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Real Estate News Releases
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(EMAILWIRE.COM, April 29, 2008 ) Washington, D.C.—The National Cooperative Business Association (NCBA) announced its full support to assist the Concerned Ace Owners (CAO) organization in their efforts to elect new board members that are more representative of the Ace membership and pledge to maintaining the company as a cooperative.
For more than 80 years, Ace has been the “Helpful Place,” consisting of independent, locally-owned retail hardware and home improvement stores. For the past 35 years it has been serving the needs of communities in all 50 states and 63 countries as a retailer-owned cooperative.
“It was shocking to so many of us in the cooperative community when Ace management announced last year their intention to turn from a locally oriented cooperative to a for-profit stock corporation”, said Paul Hazen, NCBA president and CEO.
Subsequent to announcing the conversion to the cooperative members in late August, 2007, Ace management discovered an accounting error that erased $152 million, or 47%, of the company equity. The current board of directors has since put forth a plan to restore the lost equity by assessing the members with a “variance allocation” charge. Plans to convert the cooperative have been tabled, subject to the completion of the equity restoration plan.
The Concerned Ace Owners organization was formed to encourage AceÂ’s Membership to be more proactive in setting the companyÂ’s future direction. More than 700 Ace owner-members registered with the CAO on their website.
“We are delighted that a core group led by four courageous individuals is seeking election to the board,” said Hazen. “They have reached out to all of the more than 3,000 Ace Members on a shoestring budget while combating the staunch opposition from Ace’s current board and senior management.”
NCBA is working with the CAO to ensure that all Ace owners understand what is at stake in this board election. NCBA is asking all owners to support the CAO slate of candidates: Brian Odell, Larry Perry, Charlie Huff and Patrick Smith.
A special fund has been established for those who wish to support the effort. Please go to www.concernedaceowners.org for more information.
To learn more about the cooperative business model and NCBAÂ’s development projects, go to www.ncba.coop or contact NCBA at (202) 638-6222.
About NCBA:
Headquartered in Washington, the National Cooperative Business Association represents cooperatives across all sectors of the economy, including agriculture, food distribution and retailing, childcare, credit unions, housing, healthcare, energy, and telecommunications. In addition, NCBAÂ’s CLUSA International Program has helped develop cooperatives and other sustainable businesses in over 50 countries since 1953. NCBA currently runs projects in 13 countries.
National Cooperative Business Associatio
Jim Jenkins
(202) 383-5447
jjenkins@ncba.coop 
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