The ownership interest that MGP Coop previously held in Global Ethanol LLC was converted into the right to receive certain cash, stock and warrants from Green Plains Renewable Energy, Inc. as a result of the merger between Global Ethanol LLC and Green Plains Renewable Energy, Inc. that occurred in late October 2010.
Since the date of the merger, MGP Coop has been working on an orderly wind down of its business, including conducting its annual meeting, providing for payment of certain promissory notes, collecting tax refund money, finalizing delivery matters and developing a plan of dissolution for presentation to and approval by the members.
It is hoped that the plan of dissolution will be mailed for review by the members by the end of March with a special meeting to vote on approval near the end of April, 2011. Upon such approval, distribution of assets in accordance with the approved plan will begin.
As part of the orderly wind down of MGP Coop, stock trading in MGP Coop has been suspended by the Board of Directors until further notice. Upon approval of the proposed plan of dissolution, stock trading will be suspended indefinitely as the assets of MGP Coop are distributed. The Board of Directors anticipates that the shares of GPRE received by the members as part of the dissolution will be publicly traded and that the members will be free to hold or dispose of the GPRE shares as they choose once they have been distributed.
To send written correspondence to the company send mail to: MGP Cooperative, PO Box 1836, Mason City, IA 50401, email us or call Diane Dennler at 641-430-0083.
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