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ative presented their management contract program to the Board of Directors whereby they would manage Orange-Madison until such time as it reached sound financial footing. They were not received in a hospitable manner by this same “Culpeper” majority, however, and discussions were ended with them. As a reault of the hastily entered into “letter of intent” between Orange-Madison and Culpeper, the representative from Southern States did not feel he could enter into specifics of what Southern States could offer to us, lest Southern States' be charged with interfering with the merger.
2) Continue to operate as Orange-Madison. but with new, competent management, and new financing under a Farmer’s Home Administration guaranteed loan.
3) Dissolve the cooperative, dispose of our assets and settle our accounts.
4) Qther ideas members may have.
The co-op has large outstanding loans with the Baltimore Bank for Cooperatives and this organization must agree to any merger, reorganization, etc. that affects their repayment. If they try to force an unwanted merger, perhaps option (3) would be best.
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