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Already on it, its in the works.
Intel, I guess its a matter of perception that the paragraph is "slimy" They gave an explanation which sounds reasonable. They were drilling to find the best place to mine, NOT to prove reserves and in order to save money at the time. In hindsight it would have been best to do both, but blame should be assigned to whoever made that call when it was done. They are just working with what they have currently. They also claim that the NI-43 standards were not even in place when some of it was done. Here is the paragraph from Doc 90, page 21
However, a large percentage of the Company’s resources are not in compliance with National
Instrument 43-101 (NI 43-101).1 This is in part due to the fact that a portion of the drilling
was completed before the NI 43-01 standard was put in place, and in part due to
management’s desire to save money since they were confirming resources to mine the
resources not to sell the property.
Intel, we may have a problem trying to use the Dunlop Report, it seems he lost his certification. I dont know all the details, but I think it may be the reason the report is not referenced.
DUNLOP, JOSEPH, State-Certified General Appraiser, Sandy, UT. Mr. Dunlop surrendered his certification on July 17, 2008 while under investigation by the Division. The Division accepted his written surrender while ongoing investigations were under way for various violations of USPAP, state law, and administrative rules.
http://realestate.utah.gov/newsletters/Newsletter0409.pdf
At first glance it just looks like that group of secured creditors are getting a local lawyer for NV, but I'm not a lawyer, and I still have to read all the filings. Going to be a long weekend. Will send you an email later J4P
I got an email from CAM in response to my email asking if he could assist in getting the restructuring site updated.
Chuck:
I'm glad to do it....The delay is based on the fact that John Bryan and his office control that site and he's been at hearings in Reno and won't return until Friday late or Saturday early...I will make sure to have his # 2 , who is traveling with him, to get this done ASAP...
CAM
Thanks Candy,
I just sent CAM an email asking if he could light a fire under someones butt to get the new filings posted to the restructuring site.
I agree with you Thunder, thats why I made a few lines bold in what I posted.
The parties to a lawful contract may agree upon any rate of interest for the loan.....
I dont think the rate of interest has any bearing as to what venue is better for the shareholders.
Utah interest rate laws are stated in Utah Code, Title 15 (Contracts and Obligations in General), Chapter 1 (Interest).
Under Section 15-1-1, the state legal maximum interest rate is ten percent per annum in the absence of a contract specifying a different rate of interest. Under Section 15-1-4, interest rate on money judgment is the federal post judgment interest rate as of January 1st of each year plus two percent. If the judgment is based on a note or contract fixing another rate of interest, the interest will be same as agreed in the transaction.
Charging higher rate of interest than the permitted state legal maximum interest rate is usury. Usury is considered a felony of third degree under Section 76-6-520. Section 11-6-4 has exempted pawnbrokers from state prescribed interest rate.
Utah Code Ann. § 15-1-1 reads in part:
“§ 15-1-1. Interest rates — Contracted rate — Legal rate
(1) The parties to a lawful contract may agree upon any rate of interest for the loan or forbearance of any money, goods, or chose in action that is the subject of their contract.
(2) Unless parties to a lawful contract specify a different rate of interest,[color=red][/color] the legal rate of interest for the loan or forbearance of any money, goods, or chose in action shall be 10% per annum.”
****
Utah Code Ann. § 15-1-4 reads in part:
Ҥ 15-1-4. Interest on judgments
(1) As used in this section, “federal postjudgment interest rate” means the interest rate established for the federal court system under 28 U.S.C. Sec. 1961, as amended.
(2) (a) Except as provided in Subsection (2)(b), a judgment rendered on a lawful contract shall conform to the contract and shall bear the interest agreed upon by the parties, which shall be specified in the judgment.
(b) A judgment rendered on a deferred deposit loan subject to Title 7, Chapter 23, Check Cashing and Deferred Deposit Lending Registration Act, shall bear interest at the rate imposed under Subsection (3) on an amount not exceeding the sum of:
(i) the total of the principal balance of the deferred deposit loan;
(ii) interest at the rate imposed by the deferred deposit loan agreement for a period not exceeding 12 weeks as provided in Subsection 7-23-401(4);
(iii) costs;
(iv) attorney fees; and
(v) other amounts allowed by law and ordered by the court.
(3) (a) Except as otherwise provided by law, other civil and criminal judgments of the district court and justice court shall bear interest at the federal postjudgment interest rate as of January 1 of each year, plus 2%.”
