Dissident Members Still Seek AccountingOf Failed CU Conversion
VANCOUVER, Wash. - (12/09/04) -- Almost a year after the bid toconvert Columbia CU to a mutual savings bank was rejected byregulators dissident members of the credit union are still fightingto uncover the costs of the failed conversion bid. "The bottom lineis, we don't have any information we've been able to extract fromthem yet," Doug Schaefer, an attorney for Save Columbia CU, toldThe Credit Union Journal Wednesday, of the dissident group'sefforts since then. The group has been thwarted in its efforts eventhough its members have won four seats on the nine member board andcontrol of the credit union's supervisory committee. Estimates forthe costs of the year-long failure to convert the credit union thendefend directors threatened with an unprecedented recall are morethan $1 million of credit union funds--that includes costs to hirePortland's most powerful law firm, an expensive Wall Street proxyfirm to sway the members' recall vote, security, mailing, printingand handling of ballots, and a special meeting.