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.
Since June 1, the date that Telesis of Chatsworth, Calif., was liquidated and its assets purchased by the $1.3 billion Premier America Credit Union, also in Chatsworth, a number of entities initially expressed interest in Autoland, said John Fairbanks, NCUA public affairs specialist.
The list has since been reduced to a few final serious bidders, Fairbanks said. Price and terms continue to be negotiated in order to ascertain the final bidder and value received, he added.
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