****
Utah Code Ann. § 76-6-520 reads:
Ҥ 76-6-520. Criminal usury
(1) A person is guilty of criminal usury when he knowingly engages in or directly or indirectly provides financing for the business of making loans at a higher rate of interest or consideration therefore than is authorized by law.
(2) Criminal usury is a felony of the third degree.”
http://loansandlending.uslegal.com/interest/utah-interest-rate-laws/
Richard, I think part of it because the MM's are not shorting and providing liquidity like they used to. Remember many days they accounted for over 50% of the volume. I have been buying a good bit bringing my average cost down (I am in the triple 0's now)
Also I think many people are in the wait and see mode. Many do not want to sell this cheap if there is any chance of some recovery, and new money does not want to come in until they too see something positive. (POR, DIP, etc) All just my opinion of course.
It looks like just Rasmussen Equipment added their name to the request by NS that the case get moved to Utah.
New filings
http://www.copperkingwesternutahminingrestructure.com/Releases%20and%20Filings.htm
http://www.copperkingwesternutahminingrestructure.com/Dkt%2049%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2050%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2051%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2053%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2030%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2031%20CK.pdf
I think it is very rare that DIP is denied, here is a case I found where it happened, but our circumstances are much different.
http://lawprofessors.typepad.com/bankruptcyprof_blog/2008/07/landsource-dip.html
July 17, 2008
Landsource DIP Financing of $1 Billion is Denied
According to troubledcompanyreporter.com, the Bankruptcy Court in Delaware, Judge Kevin Carey, denied a motion to approve DIP Financing for Landsource based in part on the objection of the unsecured creditors committee, represented by Laura Jones of the Pachulski, Stang firm. In the course of an eight hour hearing, Jones argued that the proposal was "simply an attempted asset/leverage grab" by the lenders. "The Debtors' contention that rolling $1 billion in prepetition debt into an administrative claim is necessary as 'adequate protection' for the First Lien Lenders under these
circumstances is absurd on its face." The Troubled Company news report can be found here.
July 17, 2008 in Current Affairs | Permalink
lol, I am sneaking INTO this stock. I suspect it will drift until we start getting news/PR's If you buy at .0006, a move to just .0008 is over 30% I still wish we had some more volume, but that should come with news. Remember, this is going to trade for many more months no matter what happens.
SJF, I will email it to you in just a minute.
There are around 20 more filings, I will let somebody else post them. So far these look like what we were promised on the call. Lots of facts,figures etc. Looks like I will be up late again.
http://www.copperkingwesternutahminingrestructure.com/Dkt%2014%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2015%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2016%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2017%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2018%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2019%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2020%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2021%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2022%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2023%20CK.pdf
Hope that helps
The filing was pretty short and straight forward, nothing specific about any kicker listed, only that they need it NOW !! lol
According to the filing, Altus will provide up to 5 mm at 12.99 %, certain terms conditions and other legal jargon.
I am hoping we will hear before the 10th, FFF says that there is a hearing today at 2PM in Reno. Not sure how long it will take for a decision.
I did notice that Candy, personally, If I knew my home address was going to be plastered all over the internet in conjunction with something like this, I would get a PO Box as well. We have seen some unfortunate scenes recently where unions have organized protests at the homes of folks involved in the banking industry, scaring children etc. I hope nothing like that happens here, but there are a lot of people who have lost a lot of money, better safe than sorry in my opinion.
Also , on the List of Shareholders, I, nor many others I know, are not included. Is this list for Special Types of Shareholders? I must have missed that qualifier.
Morning Candy, I think I can answer this one, most of the shares are not in the individuals names, mine are listed under Penson Financial, along with almost everyone else's who bought via Zecco or TD Ameritrade. Notice all the other brokers listed as well.
It was on my list to ask about MD, but they cut me off after one question. Here is a pretty good overview of the documents filed today written by Scott68 on MyStockBuddy
The documents that were filed, so far this evening, (CPRK documents #13 and WUCC document #20), appear to relate back to CPRK document #5 and WUCC document #5.
CPRK #5 and WUCC #5 required further documents be filed in order for the Chapter 11 bankruptcy to comply with the court rules as to forms and filings.
CPRK documents #13 include the information/forms/schedules requested by the court in CPRK #5.
WUCC document #20 includes the information/forms/schedules requested by the court in WUCC #5.
