46 million in the big picture

[hobbyfrmr]

I seem to be ruminating on this subject. If a person were to rationalize the 46 million dollar accounts payable, some folks on here suggest that it will ultimately come out of the taxpayers and other farmers .
If there is one million people in Saskatchewn, and about half of them pay taxes, that would leave a balance owing of $92.00 each. That would be a full tank of gas, or 30 beer , or about 7 packs of cigarettes.
When I look at it that way, why did the stop at 46 million?
I do know that the sums to the creditors are far more concentrated and that is what hurts. The creditors will find financial difficulty in this event. The trickle down effect is hurtful.

[SASKFARMER3]

Watch RBC NS and Farmcredit Tighten our requirements for 2015. Just to cover a shit show.

[freewheat]

Well, how much land did this joke entity own? Would they not sell the land at record prices and recoup a lot of the cash? Land values down there are pretty high, esp. around the city, if you look at Wigmores location. Development land, ( I thought they had a fair bit of it) is going for millions a quarter. WHo knows?

[farmaholic]

freewheat, the document reads, 58100 leased and 8950 owned. Owned doesn't necessarily mean "paid for".

It also mentioned liquidating some land in the area you mentioned....

Too little too late?

[freewheat]

Yeah, not paid for, but would not the land mortgages be on the letter of creditors? 8 000 acres should be good for at least 16 million.

Plus like others said, land appreciated rapidly since "bought".

I dunno?

[Oliver88]

I think the RMs that were ripped off will repossess land and sell it.
FCC will likely sell land too.

The other creditors??.......good question.

[HappyFarmer]

You really believe the r.m.'s would priority over FCC? Not a chance.

[hobbyfrmr]

It's been sometime since I had to think of this, but, I think what matters is where you are on the list registered against property titles. So, if the RMs are only going to take action they may be down the list.

[bucket]

If fcc gets the land the taxes will be paid prior to the next sale.

[Hopperbin]

Is that really how it works? Shouldnt fcc pay up the taxes instead of taking 2 percent per month charges??????? Then again they may hire people that need a calculator to do everything.

[grefer]

It is my understanding that the taxes owing would have to be paid to the RM before the titles would be transfered to FCC.RM's have considerable power when collecting taxes owed.

[Hopperbin]

Sounds right.

[HappyFarmer]

Yes I think hobby and bucket are both right.

[sumdumguy]

Wouldn"t R.M.'s just put a lien on the land? When it is sold, don't the liens get paid first?