CPRK shareholders update from the Official Equity Security Holders Committee.
The Official Equity Security Holders' Committee (the "ESHC") is happy to be able to take this opportunity to provide you with an update on the CPRK/WUCC bankruptcy.
The ESHC is hopeful that the shareholders understand that it is working on your behalf to accomplish two overriding goals:
1. To enhance equity holdings as much as possible; and
2. To represent the best interests of ALL shareholders.
The ESHC knows, as it pursues these goals, that CPRK shareholders are a diverse group and that it is impossible to please everybody all of the time. But, ESHC want to assure you that it has a duty and is committed to making the decisions that benefit all shareholders as a collective whole.
The ESHC is involved on a near constant basis in negotiations with parties in interest in this bankruptcy to attempt to further our goals. Some of these negotiations are somewhat sensitive and for that reason, as well as standards on which the ESHC must operate to protect information, the ESHC is very limited in what it can disclose publicly. So, it always feels good when the ESHC is allowed by circumstances to provide you, our friends, colleagues and fellow shareholders, with relevant information.
As stated in a previous update, as a result of its execution of a non-disclosure agreement with the debtors, the ESHC has accumulated significant, and very sensitive, data related to, among other things, the debtors' geology, mineralogy, mining, milling, marketing and financial operations. Experts have been employed in each of these areas, and the experts are researching the data. Furthermore, these experts are conducting their own independent testing and research. This process has been, and continues to be, very involved and very time consuming. The objective of this process--all this data collecting and research--is to produce a preliminary feasibility study, and ultimately, a definitive feasibility study that will aid the ESHC in obtaining funding commitments.
To maximize the interests of equity, the ESHC's ultimate goal is to get the mine and the mill into operation. The ESHC is aware of some parties who believe that this ultimate goal is not achievable or appropriate because there are so many perceived obstacles involved in operating the Milford project. While a lot of information is still yet to be discovered, at this point, the ESHC does NOT agree with that assessment in light of the information that it has collected from its experts.
The bottom line is that the ESHC has been investigating the current status and future potential of the Milford project at a level of detail and planning that has never been done. Ultimately, the ESHC's mission is to determine how much is it going to cost to get the project in operation, and how profitable will the company be moving forward. For now, the devil is in the details.
Will the ESHC be successful? It is too early to give a firm answer. But, a lot of time, effort and money is being devoted in attempting to make sure that CPRK/WUCC emerges from bankruptcy as a viable entity with current equity in tact. Despite certain detractors, we can not yet make a definitive statement that success is imminent or even possible, but the confidence of the ESHC is building everyday. And, as a result, the ESHC continues to move forward in advancing its overriding goals.
Thank you for your continued support.
The CPRK ESHC.
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