“He who pays the fiddler calls the tune..”
In recent fluffy articles, published by the major advertisers for the North Coast Co-op, statements by general manager Melanie Bettenhausen have, again, deftly exaggerated the first positive monthly numbers – and ignored the enormous elephant in the room.
Who expects her to do anything different? It should be noted that her claims are now coming straight out of her mouth – since Ponzi Fiske has finally understood that the charges of fraud he faces were fueled by Melanie’s totally made-up numbers.
Ponzi Fiske has quietly stepped down off his glorious Presidential podium and will probably form a prayer circle with his Bike-Moes to keep his name out of the Courts until the statute of limitations for Securities fraud runs out.
Kloor’s Quandry now begins. Young James has been doing his homework and most of the accounting is benefiting from his sharp eyes. The fly in the ointment is this: neither Barney, the Coop’s Controller, – nor National Coop Group (NCG) – work for Kloor, nor are they paid by the board of directors of the Coop. Kloor is forced to “trust” numbers generated by an accomplished hoodwink, Bettenhausen, and cooked to respectability by HER chief bookeeper, Barney, who follows the recipes proferred “for free” by the only corporation in the US which “buys out” coops that are going under.
Ponzi Fiske has – now – understood the risk through direct experience. His turn in the wheelhouse yielded no “Five Million Dollar Remodel” , nor “4.2 Million Dollar Coop Value”…Ahh, well…the newspaper will print anything. .
James Kloor is now taking on this task – of leading the cash cow out of the manure filled barn – with his characteristic toothiness and gusto.
This is a very positive development for the Coop member/owners.
However, he has only a short few bars of music left before the structural defects may catch and mire him in a very visible heap of piled high excrement left by Bettenhausen (and run away from by several before him, not just Ponzi..).
Yes. More on all these other folks soon.
In the meantime pray for a good candidate choice for Trumpenhausen’s replacement. Humboldt Area Foundation was able to attract a great new Director with a real out-of-town certified college degree and people management skills – and genuine experience!!
The owners of NothCoast Coop C-Shares should hope for such luck.
Otherwise, when the elephant soon turns around in the middle of the room, NOBODY will get shares redeemed on schedule, as per the laws of the State of California.
James Kloor had better make sure he is not being fed the same baloney soup by Bettenhausen in the meantime. We should all understand and remember that she, not the board which bears the personal risk, is the one who pays Barney to keep the books.
As Churchill said:
“The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.”