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OT-Dont Let Your Electric Coop Get In The Mess Ours Is In!!

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1206SWMO

10-03-2007 22:23:56




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Our electric coop has assets of 13 million and a debt of 26 million thanks to a crooked CEO and a board that let him do it.He'd been at the coop for 35 years.

He got us in the LP gas business and somehow it lost 6 million dollars,probably most of it in his back pockets.

Since 2000 his salary has totaled $2.8 million dollars and hes been gone most of this year.He got $309,000 in severance pay.He spent $300,000 of the coops money on his house.The list goes on and on.

It looks like the board give him a blank check.Read the link below plus the links the Joplin Globe paper provides in the upper left corner..I'm guessing that our electric rates soon skyrocket.

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JSharp

10-05-2007 10:47:40




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
Our local Coop has also been on the buy everything bandwagon for at least the last 15 years. Most of these little detours end up losing lots of money. Meanwhile, we pay some of the highest power rates in the nation.

This kind of thing is of questionable legality but with enough friendly $$ legislators in the state capitol and I suppose you can make anything OK.

Here's a plan - How about NOT getting into other business areas they know nothing about and giving the savings back to the electric customers?

Or better yet, fold up the Coops altogether and distribute their customers to the local private power companies. Somehow the private companies manage to keep their rates low and still turn a profit.
The REA was a great thing 70 years ago but it's not 1939 anymore. The Coops have outlived their usefulness IMO.

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Leland

10-04-2007 22:16:36




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
Sounds like your went the same way my MIL's coop is going ,they just bought out a oil distrubtior propane business sell phone and internet + they just started building a rural water district



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j105

10-04-2007 16:57:24




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
a "good" coop would have several million in directors liability insurance. doesn't sound like this is a "good" coop. if they don't, directors can be named personally in any lawsuit and they will have to prove all decisions were made in the best interests of the coop. this might be an uphill battle, and lawyers never forget to clock in.



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DumbDumb

10-04-2007 09:06:06




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
1206 your a local guy, small world. I think there is going to be a grand jury investigate it. And I'm with these guys hope some see jail time. Bet we all pay out the nose in the future for this one. One omre bump for the Barton co. economy. DD



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1206SWMO

10-04-2007 11:13:38




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to DumbDumb, 10-04-2007 09:06:06  
Yep,I'm one of Barton County REA's most farthest north customers.Things havent been great in the Lamar area lately have they.I know several that worked at O'Sullivans.

Yes,someone needs to serve some jail time.If some of the board members ran their farms like the coop was run,they'd have been out of business years ago.



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DumbDumb

10-04-2007 14:46:31




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-04-2007 11:13:38  
Things have been tough in barton co here lately. My wife is a displaced osullivan engineer. I'm other end of the county almost last house south end. Good to read, see someone from the area. Even if it's been tough being in Barton co. the last year or so you couldn't drive me out, still love it, and thinks its a great place to raise a family. Good Luck DumbDumb



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johnand cindy

10-04-2007 08:54:23




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
Some member of your co-op needs to call a federal prosecuter give them the information you have and let them run with it.You cant take NO for an answer. If this guy gets away with it whos to say the next one wont try? Is the new CEO protecting this guy? Or the board of directors,is it the good old boys network? Your town needs ATTITUDE to put these guys in JAIL they have taken MONEY out of YOUR POCKETS!You are correct he did not do it alone. It gets me going when these guys get away with this stuff and us working folk got to pay.

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Bill in Colo

10-04-2007 07:57:00




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
Current Board should go after the previou boards Errors and omissions insurance policy



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Stinky Cheese

10-04-2007 06:16:56




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
I believe the Co-op needs to attach all assets of the former manager and board members until this thing gets settled. But they may have already gotten rid of every thing of any value that they own, at least gotten rid of it on paper.



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TomTex

10-04-2007 04:50:00




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
Remember, a mess like this could not have been done by the CEO alone. There are others with responsibilities, such as CFO, General Manager, Accounting manager, audit manager. Get suits against them and/or criminal prosecution. At least fire the complete management team at the top 2 or 3 levels. Also go after the board members; they have duties to prevent this kind of stuff. Tom



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sd pete

10-03-2007 23:25:53




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 Re: OT-Dont Let Your Electric Coop Get In The Mess Ours Is I in reply to 1206SWMO, 10-03-2007 22:23:56  
Sounds like it might take a big jail to hold the ceo and board members. I am sure the members of the co-op are liable for all the debt. Anyway I hope you guys recover from this mess.



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