Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
No word yet, because of the time difference we may not hear until after the bell. We will post on the CPRKSA site as soon as we hear one way or another. If the Trustee does not approve it, we will present our case to the Judge. On another note a hearing has been scheduled for interim financing. I have heard that they have been in talks with the secured creditors to get some more money before the DIP
11:00 AM 10-29159 Western Utah Copper Company
Matter: Motion for Entry of Order Authorizing Debtor to Obtain Interim Post Petition Financing
11:00 AM 10-30002 Copper King Mining Corporation
Matter: Motion for Entry of Order Authorizing Debtor to Obtain Interim Post Petition Financing
Sorry for your loss TB, it was a little more complicated than that, send me your email address and I will fill you in.
(plus I will make you a formal offer on the car) LOL
marc, you are going to have to compete with me for the car. lol
Trueblue I will give you 10 million of my shares for the car right now. lol Offer is good until tomorrow.
I know that it is worth well over the current value of the shares, but I am still holding out hope for .005-.01 within a year.
Absolutely agree about the Trustee Ken, she seems very sharp and is doing her job. She has a pretty good grasp of the issues.
No relation. But according to PN's filings Harry does have some sort of financial interest in CPRK
According to my sources the Chineese, are not even in the picture at this point.
My "sources" say different.
ummmmmm Shareholders are stakeholders.
http://www.investopedia.com/terms/s/stakeholder.asp
What Does Stakeholder Mean?
One who has a share or an interest in an enterprise.
Investopedia Says
Investopedia explains Stakeholder
Stakeholders in a company may include shareholders, directors, management, suppliers, government, employees, and the community.
looks like someone gives a crap, bid/ask .0009/.001
lol there has been a real standoff the last couple of days between the 8' and 9's I think everyone is still in "wait and see" mode.
Ken, I had a discussion with CAM about doing a PR a few weeks ago, and he planned to but he had a personal issue come up that he had to deal with, and also there is a money issue, they cost money that is not in the emergency finance budget. So he opted for a shareholder note rather then spend money on an actual Marketwire PR. His note has been posted here, and on MSB and on the CPRKSA website, combined with his email list I think it will reach almost all the current shareholders.(I suspect it will get posted on yahoo and google finance as well) The only drawback to this is that is may not reach as many new investors via the wires, but it was really good to hear something from the company.(JB contributed to the note as well) I also spoke to JB about doing PR's, and his view is that he would rather do a PR saying what has happened rather than what is going to happen, but I think some good points were communicated to the shareholders, and expect more to come. A big thanks to CAM who by the way is working for free for the time being. By the way if any of you guys have added shares recently please update CPRKSA with your new total. CPRKSA@gmail.com
also, thank you to control it for the pdf posting info.
one more thing, our neighbor Kennecott is making some news
http://www.deseretnews.com/article/700057396/Kennecott-hopes-to-expand-copper-mine.html
If I was short the stock I dont think I would be sleeping very well tonight. lol
I spoke to CAM about the IRS, he said that they are in talks and cant imagine that they will have any issue that they cant make an agreement.
CAM has just sent out a note to shareholders, I am having trouble copying from the PDF, perhaps someone else could post it
Was nice to see some volume, today was the highest in over a month. Combined with yesterday around 20 mm shares traded, hope it keeps up.
Nice to finally see some volume, yesterday was above average, and already 7.7 mm today.
EDIT: lol millions sell for .0009 then just 200K takes it to .0007 got to love the games.
Johnny, there are some smart people putting in a lot of hours to try and make sure that the shareholders come out of this with some value left.
No way I am selling a single share at these levels. We saw it touch .001 briefly last week. I think that there are VERY few shares for sale under .001
Dont forget about Mr Charlie Rangel, former Chairman of The House Ways and Means Committee, who job it is to actually WRITE THE TAX CODE!!
But enough politics before I get off on a rant, It appears as if our little mining company screwed up in the tax department (among others). The question needs to be, "Can it be fixed?"
Personally I think it can, I think the IRS would much rather set up some type of payment plan, and/or settlement, and continue collecting taxes from an ongoing, hopefully profitable business for many, many years,(as well as tax the wages of the workers) rather than chance a one shot deal that a Ch 7 would produce. Just my opinion, and perhaps the folks at the IRS dont think as logically as I do, but my "gut" says it will get settled without a Ch 7
I fully agree with you PW about them not paying the taxes, its baffling to me as well.
They have just filed a motion, and it clearly states that they want the judge to deny the DIP
until (1) the debtor reaches an agreement for adequate
protection with the IRS, a secured creditor, or (2) the debtor
obtains authorization from this Court to use cash collateral,
upon such terms as will provide for adequate protection for the
IRS’s interest in the cash collateral
The IRS is doing what they have to do to assure themselves their taxes due.
