Rejected Autoland Bidder Cries Foul: Print Preview
- Sale of Telesis stake could come by the end of 2012.
- Oregon company said NCUA should look at more experienced bidders.
- NCUA seeks options that pose least risk to insurance fund, consultant says.
Nearly three months after the NCUA was appointed the liquidating agent for Telesis Community Credit Union, the agency has been working behind the scenes to divest the cooperative’s roughly $4 million stake in Autoland Inc., an auto buying CUSO.
Loebner didn’t stop his pursuit. He asked a credit union colleague to ask the AMAC for a bidding package. The credit union signed a nondisclosure agreement but was not given a bidding package, Loebner said. When his multiple requests for an explanation on why the credit union was not given the information went unanswered, Loebner contacted Lawrence Reichman, an attorney with Perkins Coie LLP in Portland, Ore.
Despite a series of emails, faxes, letters and phone calls, neither Reichman or Loebner were able to get any additional information on why the credit union colleague was not given a bidding package and why the AMAC would not consider other bidders besides credit unions or CUSOs.