LEOFF 2 Board Meeting Report - September 21, 2016
LEOFF 2 BOARD REPORT
The LEOFF 2 Board met on Wednesday, December 8, 2017. Unfortunately there was no quorum so not official business could be conducted. Never the less, they did present the final version of their “update” of the 2011 LEOFF 1/LEOFF 2 merger study. This “update” is to be included in the SCPP’s LEOFF 1/TRS 1 merger study. We don’t understand quite how that works since there was no quorum, so the final report did not receive approval from the LEOFF 2 Board. As such, it remains a report from Steve Nelson not from the LEOFF 2 Board. (See http://leoff1.net/pdf/2017_127_L1L2MergerStudy_Final.pdf.)
That said, it is a well written report and we urge everyone to read it carefully. It does concentrate on the structuring of a LEOFF 1/LEOFF 2 mergers but it does not make a recommendation either for or against such a merger. It does give a good review of the issues involved in any merger effort.
Also included in the report is a legal review form the firm of K & L Gates. (See http://leoff1.net/pdf/2017_127_KL_Gates_Opinion.pdf.) While this review is generally supportive of a LEOFF 1/LEOFF 2 merger, it recognizes the numerous unresolved legal issues and problems that may well stop any merger effort.