Copper King Mining Corporation fka CPRKQ

[ChuckD-MSB]

Guys, it seems there are some misunderstandings about what the hearing on the 24th means. This was written by Scott68 on mystockbuddy earlier this evening.(below)


As an ESHC member, I wanted to pass along a generalized overview of what might happen at the hearing on the 24th and/or what the context of any orders approved by the court might be following the hearing on Feb. 24th.

The hearing on the 24th provides an opportunity for the court to approve of a settlement agreement between the Secured Creditors and Altus.

The other parties have the opportunity to object or consent to the agreement as they see fit, but the ultimate decision rests with the judge.

I think it is important to draw the distinction between the court approving of the agreement and the agreement actually coming to fruition.

If the court approves the settlement agreement, that gives Altus an OPPORTUNITY to buy out the secureds per the terms of the agreement.

No one is going to be handing anyone a buy-out check on Thursday.

For simplicity’s sake, think of this as a first step in a three step process for Altus:

1. Get the settlement agreement approved by the court
2. Pay the secureds
3. Foreclose (There is nothing to indicate that foreclosure is what Altus is aiming for, I'm just including this step because it is a possibility that the ESHC is cognizant of.)

Thursday is step 1 for Altus, but steps two and three are not the sorts of actions that are going to happen overnight; those steps may take weeks or even months to occur … if they ever do.

In fact, Altus may never complete the deal.

If Altus does, at some point, buy out the secureds that simply puts Altus in the place of the secureds for purposes of further negotiations with the other parties in the bankruptcy.

The most obvious danger to shareholders is that Altus eventually buys out the secureds and then moves to foreclose prior to any other deals/options coming before the court.

(Again, the move to foreclose is purely speculative on my part because there is nothing to indicate, at least that I've seen, that indicates that foreclosure is Altus' ultimate goal).

Here are things to watch for in any order that is issued by the court on the 24th:

1. Does the order preclude any other party from buying out the secureds?
2. Have the secureds actually received an offer from Altus ... or anyone, for that matter?
3. What is the timeline for when Altus can begin foreclosure proceedings, if they chose to do so?
4. Does the order preclude any other party from proposing additional financing and/or a plan of reorganization?

Reviewing document 565, particularly subsections (I.) and (11) will be helpful in answering these questions.

I hope this helps everyone understand what is happening on the 24th.

http://cprksa.0sites.net/CourtDocuments/WUCC-Utah/565.pdf
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I'm new at all of this. There are times when I'm pretty sure that I have no idea what I'm doing. So, keep that in mind when you read anything I post here.