Ugh, my favorite #CreditUnion in #Vermont has just proposed a bylaws amendment that would give the board the power to modify both the bylaws and the charter without ratification via member referendum. Which would remove a major #DeMutualization firewall.
Hopefully the campaign to reject the proposal can be more of a call-in than an antagonistic messy governance fight. But, regardless, I'd really rather not need to spend energy on this... π
Wanna help derail the #demutualization of #truevalue hardware? RT this: https://twitter.com/MattCropp/status/974783797236588553?s=19
βIf you shop @TrueValue and think it should stay a #coop, not be sold to #PrivateEquity, contact your local store owner and ask them to vote No at the annual meeting on April 13th. #SaveTrueValue! https://t.co/4GzsV6vd46 #TrueValue #coop #platformcoop @ntnsndr @CooperativesNowβ
"#TrueValue found a #PrivateEquity firm to take a majority stake in the company on Thursday in a shift away from the hardware companyβs cooperative structure. ... The Acon deal must earn the support of half of True Valueβs member retailers in a vote at an upcoming special shareholder meeting on April 13. If it goes through, the deal is expected to close near April 18."
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https://www.bizjournals.com/chicago/news/2018/03/15/true-value-strikes-deal-with-private-equity-firm.html #demutualization #coop #coops #purchasingcoop
@stefanieschulte @ebel @vfrmedia
Yup, in #UShistory, "carpetbaggers" was a used by southerners during Reconstruction post-Civil War to describe opportunistic northerners coming south. Definitely some problematic racial history to the term.
That said, people entering a #coop or #mutual organization with the intention of advocating for and profiting from #demutualization are some of the lowest form of scum in my book... π‘
Matt Cropp π²π²