I have been following this board for a while and I appreciate the honesty of most of you guys, especially pointing out the BS pumps that happen in many "Q" stocks that don't have a chance of recovery for existing equity.
On that note, I think you guys should do some real research on CPRKQ and what the Equity Committee has been doing. I just posted an update from the committee on the CPRKQ board and hope it is ok if I copy it here.
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
