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:
- On Tuesday, Nov. 6, Mike Johnston (Board President) and Andrea Mikrut (Board Secretary) met with attorneys James Young and Meredith Theisen of the law firm Rubin & Levin in Indianapolis. We were accompanied by Jason Guthrie, a local Columbus attorney who has been advising us on shutdown options. Rubin & Levin are a well-respected firm that has experience in corporate bankruptcies. The meeting was very productive and provided us with a good understanding of the bankruptcy process, estimated costs and likely timing.
- The Co-op Board met on Tuesday evening and heard a report from Mike and Andrea. Jason Guthrie also attended the meeting and answered questions from Board members. The Board reached consensus that filing for bankruptcy was the best option available. Mike and Andrea were authorized to sign an agreement with Rubin & Levin to begin the process.
- Our target is to have the bankruptcy filing made by mid December. Shortly after the filing, the court will appoint a Trustee to oversee the process. From then on, the Trustee will handle all details, including communication with owners and distribution of the Co-op’s assets.
- Additional information about the bankruptcy process is posted on our Frequently Asked Questions page.
We will publish another update before the end of November, as new information becomes available. Please direct any questions to firstname.lastname@example.org or leave a comment below.
Co-op Board President