San Marcos Mercury | Local News from San Marcos and Hays County, Texas

January 20th, 2010
PEC says co-op ‘not for sale’

STAFF REPORT

Pedernales Electric Cooperative’s (PEC) board of directors made it clear Tuesday that the largest co-op in America is not for sale.

The board made the declaration after meeting in executive session to discuss an offer made by New Jersey-based Quentin Capital Management LLC to purchase PEC. Quentin Capital also made an offer to buy PEC in 2008.

“We remain committed to the position — as previously stated by the Board on Sept. 15, 2008 — that this cooperative is not for sale,” said PEC Board President and District 6 Director Larry Landaker.

The board directed staff to create a formal response to Quentin Capital and to develop a policy for board consideration to address any potential future offers.

The board also received an update on the proposed Bylaws revisions and possible creation of a Member Bill of Rights. District 7 Director  Patrick Cox, chairman of the Governance, Bylaws and Legal Committee, said the committee will continue accepting feedback until Jan. 25.

“We are still accepting comments on the proposed bylaws revisions and also are asking for specific comments on the proposed member bill of rights,” said Cox.

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