November 30, 2007

The Co-Op Initiative

Well, it looks like the Co-Op isn't too optimistic about its chances of actually getting that loan.Their main website is now advertising a fund raising campaign. They say they need $800,000 to be able to declare bankruptcy and that they have already raised $26,245. This seems like far too little, far too late, but we'll see if they somehow pull it off.(Hat-tip: Tim, who scooped me on this one.)Update: The pdf that is attached to the website claims:

With the large-scale financing for Option B in place, the only funds needed are the fees for filing for Chapter 11 Bankruptcy. That’s $800,000, or just over $40 per member.
It is news to me that they have received the large-scale financing for Option B to succeed as their homepage says that they were just turned down for that financing. I'm not really sure what they mean by this. You'd imagine that they would be a little clearer, but they are only asking you to fork over a lot of money for a really silly purpose.