Vermont’s Commissioner of Financial Regulation, Susan Donegan, should expect a phone call from The Big Cheese sometime soon. The subject: her recent, and extremely decisive, rejection of the Vermont Health CO-OP’s bid for a certificate of public good.

For those just joining us, Donegan laid the smackdown on the VHC last week, ruling that its application fell substantially short in its financial outlook and management structure. Her decision was a huge setback for the would-be health insurer.

Well, today VHC’s top officials held a meeting with the media to tell their side of the story. It’s a pretty incredible situation; the two competing stories from VHC and Donegan could not be more different, and I don’t know who to believe.

I’ll post a more detailed diary later today or tomorrow, but for now I wanted to pass along the biggest new development from today’s presser: VHC has asked Governor Shumlin to seek reconsideration of the decision, and Shumlin has promised to take that step. Should be an interesting conversation, with Shumlin urging his functionary to reopen a case she considers closed. Emphatically. With a bang. “This is a final order from the Commissioner,” Donegan told WDEV’s Mark Johnson on Friday.

But the CO-OP has a fair bit of clout in the corner office. A former top Administration official, Christine Oliver, is CEO of the company. Shumlin was on hand at last fall’s official kickoff for VHC, and gave the venture his hearty endorsement.

“We reached out to the Governor,” said CO-OP Board Chairman Mitch Fleischer. “We met with him Monday afternoon. He’d been a proponent of the CO-OP, and he’d like to see another option [in the new health care exchange].”

VHC planned to offer coverage in the exchange, which launches on January 1, 2014, but it cannot do so without a Certificate of Public Good. If Donegan refuses her boss’ entreaties, the CO-OP’s only recourse is an appeal to the Vermont Supreme Court, which appears unlikely to succeed.

Again, I’ll have more on this story in the near future.