10/17 Weekly Update

Contents This Week:

  • Weekly update on the shutdown process
  • Other announcements

To all Co-op Owners,

The Co-op Board is working toward an orderly shutdown of the business. This is the third in a series of weekly status updates to keep you informed about our progress.

The three principles that guide our actions are:

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.

The following activities took place since our last update:

  • We received additional information from the local attorney who is advising us on the shutdown.  He has identified two options available to us: Dissolution and Bankruptcy.  Both achieve the same ends, but have different procedural steps, costs and timelines.  He was able to provide basic information on the process for dissolution.  He also has referred us to an experienced corporate bankruptcy attorney in Indianapolis who will meet with us and describe the details of bankruptcy proceedings.  At that point (hopefully within the next two weeks), the Board will be able to make a decision on which route makes the most sense for the Co-op and we will move forward.
  • At our Board meeting on Tuesday, October 16, we also appointed Hailey Hennessey to the open Board seat vacated by Beth Schroeder.  Hailey most recently served as Outreach Coordinator for the Co-op.  We are delighted to have her continue to serve in this new capacity.

Other Announcements – “Food News”

  • Liz and Nate Brownlee at Nightfall Farm are taking orders for Thanksgiving turkeys.  The details:
  • A “pop up” farmers market is taking place in the parking lot at the Central Avenue store site on Saturday mornings.  Several local farmers are participating. We don’t have information on set hours, but encourage you to swing by the parking lot next Saturday.
  • Dan Fleming is soliciting input to determine interest in a winter farmers market.  If you would be interested in shopping or selling at a winter market, please reply to this message (email, web comment or Facebook comment) and we’ll get your input to Dan.

We will publish another update next week.  Please direct any questions to info@columbusmarket.coop.

In cooperation,

Mike Johnston
Co-op Board President

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