Georgia Coop Retires Nearly $11 Million in Patronage Capital
Posted on Jan 21, 2014 in Patronage Capital | Comments Off on Georgia Coop Retires Nearly $11 Million in Patronage Capital
Sawnee Electric Membership Corporation (Sawnee EMC) has announced that it will retire $10.6 million to approximately 63,900 eligible members through a general retirement of patronage capital for the years 1991, 1992 and 1993. This means that members that received electric service from Sawnee EMC during this three-year period will get a refund. The size of the refund will be based on...
North Carolina Coop Authorizes $3 Million in Capital Credits
Posted on Jan 2, 2014 in Corporate Governance, Patronage Capital | Comments Off on North Carolina Coop Authorizes $3 Million in Capital Credits
Members receiving electric service in 2011 and 2012 from EnergyUnited and in 1986 and 1987 from Crescent EMC or Davidson EMC (which later consolidated with EnergyUnited) were refunded $3 million in capital credits in December 2013. The Dispatch has the full story.
Arkansas Coop Refunds $6.5 Million in Capital Credits
Posted on Jan 2, 2014 in Corporate Governance, Patronage Capital | Comments Off on Arkansas Coop Refunds $6.5 Million in Capital Credits
First Electric Cooperative members saw a refund in the form of $6.5 million in capital credits in late 2013. The amount represents a retirement of 1986 capital credits and a portion of all years through 2012. Click here for more information.
New York Coop Refinances with CFC, Changes Patronage Capital Distribution Policy
Posted on Dec 30, 2013 in Corporate Governance, Financing, Grid & Infrastructure, Patronage Capital | Comments Off on New York Coop Refinances with CFC, Changes Patronage Capital Distribution Policy
Otsego Electric Cooperative (OEC), based in Hartwick, New York, recently refinanced its outstanding debt owed to other lenders with the National Rural Utilities Cooperative Finance Corporation (CFC), becoming the first 100% CFC borrower in the state. OEC, which serves about 4,500 members in the area between the Catskill and Adirondack mountain ranges, also worked with CFC to develop a...
Kansas Coop Set for Largest Patronage Capital Return in Its History
Posted on Dec 10, 2013 in Corporate Governance, Financing, Patronage Capital | Comments Off on Kansas Coop Set for Largest Patronage Capital Return in Its History
Ark Valley Electric Cooperative (Ark Valley) will return more than $2 million in patronage capital to its members later this month. The return of patronage capital will represent Ark Valley’s largest retirement of owners’ equity since the cooperative was incorporated in 1939. Click here for more.
Missouri Coop Refinances RUS Debt
Posted on Nov 27, 2013 in Financing, Patronage Capital | Comments Off on Missouri Coop Refinances RUS Debt
Co-Mo Electric Cooperative recently refinanced $38.7 million in debt held by the Rural Utilities Service (RUS). CoBank and the National Rural Utilities Cooperative Finance Cooperation issued new debt for the refinancing transaction. The cooperative cited better interest rates and the desire for flexibility outside of government-based borrowing as reasons for the decision to...
Delaware Coop to Distribute $3 Million in Capital Credits to Members
Posted on Nov 25, 2013 in Corporate Governance, Patronage Capital | Comments Off on Delaware Coop to Distribute $3 Million in Capital Credits to Members
The Board of Directors of Delaware Electric Cooperative (DEC) recently voted to return $3 million in capital credits to all of DEC’s members and former members who held an active account in 1995. Click here for more.
Pedernales to Distribute Nearly $13 Million in Capital Credits
Posted on Nov 4, 2013 in Corporate Governance, Patronage Capital | Comments Off on Pedernales to Distribute Nearly $13 Million in Capital Credits
The Pedernales Electric Cooperative (PEC) Board of Directors recently approved a capital credits distribution of more than $12.7 million to current and former PEC members after the Board reviewed the coop’s fiscal health and determined the distribution would not have any adverse impact on PEC. The distribution of capital credits, which reflect member ownership in PEC, will vary from...
Webinar: Patronage Capital Litigation
Posted on Oct 29, 2013 in Corporate Governance, Derivative Suits, Financing, Litigation, Patronage Capital, Regulation & Policy, Tax, Webinar | Comments Off on Webinar: Patronage Capital Litigation
Since 2009, at least 14 cases have been filed against electric cooperatives over patronage capital (or capital credits) in eight states: Alabama, Arkansas, Georgia, Missouri, New Mexico, North Carolina, South Carolina, and Texas. To help coops understand the surge in this type of litigation, Sutherland will present a live Webinar, “Patronage Capital Litigation,” for...
Georgia Coop Settles Class Action Over Patronage Capital for $98 Million
Posted on Oct 11, 2013 in Corporate Governance, Derivative Suits, Litigation, Mergers/Acquisitions, Patronage Capital, Regulation & Policy | Comments Off on Georgia Coop Settles Class Action Over Patronage Capital for $98 Million
After nearly four years of litigating a class action over patronage capital, Cobb EMC has agreed to pay a $98 million settlement to nearly one million of its current and former members. The plaintiffs are to receive their portion of patronage capital (or “capital credits”) they were allegedly owed but never paid. The Marietta Daily Journal has more.
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