Newco Grains--- CGC bond

[GreenValley]

I have seen CGC on paper asking if
anyone who sold grain to Newco, please
contact them. That was month ago I
couldn't remember which date published
on paper. Also said Newco is no longer
bonded license with CGC and advised any
farmer who sold (date) please contact
them.

I was talking to CGC rep and said
bonded license that bank can't touch it.
That what I told. It only pay out to
farmer. I don't know if trucker are
include, I didn't asked.

[oneoff]

Truckers are not eligible; and bond is only paid out to farmers; and there are specific time periods after which coverage is lost for grain receipts and deferred tickets etc. etc.

[ajl]

If I got a settlement of 95% I would not
complain too loudly. The situation could
have been much worse. That being said
grain contracts that are less one sided
would be good and a short crop year is
one to get them.

[Ronski]

so the producer should be happy he was only ****ed out of 5% instead of 100%?
How about cashflow? Because who needs money in May-August when you're a grain farmer?
Probably cost him 1.5-2%/month to juggle the cashflow plus the added stress and looking like a jackass when he had to explain the situation to his banker/input supplier/or worse yet landlords. Renting land is generally a pretty cut-throat business and I know in my area if you are supposed to pay rent before May 1 you better pay it cause with 3 phone calls you could get choice of 3 tenants who would cut you a cheque on the spot and start fieldwork immediately to show other landlords how efficient they are.

The more I think about this situation the less I like the risk. Looks like deliver and drive around front to wait for my cheque I guess Viagra gets my grain this year.