1/14/19 Update

To all Co-op Owners,

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

The three principles that have guided 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.

Update on closure activities

On Friday, January 11, 2019, the Co-op filed for bankruptcy in the US Bankruptcy Court for the Southern District of Indiana. Our case is identified as follows:

Case Name:  Columbus Cooperative Grocery and Market, Inc.
Case Number: 19-00174-RLM-7

A trustee has been assigned to our case by the court. The trustee will handle all details of the bankruptcy proceeding from this point forward, including communication to owners.

The trustee will send a notice to all owners by US postal mail, informing you of the date and time of a “first meeting of creditors”. This notice will also include information on how to file a claim against the Co-op’s assets.

The Co-op Board has no role in the bankruptcy proceedings, though we will respond to questions from the trustee and provide information to him as required. With the bankruptcy filing, the Co-op ceases to exist as an entity. The Board met for the final time on January 8, 2019.

As individual owners, like you, we will be attentive to the process as it unfolds.

If you have specific questions about the bankruptcy process, please contact our attorney, Meredith Theisen. Her contact information is as follows:

Meredith R. Theisen, Esq.
Partner
Rubin & Levin, P.C.
135 N. Pennsylvania Street
Suite 1400
Indianapolis, IN 46204
(317) 860-2877
mtheisen@rubin-levin.net

The trustee assigned to our case is John J. Petr. His contact information is:

John J. Petr, Trustee
Kroger Gardis & Regis, LLP
111 Monument Circle Suite 900
Indianapolis, IN 46204-5125
(317) 777-7444
petrtrustee@kgrlaw.com

A general overview of the bankruptcy process is posted here: https://columbusfoodcoop.wordpress.com/overview-of-bankruptcy-process/

This is a layman’s interpretation, provided for general information only. The exact sequence of events for our case may be different

Finally, I want to express my sincere appreciation to the members of our Board who have worked tirelessly for the past several months as we have navigated the shut down process. This was not the ending anyone envisioned when the Co-op was organized eight years ago, but it is the best outcome available to us today.

This will be the last formal communication in this series. All future communication regarding the bankruptcy process will come to you from the trustee.

Thank you for your long-term support of the Columbus Food Co-op.

Mike Johnston
Co-op Board President

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.