FCStone Group (FCS) is a publicly held corporation that converted from a cooperative to a private corporation in 2005, and then converted to a public corporation in 2007. It is an integrated commodity risk management company that provides risk management consulting and transaction execution services to commercial commodity intermediaries, end users, and producers. This case study focuses primarily on the period from the first conversion in 2005 to six months after the public offering in March 2007. Because the financial benefits received by each of the cooperative owners of FCS are dependent on the timing of their sale of FCS stock, stock price information and benefit estimates are provided up to early November 2008.