Just when you think it can't get any stupider!

[Guest]

http://www.producer.com/2015/02/broadacre-executives-receive-extension-retention-bonuses/

broadmoor execs get bonuses for job well done ???


http://www.producer.com/2015/02/china-helps-fill-fertilizer-gap/

fertilizer shortage , where ?? if some country has a possibility of a good wheat crop,or just a timely rain , ,our price plummets . but china is bursting to the seams with urea and our price goes up , no price gouging here, though ????

[SASKFARMER3]

Everything about broad ass is weird.
Yes China is overflowing with fert. Our price is up on shortage. 19 dollars a ton to move canola to China yet we can't get Chinese product here.
Yes Tom farming is perfect!

[hobbyfrmr]

A judge has approved a plan to retain the executives of a failed large Saskatchewan farm to oversee the sale of its assets.


The Court of Queen’s Bench of Alberta has approved a key employee retention plan (KERP) put forward by the executives of Broadacre Agriculture, a corporate farm that was granted bankruptcy protection Nov. 4.


Broadacre was farming 65,000 acres of Saskatchewan farmland when it went out of business.


Chief executive officer Gary Pike, chief operating officer Dallas Pike and chief financial officer Andrew Marshall have been granted an extension of their employment agreements until Aug. 31.


The three company officials will receive retention bonuses equal to 100 percent of their respective salaries payable in three equal installments between March and August.


Other key employees will receive a payment of 7.5 percent of their respective salaries earned between Nov. 4 and the date of their future termination.


“The current job market in the areas in which Broadacre operates is competitive and robust and I am satisfied that the KERP is necessary to retain the key employees,” Marshall said in a Jan. 16 affidavit submitted to the court. “Without the retention of the key employees, the applicants’ ability to maximize the realization of asset value would be seriously compromised.”


The executive compensation package doesn’t sit well with Allen Blain, who managed Broadacre’s farm near Gravelbourg, Sask., for two years.


“It’s unfortunate that the guys that orchestrated a mess like this can have the audacity to think they’re entitled to a bonus when so many people are going to come up short on it,” he said.


[SASKFARMER3]

Doesn't that whole shit show give a warm fuzzy feeling.
They drove up rent, drove up land values, and never had a dollar. Ah farming.

[hobbyfrmr]

That is awesome! The Broadacre Farms executive are above the law and banking rules. Totally awesome.
A judge, paid for by the province of Alberta, hired for his skill of balanced and fair reasoning!
It's brilliant, a licence to print money.

Allen Blain has a decent rebuttal.

I wonder who is going to give them supplies to farm this year?
It's just so .......incredible.....

[RD414]

Don't think they are farming Hobby, just booking the sales and cashing their wage cheques. Lots of spare time on their hands. you should take them fishin SF3

[farmaholic]

...and use those pricks as anchors....

Crooks!

Cheers

[tweety]

They are a model new age farm operation that we should all aspire too. I bow humbly before The ceo coo cfo's ability to extract money personally from a well thought out financial plan, its not unique, this is what they learn in school. Absolute unaccountability.

"Farming" was just an easy route to get there. Any business will do. Farming was probably easier as they have machinery and inputs tripping over themselves getting the big score.

If they made money, great, keep cashing salary and bonus cheques. If they don't, great, no personal loss, keep cashing salary and bonus cheques till the next sucker business comes along.

[farmaholic]

Wow tweety that's hard to swallow. I'd have other solutions for them.

I guess that's why I never amounted to much.

Cheers

[blackpowder]

Tweety is right. Happens all the time.
In this case I recall all the farmer clients the Pikes had and how they swallowed it hook line and sinker. Always room for a new Jonestown.

[Oliver88]

This is a very disgraceful when these executives and "important" employees get paid bonuses prior to paying all those owed $.

We need tougher bankruptcy laws in Canada.

[Richard5]

You all would be very surprised at friends or relatives who have claimed bankruptcy and/or debt mediation in their lives.

This is public accessible through industry canada's website for a search fee

Corporate entities are searchable at no cost