Saturday, June 15, 2013

Coopera Liquidation Happenings

Written by Mike:

The recent shutdown of the Coopera financial operations by the governmental Office of Economia Popular y Solidaria (SEPS) headed by its director Cristian Cruz, and the arrest of three Coopera employees, has resulted in hundreds of Coopera members and investors wondering about the future of their respective investments and the future of Coopera, in general.

 SEPS has initially ordered the liquidation of Coopera assets and a tentative plan to pay back those who have assets in Coopera investment vehicles.  An emergency, short-notice meeting was called on Thursday, June 14, 2013 to discuss possible alternatives to the liquidation.  About 150 interested parties attended.  Had the notice been sent out earlier, more people may have attended, but earlier notice was not possible.

A law firm, SECLEM, some of whose members have a vested interest in protecting their own investments, have, on a pro-bono basis, sought to form a large group of Coopera members/investors so as to work together in an effort to see if an alternative to liquidation might be available.  The viability of Coopera is the key, and, could hinge on in-depth audits currently being conducted by SEPS.

If Coopera is determined to be financially viable, the goal would be to reinstate it, with obvious management changes, and continue in business. If not viable, the liquidation must continue. The goal of our group is to work with SEPS in an effort to pursue alternatives to liquidation.

Bottom Line:  If you have an interest in these proceedings, contact Ben John at:, and ask to be put on his email list.  Also, please check with any other members/investors to see if they are aware of this issue.