Free Anarchy

[wd40]

Viterra announced strong second quarter earnings June 11 for the quarter ended April 30. The company posted net income of C$33.6 million ($33 million) equal to 16¢ per share on the common stock, up sharply 265% from C$9.2 million, or 10¢ per share, during the same quarter of 2007.

[wilagro]

I'll guarantee you one thing...they will never earn a nickel of profit from my grain.

[silverback]

Neither will you if you keep those 1000 bushels of feed barley in the bin for the rest of your life!

When are you going to let your beloved borg finally market it for you?

[wilagro]

silverback: My fight is not with the CWB. I just don't like the way that Viterra came about and the loss of the co-operative movement in grain marketing in general. In other words...we were SHAFTED.

Why do you keep bringing up that old barley?.,,ancient history my friend.

Time moves on.

Time to feed our production to animals or make bio-fuels and quit trying to feed the world with grain that the world is not willing to pay a decent price for, and for which we have to pay a third or more of the value to ship to market. The prairie soils are now posed for production of industrial products. If we need food we can just have a container ship bring it to us from CHINA...just don't analyze the contents though.

[parsley]

You were shafted?

Looking in all the wrong places, are you?

I thought the Wheat Pool elected their own brand of Rod Flamans.

They put their own men watching the till.

Who was to blame, then?

The WBGA?

Or the WCWGA?

How about Moose Jaw Play School?

Who could you blame........?



Parlsy

[bduke]

Parsely...the "shafting" was the transferring of farmers equity to the bond holders in order for Sask Pool to save itself from bankruptcy....and it was accepted bt the BoD by 1 vote.

Sask Pool consolidated farmers shares 20 to 1....and then issued a whack of shares which it "traded" to the bond holders in lieu of cash as the bonds matured.

This effectively transferred the value (equity) from farmer shareholders to the financiers...and the by accepting shares in lieu of cash the bond holders did not force receivership.....Bill

[parsley]

Back up a moment to the delegate elevator meetings..

How could SWP possibly be facing bankruptcy if the "suitable" elected men from the co-operative farm community were at the Board table looking after their own till?

Seems to me farmers did it to themselves, not George Bush, or Walt Disney or Kermit the frog.

wilagro vannot be legitimatley ticked with Viterra.

Parsley

[bduke]

Parsely....had the BoD let Sask Pool fall into receivership the receiver would have , in my and many others opinion, received more value for shareholders by having the facilities and systems operated by a new purchaser than we received in our hugely diluted share values, and now a company with more than 40% market share.

The BoD acted in the interest of the company....not the farmers....seems to have a ring of familiarity...Bill

[parsley]

...and over to you wilagrow.

[wilagro]

Parsley: Bill has it nailed. Also when AWP joined with UGG...many of the same shenanigans. Equity shifted to shares and then shares diluted by issuing more shares to the financiers.

The farmers were the goats and the hired guns who RAN these so-called co-ops were the goat herders.

[parsley]

1. Didn't the goats hire the goat-herders?

2. How do you distinguish the difference between voting for a goat and a non-goat?


Parsley

[bduke]

Good question Parsely.....the voting restrictions of the Pools remained "democratic" i.e. one vote per shareholder....not one vote per share.... even though they had moved from a Co-op structure to a corporate structure.... and IMHO...when voting for business interests and sustainability,agriculture should apply best business practises...voting proportionally to stakeholdings....

It seemed to me that by maintaining traditional voting the Pools ensured that neither the Goats nor the Goat Herders passed the "smell test"...pun intended....Bill

[bucket]

My opinion about swp/agricore/vitera thing is farmers got shafted. How can a company that not only stole farmers equity and screwed alot of its employees to stay in business aquire another company larger than itself and magically within a year make loads of money. two supposedly broke companies combine, handle the same amount of grain can suddenly turn things around. If thats the case why didn't jri just buy the swp and agricore up and make an even better profit.

By the way the high stakes poker game that mayo/brian/richardson family/cargill/adm played over that one weekend still wreeks of collusion.