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Members OK Walton Sale
December 20, 2002

Members OK Walton Sale

The Associated Press reported in mid-October that Walton Bean Growers Cooperative members voted to confirm their board of directors decision to sell the co-ops assets and to dissolve the cooperative.

Jon Strinden, the cooperatives attorney, told the Associated Press that 49 members of the cooperative attended a special meeting in Englevale. Thirty nine members voted to support liquidating assets, which gave the board the three-quarters vote it needed to ratify the sale. A majority of the members present then voted to dissolved the company.

Walton Bean lost $2 million in its last fiscal year, according to the Associated Press report. If the cooperative members hadnt supported the sale, the primary creditor, CoBank, would have taken possession of the cooperatives assets, Strinden said.

"There was a discussion regarding the sale of the assets, regarding the sale price," Strinden said. "Management explained the process they went through to maximize the value of the assets. I think after they explained the process, most of the members were satisfied and that was the reason we got the three quarters approval."

The board made an agreement with CoBank to allow the cooperative to conduct the orderly liquidation of its assets. The cooperative is selling its assets in Englevale to Larson Grain Co., of LaMoure, N.D.

Groups of farmers bought the Clarkfield, Minn.; and the Wiggins, Colo., facilities.


 

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Northarvest Bean Growers Association | 50072 East Lake Seven Road | Frazee, MN 56544
Ph: 218-334-6351 | Fax: 218-334-6360 | Email: nhbean@loretel.net