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CoServ Electric (TX)

Denton County Electric Cooperative organized in 1937 does business as CoServ Electric ("CoServ") is headquartered at 7701 South Stemmons, Corinth, Texas 76210.  It is one of the largest Rural Electric Cooperatives in Texas as well as one of the largest in the United States and provides electricity near Denton, Texas.

Currently, CoServ Electric is the second largest cooperative in the state of Texas, serves more than 140,000 meters across six counties, including Denton, Collin, Tarrant, Wise, Cooke and Grayson.  CoServ Electric's affiliate, CoServ Gas, provides natural gas service to more than 63,000 meters in the same general service areas.

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News

COURT FILING suggests, CoServ ZAPPED $54 million intended for members

Collin County Business Press
February 25, 2009

There is blood in the CoServ boardroom, according to Denton County court filings.  Plaintiffs claim, in a class action lawsuit filed against Corinth-based CoServ Electric, that the co-op converted $54 million of class member money into equity owned by the co-op that was intended for distribution to its members.





CoServ Electric members file lawsuit against co-op

Dallas Business Journal
Friday, February 20, 2009

A lawsuit filed Wednesday by members of CoServ Electric alleges that the co-op has wrongfully taken $54 million of the members' money for its own use through improper accounting practices.




IRS Form 990s

As non-profit corporation the Internal Revenue Service requires Rural Electric Cooperatives to file an informational return much like a corporate income tax return each year.  These "IRS Form 990s" are public information and Coops are obligate to provide access to copies to interested persons.

A study of these 990s can reveal interesting information about these Coops including things like salaries of executives and ownership of other for profit corporations.  This is a list of the most recently available 990s for CoServ highlighted in blue with links to download the PDF:

<<CoServ 2005 IRS 990>>

Often Coops that are having financial problems or are involved in litigation do not timely file their IRS 990s as the IRS does little to monitor compliance or accuracy.  So, while our list may be complete, some Coops may simply have not filed their 990s.
Litigation

In the District Court of Denton County, Texas
In re Denton County Electric Cooperative, Inc. d/b/a CoServ Electric
(The Brady Class Action)
Case Number 2009-30003-211


Brief Summary

    This Petition in Intervention asserting a class action lawsuit was filed in the District Court of Denton County, Texas on March 11, 2009, in an existing lawsuit filed by CoServ Electric seeking discovery.

     The Plaintiffs in Intervention seek recovery on behalf of a class of current and former members of CoServ Electric of a portion of more than $50 Million in patronage capital or capital credits owned by current and former members of the Coop.  Plaintiff's assert that these capital credits have been improperly withheld and wrongfully "discounted".

     CoServ is attempting to remove this case and its companion case to federal court but that has not yet been decided.

     For a complete list of all the allegations see the Petition in Intervention.





In the District Court of Denton County, Texas
In re Denton County Electric Cooperative, Inc. d/b/a CoServ Electric
(The Confer Class Action)
Case Number 2009-30075-211


Brief Summary

    This Petition in Intervention asserting a class action lawsuit was filed in the District Court of Denton County, Texas on March 11, 2009, in an existing lawsuit filed by CoServ Electric seeking discovery.

     The Plaintiffs in Intervention seek recovery on behalf of a class of current and former members of CoServ Electric of a portion of more than $50 Million in patronage capital or capital credits owned by current and former members of the Coop.  Plaintiffs assert that these capital credits have been improperly withheld and wrongfully "discounted".

     CoServ is attempting to remove this case and its companion case to federal court but that has not yet been decided.

     For a complete list of all the allegations see the Petition in Intervention.




Service Area

Rural Electric Cooperatives provide electrical service to customers within a geographical area know as a "Service Area" or "Service Territory".

These Service Areas often look like highly "gerrymandered" political boundaries and occasionally there will be areas or pockets withing the boundary where the Coop does not provide service like a small town or city serviced by another electric utility.

Within these Service Areas the Coop typically has an effective monopoly with no meaningful competition.

According to its website, this is CoServ's Service Area:




Coop Website

Most Rural Electric Cooperatives maintain websites but they rarely provide material information about important aspects of their operations.  In fact this failure by a Coop to be forthcoming about its policies involving patronage or capital credits is a red flag that its policies and practices are suspect.

This is CoServ's website:



This page was last modified on Saturday, January 16, 2010