Class action against Input Capital

[recapped]

https://www.producer.com/2002/05/sask-pool-appeals-court-ruling/

Tryin to hot link, no can do.

[helmsdale]

Sympathy... for a guy that thinks he NEEDS 39,000 acres to "make a living". 10+ families should have been able to make a living off that.

His buds must love it when he shows up at the poker table Friday nights. He's all in on a 2 and a 7 without waiting for the flop.

[Bowerpower]

No sympathy from me. Using financing from Input to cashflow his expansion to 39,000 acres. Boo hoo. I’m sure if the gamble would have paid off with a couple of great crop years he’d be puffing his chest at the coffee shop telling everyone how smart he was.
He risked it all and lost. And now he wants a bailout. That’s BS.

[Richard5]

[QUOTE=the big wheel;378105]You seem to be quite emotionally attached to this????

The lawyers for these guys are not really all that better as I see it.

There are proper business practices your customers should understand all the details clearly. I will grant that a lot I ve heard here say but always the same story from people not connected to each other makes things convincing.

There are laws about lending money and signing mortgages to go for old debts they weren't followed as I see it. In fact if you have to borrow from input I m quite certain many times it's all for old debt not new. You should not be held or forced to sign mortgages while being threatenned for foreclosure. Farm land security board must have approved all of this???
There are more villains than input in this story.

This group are crooks!

But really its no different than some of the input trade accounts. How many guys on here use it? How many realize that many Viterra/Scotia input line accounts have an interest rate of 9.45% unless you are a preferred customer. How many wait until the payment deadline of Feb/Mar of the following year to pay it and not pay something down or all of it sooner.

To me, when companies began trade credit on inputs 15 years ago it was a big slice in the juggler for many. Grain receipts that came in from the last half of canola sale in July that normally went into the input bills went to equipment, super duties and toys. Then they grew half a crop and the shit hits the fan.

It takes many years to gain ground in this cycle but until farmers quit spending money on shit they don't need and manage the business properly, companies like input will thrive.

[Richard5]

Its not the first time this guy has been in the news

https://www.producer.com/2002/05/sask-pool-appeals-court-ruling/

[iceman]

The stock is holding at 1.40 on volume!!!

Paper airplane is on hold Farmaholic!!!


Iceman

[biglentil]

Sympathy... for a guy that thinks he NEEDS 39,000 acres to "make a living". 10+ families should have been able to make a living off that.

His buds must love it when he shows up at the poker table Friday nights. He's all in on a 2 and a 7 without waiting for the flop.

Even winning poker players often underestimate the bankroll requirements to weather the downswings. Its a poker term known as "risk of ruin" and increases as the player's edge decreases. Its easy to get blinded by short term results, the long run is what matters and is much longer than most understand. A bankroll of 100 times the buyin in a game is typically the absolute minimum.

Feduk was playing a dangerous game by not having an adequate bankroll for a highstakes expansion. It's also possible that he wasn't a winning farmer in that case no bankroll would be large enough.

Odds, probability and luck. Farming and poker are not much different. A farmer must make "positive expectation decisions", have an adequate bankroll and get a little luck from mother nature now and again.

Signing up with Input Capital is definetely a negative expectation decision. Same with overpaying rent, flipping new equipment yearly, and making poor agronomy decisions. Sometimes the game dynamics can change and it is best to rack up your chips and run to the cage (Ritchie Brothers) before you end up felted (Feduk).

[SASKFARMER3]

Here is some free info most farmers were asked poked pushed by their lenders years back to create corporations for tax planning they were told.

Hahaha it was all about the banks protecting their assets with section 427 and you guaranteed the corp so no hiding assets and when the shit hits the fan it’s easy real easy to shut them down.

Just saying the repeat of the 80s won’t happen this time

[sumdumguy]

If his expectations would have been realistic and he had the skill and integrity to produce, INSURE, and pay back his short-term debt, he’d still have his farm. Who signs away their land without all the facts, a good lawyer and cash -in-hand? BTO’s who want to off-load the risk usually find out that no one wants to assume their risk for them when things head south. Surprise!

[farmaholic]

The stock is holding at 1.40 on volume!!!

Paper airplane is on hold Farmaholic!!!


Iceman

Better unfold that share certificate you used to make that paper plane, steam press the creases out of it, laminate it and frame it. Be proud.