11/2/18 Update

To all Co-op Owners,

The Co-op Board is working toward an orderly shutdown of the business. This is the latest in a series of 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.

Here is the latest information on our activities:

  • We have scheduled a meeting with a bankruptcy attorney in Indianapolis on Tuesday, Nov. 6.  During this meeting we will get additional information on the bankruptcy process.
  • Bankruptcy is one of two options available to us as we work towards an orderly shutdown of the business.  The other option – dissolution – has been described to us by a local attorney in Columbus.  The two options have different requirements, timelines and costs.
  • The Board will meet on Tuesday evening, Nov. 6 to discuss the two options available to us – dissolution and bankruptcy.  Our local attorney will attend the meeting to provide guidance as we consider the options.  I expect the Board will make a decision on which option to pursue at that meeting.
  • Once a decision has been made on direction, we will publish the decision, along with other information about the process.  We expect either option we take will require several more months to complete.
  • We have received a number of comments and questions from owners about the closure process.  Our response to those has been delayed, but we are working through the backlog.  We will create a new “Frequently Asked Questions” page here on the web site to facilitate improved communication.
  • You may notice a different look and feel on the web site.  We recently moved our online presence to a new platform.  This move reduces our hosting costs from approximately $50 per month to $50 per year.  It is also more flexible and easier for us to update, thus improving our ability to communicate with you.

 

Other Announcements

  • Liz and Nate Brownlee at Nightfall Farm are taking orders for Thanksgiving turkeys.  The details:
  • 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 or leave a comment below.

In cooperation,

Mike Johnston
Co-op Board President

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