“Four Point Two Million Dollars” by Ponzi Fiske
Some folks believe that there is an element of “unnecessary harshness” in the content of this blog. These are, invariably, folks already divested of C-Shares.
The others, who have actual serious investment into the NorthCoast Coop, are forced to get their own professional assessment of what the value of a share of this company is. Why ?
This is because the President/CEO and other Directors have been making it up as they go. And then, invariably, the local press prints it like the gospel. Philip Santos, who has been the go-to “journalist-in-pocket” for Bettenhausen and Fiske, has written some published pieces in the local Times Standard which demonstrate that it is much more important for a local journalist to understand which side the bread is buttered – than adhere to the first law of journalism which is “ Check two unrelated sources before printing”. The Coop purchases a great deal of advertising from the Times-Standard. Melanie Bettenhausen, as General Manager, makes the decisions of who gets the big bone of Coop advertising business, natch. She also writes a majority of happy shiny articles in the Coop News. So this is a VERY big difference from Donald J. Trump. Donald has proven himself not to be able to write at all.
The newest issue of Coop News is about to appear in your mailbox. The downside, on balance, is that the massive amount of expensive colored ink she has decided to pour onto the newsprint excludes this from being considered a good firestarter, nor toilet paper.
How can any new investor trust anything about these clowns when they make public statements such as was published in an article explaining why Coop C-Shares were still the ticket:
“Colin Fiske, president of the board, said the building was assessed to be valued at 4.2 million.”
Crazy ! To make such a misleading statement in effort to solicit sales of more shares or obtaining loans to the company is, by the way, against the law in the State of California. Here’s what anyone can find who looks into on Zillow, the internet real estate page. THERE IS NOT EVEN ONE BUILDING IN ALL OF ARCATA OR EUREKA WORTH 4.2 MILLION DOLLARS. NONE. ZERO.
Try it. Zillow dot com. Put in 811 I Street, Arcata 95521.
The valuation in the new Official Audit, done by a national audit firm, shows the valuation to be 2.7 million dollars. Even this, when you scratch the surface, is not very close. There is one, nearly new, huge bank building in Arcata appraised at 2.4 million. Our Coop building is over a half a century old and the roof leaks.
But the circus continues, and our ship wallows broadside in the swells, aground and sinking deeper. How many days of capital do we have now? Does it even matter to anyone but the vendors who want to be paid ? Are all C-Share shareholders deaf, dumb and blind?
Seems like it?
Colin Fiske has recently installed a friend of his to replace the Director who, last month, quit in disgust. The question exists if Fiske told this person about the serious liability of the position, or read them the letter that this older director submitted who got completely fed up with his poor leadership, inexperience, and just plain stubborn stupidity. It’s obvious that he has a death grip on the controls.
In any case, “New Director”, if you have been introduced to this site – you better have a conversation with your lawyer and your significant other. You will be personally named – and liable- for what comes next. Why ? A lawsuit against such a corporate board for gross negligence is filed “Individually and Severally”. It means whomever is on that board – and has the money, or real estate, or any other personal assets – pays lawyers, damages and court costs when the gavel comes down against them.
Shareholders beware. Fiske is risk. Our local banking committees are not peopled by ignorant, inexperienced, uninformed, untrained, and almost completely unknown “Johnny-Come-Lately” types such as this transplant from
St. Petersburg, Florida.
Do all these cats from the “Big City” think we are all provincial dummies? There’s not a single building in Arcata worth 4.2 Million dollars.
Just gotta call more bullsh#t on Ponzi Fiske. How long will this site continue to “harsh” this guy ?
Until he removes Trumpenhausen, and lets us make a recall vote about his position. We – the original families who were the founders of this company – will keep it up until this happens or certain people who deliberately lie to new investors are run out of town.