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Co-op's assets worth very little, trustee says

By Richard Ecke

Great Falls Tribune

The Highwood Generating Station power plant east of Great Falls is almost worth nothing, according to court papers, adding a new twist to attempts to reorganize a bankrupt rural electric cooperative.

Lee Freeman of Livingston, a court-appointed trustee for the Southern Montana Electric Generation and Transmission Cooperative, late last week filed a motion suggesting the natural gas-fired power plant is worth only $5.6 million. The co-op borrowed $75 million from Prudential Financial and $10 million from Modern Woodmen of America to build the plant, which has run only a few times.

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