NU Online News Service, Jan. 24, 10:09 a.m. – The Wisconsin United for Health Foundation Inc., Milwaukee, plans to sell 5 million shares of the stock of Cobalt Corp., Milwaukee.
Cobalt, the company that holds the Blue Cross and Blue Shield licenses for Wisconsin, gave the stock to the foundation in 1999, when it converted to a stock charter from a nonprofit charter.
Under Wisconsin law, a nonprofit corporation holds its assets in trust for the people of the state. Nonprofits must compensate the people when they convert nonprofit assets to for-profit use.