As far of the amounts they claim, they are estimates, I think its a pretty good bet that they will take far less than the amounts on the documents.
The Davis declaration http://www.copperkingwesternutahminingrestructure.com/ck%2084-1.pdf
states that they are working on it, JB stated it as well to the "steering committee" of CPRKSA
with that said, I hope that the company either files a document addressing it, or references it in any upcoming PR's
I am not dismissing it, I just expected it.
Good luck Ruby, the IRS issues have been known from the beginning, they just want to make sure that they are first in line to get paid. Note that the docs you reference are just asking for a hearing in September to convert only if the company does not reach an agreement with them ahead of time. This doc was re-filed today in the Utah court, it is a declaration from Davis stating what they are doing to address the issue.
http://www.copperkingwesternutahminingrestructure.com/ck%2084-1.pdf
lol, or start paying with shares. half a million shares per hour !!!
LOADS of new filings just posted on the restructuring site, way to many to link here individually.
http://www.copperkingwesternutahminingrestructure.com/Releases%20and%20Filings.htm
lol Fair question Ken, but as you point out, it was not promised. As for the test by CAM, I believe that was because he has recently added a lot of new folks to his list, and it was simply a test.
Intel, I confirmed with DM that the company helping them with the mill is indeed Tetra Tek (TTEK)(like I posted) NOT Terra Tek who is listed as a creditor, they are an explosives company. TTEK is a newly contracted company.
lol Satellite I will sell you 30 million for the bargain price of just .01 share. Thats half the ask !!!!!!
On a related note, it has been very difficult to buy any shares at the ask, I think a lot of shareholders are in "wait and see" mode. Hopefully we will get some good news this week and see the volume pick up. GLTA
Thank you for that effort Candy, really appreciate it.
Ken, looks to me like NS/PN is really grasping at straws, CPRK has stated several times that they will vigorously defend themselves against the NS/PN lawsuit and counter sue them as well.
I will check on it intel, I may have got the name wrong.
Interesting article RTR, CPRK has hired Tetra Tek as consultants to help get the mill operating properly and efficiently. Here is their website and stock info.
http://www.google.com/finance?q=ttek
http://www.tetratech.com/
JB said that he reached out to MD his very first day on the job, and has continued to reach out, finally meeting last week. I am sure MD was very skeptical given the circumstances, but hopefully something can be worked out for the betterment of the company. Would love to be a fly on the wall. lol
Well JB agreed to do another call like they did before to update everyone, in addition to CAM doing the radio show, both should be within the next 2 weeks. I will ask about a PR, I was looking into releasing the CPRKSA notes as a PR. Can anyone recommend a low-priced service?
CAM also said he is planning to go back on the Bill Chippas radio show within the next 2 weeks.
Coppermill, there is a list at the very bottom of this document what they are spending the money on.
http://www.copperkingwesternutahminingrestructure.com/Dkt%20137%20WU.pdf
They got emergency financing for 300K I believe.
Here is the document
http://www.copperkingwesternutahminingrestructure.com/Dkt%20137%20WU.pdf
I'm sorry if I was not clear, the power IS on at the mill.
svalente, CPRKSA will be releasing an update by tomorrow addressing many issues. This is FAR from over.
RDG013, the power is on at the mill.
He included an "IMO" and a "I believe"
Personally I have no problem with that post.
Thanks Candy,
There are several new filings on the restructuring site, it looks like CPRK will be going to Utah as well, but there is some sort of automatic 14 day appeal period before the ruling can happen.
http://www.copperkingwesternutahminingrestructure.com/Releases%20and%20Filings.htm
http://www.copperkingwesternutahminingrestructure.com/Dkt%2093%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2095%20CK.pdf
Candy, there is a table at the very bottom of Doc 137 page 11/11 that shows what they are spending the money on. It shows that $42K is going for insurance, I think the secured lenders just wanted to make sure they were protected. Not sure why they insist on paying it themselves rather than have it come from Altus.
http://www.copperkingwesternutahminingrestructure.com/Dkt%20137%20WU.pdf
All the loan terms are in the link below, note that this is just a proposal and subject to court approval, I believe that Altus already agreed to drop the 100K fee, I'm not positive on that, I have read 200 filings and they all start to run together. lol
http://www.copperkingwesternutahminingrestructure.com/Dkt%2032%20WU.pdf
Well, they get the 15 mm back, plus interest. The 5% could be considered extra interest I guess.