For lack of a better description, these filings appear to have occured simply to meet court requirements and not as a means to issue new information or to lay out any sort of plan.
The plan is probably coming, but these docs (through CPRK #13 and WUCC #23) aren't it.
and he continued
These are just supplemental forms to flesh-out their original filings as requested by the court.
There's info here, just none of the juicy stuff that we're waiting to see.
Ya know svalente, there may well be, but I think the information needs to be picked out and the proper set of forms filled out for Pink Sheet compliance, but we definitely have a lot of disclosure in all these filings recently. But I am not sure if it is all that big of deal now. I was happy to see that TD Ameritrade started allowing trading again. If people choose to invest in a BK start up miner, I doubt the stop sign is going to make a difference at this point.
http://www.copperkingwesternutahminingrestructure.com/Dkt%2012%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2013a%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2013b%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2013c%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2013d%20CK.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2013e%20CK.pdf
I think I got them all, now I have a TON of reading to do.
http://www.copperkingwesternutahminingrestructure.com/Dkt%2015%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2017%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2018%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2019%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2020%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2021%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2022%20WU.pdf
http://www.copperkingwesternutahminingrestructure.com/Dkt%2023%20WU.pdf
There are about a dozen new ones, I will post the direct links for you in a minute
Agreed Sleep, I asked the question about the debts/assets listed in the filings today and did not really get a good answer. JB just said that the filings were put together quickly and were not necessarily accurate and the upcoming filings would complete and accurate. I keep checking the website for the filings, I hope they go up tonight and give me some time to read before trading tomorrow.
MD was not mentioned by anyone.
Here is a link to the filings, nothing new yet.
http://www.copperkingwesternutahminingrestructure.com/Releases%20and%20Filings.htm
and you can listen to a playback of the call JIT
Conference dial-in number: 712-432-0075
Participant access code : 614426
Playback number : 712-432-1085
ALL CREDITOR CLASSES WILL BE PARTICIPANTS IN RECOVERY!!!!
I believe That is MS talking not JB
The "Q" traders............
The "Qs" have quite a trading following
*Chuck raises hand*
I LOVE trading the "Q"'s They often have HUGE % swings, just look what CPRKQ has done so far, .0003 to as high as .0009 and I think it will be trading for many months while the BK works its way through the court system. Some other Q's I have traded recently include THMRQ,BKUNQ, CBCGQ,NRTLQ,SSCCQ,MTLQQ Pull them up, look at the charts and how they have moved.
*Just a reminder, the "Q"'s are BK companies and very risky, don't play with anymore than you are prepared to lose.*
You can now buy CPRKQ on TD Ameritrade !!!!!!!!!!!!!!!!!
This should help those of us who are trading it with increased volume.
JIT, I sympathize with you feeling personally betrayed by those you talked to at the mill, and can't blame you for selling. If you sell tomorrow I am a buyer at .0006 for 10 mm or so. I have been buying all week, but have only managed to get filed on 1-2 mm a day. Call me a glutton for punishment, but I feel there is some upside in the pps from here. BK stocks usually have some big percentage swings, and I think this one will as well. I am disappointed so far at the volume, but I am betting it picks up the closer we get to the upcoming call with our new CEO. Just trying to make the best of a bad situation. Good luck to all you guys.
Lots of information on SXEW below, the numbers I have heard talked about were 5-6 million to build a new one, compared to 1 million for the used one they bought in the BK mine auction that they were not able to move.
http://www.encyclopedia.com/doc/1G1-15991390.html
http://books.google.com/books?id=2uvHg43YTiUC&pg=PA91&lpg=PA91&dq=sxew+mill+cost&source=bl&ots=ZeJIOr31nQ&sig=Mg1skx0z2pCqXs2owAzD_iZCPaA&hl=en&ei=fLj9S8qmOML38Ab3tOy7Cw&sa=X&oi=book_result&ct=result&resnum=4&ved=0CCQQ6AEwAw#v=onepage&q&f=false
http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6VBM-49C5FBR-1&_user=10&_coverDate=12%2F31%2F2002&_rdoc=1&_fmt=high&_orig=search&_sort=d&_docanchor=&view=c&_searchStrId=1349602799&_rerunOrigin=google&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=8e58f33caea16caba8e79e6d04cf9680
http://www.boliden.com/www/BolidenSE.nsf/WebReferensdok/EE06C54B24B6C0EEC12576A8002AD703/$file/10-1_Mine%20cost%20drivers_JM.pdf