To all Co-op Owners,
The Co-op Board is working toward an orderly shutdown of the business. This is the first of a series of weekly status updates to keep you informed about our progress.
The Board met on Tuesday evening, September 25. We agreed on three guiding principles for the closure process:
1. That the process should be transparent.
2. That the disposition of Co-op assets should be administered by an impartial third party.
3. That we want to minimize the costs involved and maximize the amount of assets that are returned to owners.
Last Friday, three Board members met with a local attorney to seek guidance on the best way to proceed. The attorney is researching the Indiana statutes related to dissolution of non-profit businesses to see what options are available to us. We expect to hear back from him sometime next week. Once we have his input, we will be able to make a detailed plan and communicate it to you.
We ask for your patience as we proceed. We will publish another update next week. Please direct any questions to firstname.lastname@example.org.
Co-op Board President