Nevada Coop Approves Award of Patronage Capital
Posted on May 10, 2011 in Patronage Capital | Comments Off on Nevada Coop Approves Award of Patronage Capital
Valley Electric Association (VEA) members voted on Saturday in favor of a bylaw change that will allow half of the coop’s patronage capital to be paid out to current members. VEA’s current bylaw policy disburses patronage capital on a first-in, first-out payment system. Last year, the VEA board approved the payment of $2.14 million in patronage capital to previous members – all those...
Pedernales Running Out of Legal Options for Fuelberg Restitution
Posted on Mar 22, 2011 in Litigation, Patronage Capital | Comments Off on Pedernales Running Out of Legal Options for Fuelberg Restitution
Federal law and a settlement agreement will likely prevent the Pedernales Electric Cooperative board of directors from being able to withhold pension benefits from its former general manager, Bennie Fuelberg, or pursue a lawsuit against him for that money. Fuelberg was the head of Pedernales, the nation’s largest member-owned electric utility, for more than 30 years before he...
Update on Patronage Capital Cases, New Case Filed in North Carolina
Posted on Mar 10, 2011 in Patronage Capital | Comments Off on Update on Patronage Capital Cases, New Case Filed in North Carolina
A new patronage capital case has been filed in North Carolina – the first known patronage capital case of this kind to be filed in the state. The class (consisting of the estates of deceased members of South River Electric Membership Corp.) claims that the coop discounted accumulated capital credits of the deceased members at retirement and converted them to permanent equity by...
The Weekly Observer Has Details on Santee Electric Lawsuit
Posted on Jan 3, 2011 in Corporate Governance, Derivative Suits, Litigation, Patronage Capital | Comments Off on The Weekly Observer Has Details on Santee Electric Lawsuit
The Weekly Observer (South Carolina) has a report on the origins of the lawsuit against Santee Electric Cooperative, including the role of an IRS form made available on the internet. The lawsuit against Santee by its members involves allegations of corporate mismanagement and a failure to return capital credits.
Pedernales Board Adopts Policy to Distribute Capital Credits; Members React
Posted on Dec 28, 2010 in Corporate Governance, Patronage Capital | Comments Off on Pedernales Board Adopts Policy to Distribute Capital Credits; Members React
Highland Lakes Newspaper has a short article on member reaction to Pedernales’ recent decision to distribute capital credits.
Former Louisiana Coop Members to Receive Capital Credit Checks
Posted on Dec 16, 2010 in Mergers/Acquisitions, Patronage Capital | Comments Off on Former Louisiana Coop Members to Receive Capital Credit Checks
Following the merger between Southwestern Electric Power Company and Valley Electric Membership Coop (VEMCO), nearly 5,000 former VEMCO members will receive capital credit checks, ranging from hundreds to thousands of dollars. The Shreveport Times has the details.
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...
Subscribe
