With our discussion, I see I need to clarify one concept in the spolu draft. There should not be any need for different classes of shares in the spolu. That will help keep the concept simple.

The overlap between the TDG and spolu is both should have a consultative culture. The spolu should have TDG-like electoral structures to find the better people for the senior management team.

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I think it has been 20 years since I heard anyone talk about "preferred shares." I kind of thought this investment became passe--and I've not seen much point as an investor. If your business experience says these instruments are still popular in the USA, that would be interesting for me.

The only advantage I can see is possible tax minimization techniques. But these days, profitable businesses with little social conscience can set up offshore companies so easily.

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I went to your co-operative link. I have bookmarked that site for further study.

I was aware of the small railroad in central Alberta, but I thought it was a non-profit society. Maybe it is in a practical sense. I always thought railroads are not that expensive to run------until the track needs replacing.

The website also mentions Mountain Equipment Coop, which I used to belong to. It went private about 10 years ago. Maybe the website has more of that story.

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"Workers know far more about their business than normal voters know about local politics." This is quite profound. A wiser vote is probably cast in this regard---when compared to today's accepted electoral processes.

My suggested structure for the spolu is that each stakeholder group would have representation on the board, but none would have a majority. I gave the investors a slight edge, but still a minority. The spolu concept would need still to find equity capital--and I don't think giving all the reins to the workers is going to find that capital.