Former Pedernales General Manager Sentenced to Probation
Posted on Dec 13, 2010 in Corporate Governance, Litigation | Comments Off on Former Pedernales General Manager Sentenced to Probation
A jury has sentenced Bennie Fuelberg, former general manager of Pedernales Electric Cooperative, to probation and a $30,000 fine.
Socorro Electric Cooperative Members Attempt to Recall Board
Posted on Dec 13, 2010 in Corporate Governance, Derivative Suits | Comments Off on Socorro Electric Cooperative Members Attempt to Recall Board
A New Mexico newspaper has a report on efforts by Socorro Electric Cooperative’s members to recall the board of trustees. Socorro is currently in litigation over its corporate transparency and treatment of patronage capital.
Former Pedernales General Manager Convicted
Posted on Dec 10, 2010 in Corporate Governance, Litigation | Comments Off on Former Pedernales General Manager Convicted
The Statesman reports that Bennie Fuelberg, former general manager of Pedernales Electric Cooperative, has been convicted on all counts of theft, money laundering, and fiduciary misapplication of property. Fuelberg had been with the coop for 30 years, before stepping down in 2008.
Update on Coop Members’ Lawsuit Against Santee Electric Cooperative
Posted on Dec 8, 2010 in Corporate Governance, Derivative Suits, Litigation, Patronage Capital | Comments Off on Update on Coop Members’ Lawsuit Against Santee Electric Cooperative
The Weekly Observer (South Carolina) provides an update on the lawsuit brought by coop members against Santee Electric Cooperative. The article looks at coop members’ reaction to Santee’s recent audit report, which includes recommendations on board election bylaws and procedures. The lawsuit against Santee involves allegations of corporate mismanagement, as well as a...
Protests Against Kit Carson Electric Cooperative’s Rate Hike
Posted on Dec 2, 2010 in Corporate Governance, Rates, Regulation & Policy | Comments Off on Protests Against Kit Carson Electric Cooperative’s Rate Hike
Roughly 170 protests were filed with a New Mexico commission over proposed rate hikes by Kit Carson Electric Cooperative. The Taos News reports that the protests are not limited to the rate hike and include concerns over corporate mismanagement. It is expected that the commission will hold hearings on the proposed rate hike.
Board Official Testifies in Case Against Former General Manager of Pedernales Electric Cooperative
Posted on Dec 2, 2010 in Corporate Governance, Litigation | Comments Off on Board Official Testifies in Case Against Former General Manager of Pedernales Electric Cooperative
The Statesmen has a report on the testimony of former Pedernales Electric Cooperative Board President R.B. Felps during the theft and money laundering trial of Pedernales’ former general manager, Bennie Fuelberg. Felps denied knowledge of any secret coop payments to Fuelberg’s brother and the son of another former director.
Pedernales Former General Manager Set for Trial on Felony Theft and Money Laundering
Posted on Nov 29, 2010 in Corporate Governance, Litigation | Comments Off on Pedernales Former General Manager Set for Trial on Felony Theft and Money Laundering
The felony theft and money laundering trial of Bennie Fuelberg, former Pedernales Electric Cooperative General Manager, is underway. The Statesmen reports that Fuelberg faces up to 99 years in prison on the first-degree felony charges. Fuelberg has pleaded not guilty.
Pedernales Revises Bylaws to Limit Terms of Directors
Posted on Nov 22, 2010 in Corporate Governance | Comments Off on Pedernales Revises Bylaws to Limit Terms of Directors
The Pedernales Electric Cooperative Board of Directors has passed new bylaws that limit terms for directors to a maximum of four three-year terms. The bylaws previously had no limits on terms. The Board also ended the “revolving door” practice, which allowed board members to become Pedernales employees or contractors after their terms ended. The Statesman provides...
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