Nevada Copper Corp T.NCU.WT.C

Chapter 11

[Paramount]

I first of all hope no one on this board has lost too much $ on this venture. This was after all a pure gamble from the start.I also hope things ultimately work out for the workers @ this site and their families.
Getting a little more info every day on whats going on here but lots of questions left to answer.
I had always thought ,the way things were going ,PALA would try and take this thing private but now i wonder if they may have come up against a bigger player.
From the info,there were 2 bidders but no deal could be reached.
Elliott mining or their afffiliate then offers $60 mil  while chapter 11 takes place.
Out of the 1.4 billion shares outstanding Pala and Mercuria hold ~79 % so there are around 300 million shares left.
My feeling is there was an offer from Elliott ,PALA and associates ,who efffectively control the board rejected that offer and here we are.
Only problem for Pala is that it appears Elliott is not going away.Interesting days ahead.
Hope the crooks @ PALA receive the same fate as retail.

[mckayk3]

Elliot owns Triple flag which, if you recall, made a big bet on NCU.  Pala knows this - and probably has this leverage on Elliot.  Although I can't reason why Pala would play brinkmanship here... doesn't add up.  Also its very strange Pala would buy $28M worth of stock prior the bankruptcy announcement.  Why not a $28M secured loan?   If NCU was truly bankrupt

[Paramount]

I dont think PALA has much leverage over anybody now. As has been stated on this board numerous times by others,i dont think PALA had any intention or the know how or capital to start up a mine and  find themselves financially /operationally incapable of moving this forward. I think they were trying to recoup their investment and Elliott would not budge. Would love to know the offer put

[mckayk3]

Well its complicated and theres basically an impasse.  Pala needs capital but hey do NOT want to dilute to protect their equity.  Elliot does NOT want NCU to go bankrupt since they own a major stake a la Triple flag but they also want a good deal. The Chp 11 is just arbitration.  The insane speed at which Elliot put down $60 mill DIP tells me they are serious to keep the lights on

[patchh]

more than likely payla is up 2 thier routine of bad acting