Or: “Hear reason or she will make you feel her. ”
Ben Franklin (1706-1790)
The purpose of this information site is not to hasten the demise of the Coop. Nor is it intended to ruin reputations. We are simply engaged with getting to the truth, having it discussed and granting the members transparency to all sides of the picture when possible.
These are current facts. If anyone can add to, or correct these points – please use the anonymous reply box and we will include your information.
The members – and the members ONLY – own this NorthCoast Coop. The main asset of the Coop is our Arcata Store.
The Board of Directors has been whittled down to youngsters who have little to no business experience.
The Board of Directors has been systematically conned into approving the flagrant squandering of the ENTIRE amount of available operating capital that was built up in years prior to Bettenhausen’s selection as General Manager.
Fraud was discovered by the Board but was deliberately never investigated.
This Board of Directors deliberately continued to fail in implementing standard crosscheck of delivered goods against invoices for three years even though the Certified Accountant gave specific written warnings in three letters attached to the Annual Reports.
Two recent experienced elder Directors, who have knowledge and understanding of the implications of this malfeasance, have resigned or disappeared.
One wrongful firing lawsuit is being actively pursued by the State Labor Board prosecuters and it is in the depositions stage.
Existence of these lawsuits is being denied by the General Manager, at the recent Finance Board meeting.
“Whoever is careless with the truth in small matters cannot be trusted with important matters. ”
The new board member recently appointed by Colin Fiske has not attended the Finance Committee meeting as proscribed by California State Law.
The General Manager and CFO are not personally liable for material damages caused by errors or omissions, nor Labor Board Penalties, nor Settlements.
The individual Members of the Board of Directors are personally and severally liable for material damages caused by malfeasance which can be proven by clear and convincing evidence.
Total C-Shares could currently be reimbursed at full value – only by the event of closure and liquidation of the building.
Hocking the Arcata Building for another $500,000 of operating capital will give effective ownership to Redwood Capital Bank and investors could not be made whole if all reimbursement was requested.
The licensed Auditor has warned – in written form – that he was requested “by management” to omit this standard information needed by Members to calculate this value and understand the fact above.
If the current Board of Directors, and every person on that Board, does not understand where this is going, what the implications are, – and what the cure is – you will most certainly deserve your fate.
“The preponderance of evidence” is a phrase which burns in one’s mind when one reads those pages with the numbered lines.
“What’s your house worth, again….?”