by: Jim Strickland Updated:
COBB COUNTY, Ga. - Cobb EMC members are cashing in on millions of dollars’ worth of back profits. Checks are either in hand or in the mail. The checks come after a seven-year court fight over nearly 40 years’ worth of profits the EMC failed to dole until now.
"I got a check from Cobb EMC," retired businessman Doug Hyde said to Channel 2's Jim Strickland. It was for more than $750.
"My front deck needs repair so I'll probably be doing that this weekend," Hyde said of his plans for the money.
"I just think it will be a boost because this is money that people are going to spend," said former county commissioner Butch Thompson. He and long-time friend Bo Pounds, who died in May, lead the fight to replace the Cobb EMC board and get back the money.
"The money's good but the significant thing is now we can say we've got an EMC that we're really proud of," said Thompson.
Thompson noted he was pleased with the performance of current CEO Chip Nelson and the new board.
Former CEO Dwight Brown has been out on bond three years awaiting trial for hoarding profits which should have been paid out.
"This past week we dispersed $25 million. More is coming," said plaintiffs' attorney David Cohen.
Cohen said 77,000 checks were mailed in the first wave. The money is capped at $98 million, but it's unclear how much will actually get paid out.
“The average individual looks like they are receiving $250 to $500," Cohen said.
Cobb EMC released a statement to Strickland regarding the payout:
We are very pleased that these capital credits are being returned to our members. This means Cobb EMC can close the books on that chapter in our company’s history, improve our accountability to our members and put an even stronger focus on our core mission of providing electrical power.
If you are a member and have any questions or concerns, please contact the Garden City Group, Inc. at 1-888-292-8850. They have been appointed by the courts to handle all aspects of filing the claim.
If there is anything else you need please feel free to reach out to me. Thank you Jim for allowing us to make a statement regarding this issue.