12-14-11

Dawn,

Thanks for the welcome.  Now that you have seen the BBC documentary and read the webpages at http://sbic.wetpaint.com, we need to form a state chartered worker cooperative credit union as the first step.  There is such a move by the SF bay area coops, but nothing much has been done other than to agree to the need.

We need to form an "exploratory committee" of five or so folks to lay the legal, economic, and marketing foundation.  I'll handle the initial research into the legal aspects but will need a currently licensed attorney in the state of domicile for the CU to actually file the papers and shepard the CU through the regulatory agencies.

Much of the organizational work has been mapped.  The SEC allows the current casino stock exchanges to "self-police" which is a sad joke.  You will read about the serious approach to vet investors and small business applicants by Small Business Investment Exchange (SBIE).

We need the CU to raise the initial capital by taking in $100 deposits which will serve as collateral or "first loss money" in support of the formation of SBIE.  We'll use the New England Cooperative Fund as the working model for SBIE.

Jim Miller

Dawn,

Please recruit the other four members of the Steering Committee, preferably a licensed attorney, a CPA, an executive of a Credit Union, and an IT person.  We will also need a 25 member "Advisory Committee" which will vet our business plan as it develops.

The IT person should be versed in Project Managment software and willing to do the admin work for the collaboration WikiWebSite.

Jim Miller

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