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A tough nut…

Diamond Foods (DMND), the large California nut cooperative that is looking to go public, has a tough choice to make. The cooperative’s board — Diamond Growers — currently consists of 13 nut growers. But SEC rules won’t allow all 13 to sit on the board and only three seats will go to growers. So next month, when the cooperative’s members are set to meet to approve going public, how are they supposed to choose from the list of growers, particularly when some of the growers aren’t really interested in going public in the first place according to this article?

In the S-1, Diamond provides details on each of the grower/directors and how much money they received from the company over the past few years, not all of which seems to be related to growing nuts. At the top of the list is Joseph Silveira, a director since 2002 who received $4.5 million last year from the cooperative. The vague footnote following the payment says that the money was paid to John Hancock and two other companies that Silveira serves as a representative for. Next in line is William Waggershauser, a director for the past 25 years, who was paid $4.4 million last yea At the other end of the spectrum in Michael Petz, a nut grower and director since 2001, who collected $175K last year.