 requests made, and the debtor provided the information numbered as to each request 1-45
it was laid out very clearly in my opinion, I have no idea why they are having trouble with it. Just legal shenanigans. I dont know how they could have made it any clearer, I think its just so much information that they are overwhelmed trying to read it, but it was all separated by each request number.
Example
Request No. 1. All invoices, contracts, service agreements, work orders, purchase orders, bids and other documents, including copies of cancelled checks, related to the "Item/Descriptions" and Amounts" identified on Exhibit 1, page 10 of 56, of the Interim Bryan Declaration.
and they gave it all
Request No. 2. All communications between Debtor and Rocky Mountain Power company between January 1, 2010 and August 30, 2010.
and they gave it,
Request No 3. All contracts, invoices and agreements between the Debtor and Tetra Tech between January 1, 2010 and August 30, 2010.
and they gave it all,
Request No. 4. All invoices, contracts, service agreements, work orders, purchase orders, and other documents, including copies of cancelled checks, related tot he Debtor's use of the funds that it obtained in connection with the Interim July Order.
and they gave it all, on down the list.
It was close to a terabyte of information,
As I understand it, the debtor provided all the requested discovery info, they just did not like the way it was presented and wanted it laid out better, thats all. Nothing at all to do with Ch 7 or any of that other stuff you posted.
The judge gave the debtor till the 13th to comply with the discovery request.