Notice to Creditors

[SASKFARMER3]

Reading more info on this wtf a 20% interest loan. Really don't you think that's a sign your f$&ked.
In 1980 ok but today really.

[farmaholic]

SF3, could have been 50%, if there was no intention of paying it....

[farmaholic]

http://www.pwc.com/en_CA/CA/car/broadacre/assets/broadacre-002_110514.pdf

[bluefargo]

The site posted above by Farmaholic is fascinating on so many levels. Unbelievable what you can get on the internet.
The CFO made the statement to the effect that they had the organizational infrastructure to manage 200000 acres. He implies if only they could have got there they would have been ok which is laughable. Obviously they didn't have the ability to manage anything.
The list of creditors is fascinating. His Will Foundation?? Who are they? They are owned big money. Gary Pike may come out of this smelling like a rose but I doubt it.

[SASKFARMER3]

Keep reading He and his wife signed personal guarantees.

[farmaholic]

....as they should have and rightfully so.

[bluefargo]

I suppose it's possible with creditor protection the company could restructure and rise from the ashes. Again I have my doubts.
Gary Pike's credibility has taken a serious blow!
The strengths of a family farm big or small shine through again.

[farmaholic]

I've said it a million times. I don't think Farming is a business that the Large Corporate model can be apply to. Too many variables and financial demands placed on it. Layers of "Management" and employees. Sometimes the Farm has to come before the people and that is why Family Farms(yes even corporate) tend to be more successful. They are willing to do with less at times when needed.

[bgmb]

I agree Farmaholic, Also I think one of the single most important tasks in farming is driving your fields from after seeding till end of june. You need to drive your fields and keep watch over your money and make sure it flourishing. Investor farms never do this and I think that is one of their big downfalls, I havent found an agronomist yet that cares as much as I do or will check as often as I do.

[bgmb]

Bluefargo,

To me that is the most hilarious part of the entire thing, does he actually believe that they would have been successful if they would have got to 200,000ac lol lol. Other way around boys if you would have started at a conventional size and grown your management structure with your business you might have had a hope.

[sumdumguy]

Hiring "agronomists" , that's another topic. All ages, and you all know what I am saying. What qualifications make you an agronomist? What are their responsibilities? Are they insured for mistakes like not taking into account residual chemicals in crop rotations? How many farmers confuse agronomist with agrologist? Agrologists are licensed through Saskatchewan Institute of Agrology and have stringent university training requirements along with ethics requirements-not sure what training agronomists are required to have.

[farmaholic]

Management: what surprises me is some of the people that get hired. They couldn't sail their own sinking ships.then get hired to sail bigger ones. Too funny. I guess I'll continue to paddle my 2500 acre dingy and add air when need be.

When the ship is in below the waterline and your freeboard is shrinking, QUIT adding cargo!!!!! The seas of farming are very rough and unfriendly!!

[hedgehog]

Too big to fail, just like lehman bros.