This was emailed in 2013. They have been working on the same shit for more than 5 years and nothing.
Shareholder Update
Dear Shareholder,
We conducted our latest Conference call with Copper King Shareholders last Wednesday. Many of you were unable to make the call and have asked that I ‘fill you in.’ Here is a quick summary of the high points.
There weren’t any ground breaking announcements or news on this call. We are working long hard hours every day. While EVERYTHING seems to take way too long, we ARE making progress every day.
In this update I briefly cover three things shareholders have told me they are most interested in as they look at Copper King.
First, Trading: Most of you know we have had our CUSIP number for over a month now and we are still waiting for an approval on the trading symbol. We made application to FINRA weeks ago on what should have been a 2 or 3 day turnaround on the symbol, but they have not issued it yet. I talked to them on the 19th and I now believe we will have it in the next few days. (as of today Tuesday Nov 26, we still do not.)
In addition to getting the symbol, there are a few other things that need to be done so our stock will be as clean as possible when it hits the market. We need a Market Maker to back us with FINRA and the SEC. We need as much of the accounting finished as we can because that will confirm the real value of the NOL’s, and we need the final unsecured creditors issues finished. After that we can issue the new shares.
Let me address these three challenges one at a time.
1) We have talked to some Market Makers and provided the legal documents they requested to those who have shown interest. A Market Maker has a responsibility to FINRA to stand behind any stock they represent. Under the rules of the Financial Industry Regulatory Authority, they can be fined if things don’t work out; not in the sense that the stock doesn’t perform, but rather in the sense that the stock must be legitimate. We should have no challenge with that since our stock is blessed with a ‘this stock will trade’ order from a Federal BK Judge.
What we are doing is so rare to some of the regulators and others in the business that our situation does not fit into any of the neat slots they are used to working with - it’s like shoving a square peg into a round hole. Consequentially, we have had to do some educating to work through things with them.
2) I talked to the accountants to see exactly where we were with our accounting - particularly the 2011 tax return. The fiscal year for CK ends on September 30th so all of the transactions that took place in the execution of the APA and were consummated in October and November of 2011 need to be reported on the return for the fiscal year ending September 30 2012. I have paid them to finish all of the accounting to get us up to where we need to be to start trading (except an audit - if we do one), but it is taking a long time to get done. The 2012 return which is coming due should be very easy because it is a matter of clear court records.
3) Most of the challenges with the Copper King unsecured creditors have been resolved as of about two weeks ago. There are still challenges with how we are going to handle some of the WUCC unsecured creditors - there is a hearing on December 3rd to address them. We need to pay the attorneys some more dollars ASAP so they can follow-up and finish that process.
Second, Bankruptcy/POR: I keep getting asked when we will be out of bankruptcy. The answer is that we ARE out of bankruptcy. If I remember right the official date was about June 18th However, there are some things we need to complete to meet the terms of the POR. (Some of them are not even due yet.) For instance we need to finish paying the administrative claims, get the litigation trust fully funded, negotiate settlements with a few WUCC claimants etc. If we don’t fulfill those obligations there is a very slim chance somebody could cause us trouble and the BK (or at least the POR) would be reopened. We don’t expect to have any challenges, but it is a possibility. Be assured though that we are out of BK.
There are some things related to the BK that we are trying to get done before we issue the actual shares - for example we need to clarify our position with some of the major shareholders so that they don’t cause us to lose our NOL value by actions they take which could be against IRS regulations on how shareholders of companies with NOL’s are required to act. We need to get these things done quickly so that we can issue the Copper King stock before the end of the year, if possible.
Third, New Projects: We are working daily (actually night and day) assessing new projects all over the world but particularly in the Western U.S.
There are hundreds of projects available to us and we have selected four that meet our investment criteria. Negotiations are ongoing on these projects.
We appreciate the help and support you, the Copper King Shareholders, are giving the Company. The plans we are now delivering on are designed to provide as much shareholder value as we can possibly create as quickly as we can create it.
Sincerely,
Lee Abbott
and the Copper King Management Team.
Happy Thanksgiving to our US shareholders!
