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Newco Grain hijinks

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    Newco Grain hijinks

    Newco grain sent out an email looking for organic grains.
    Same bunch that defaulted on farmers about 4 years ago.
    No thank you.

    #2
    They got us too. What name are they going under now?

    Comment


      #3
      Another graduate from trump business school.

      Comment


        #4
        Originally posted by sumdumguy View Post
        They got us too. What name are they going under now?
        Same name.
        I have not done any business with them. I just remember them and Nabers in Melfort did not pay farmers on deliveries which made the cgc licensing and bonding a useless joke.
        Somehow I remember back in that timeline Newco had some kind of religious connotation on their website.

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          #5
          Originally posted by hobbyfrmr View Post
          Same name.
          I have not done any business with them. I just remember them and Nabers in Melfort did not pay farmers on deliveries which made the cgc licensing and bonding a useless joke.
          Somehow I remember back in that timeline Newco had some kind of religious connotation on their website.
          ****en hypocrites....and those types worry about vulgar language but it's ok to steal...or money is their God....and their actions are justified by THEIR BELIEFS. "THY WILL BE DONE"

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            #6
            What exactly happened with Newco, never did business with them, but I thought they were bonded. Was there bond not big enough?

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              #7
              In late 2012, CGC paid out to claimants 95% of Newco's grain purchases from their bond.

              Newco promised, and were under no legal obligation to fulfill it, that they would make good on the final 5% shortfall. It did take a couple of years, but they did make good on their promise. Religion may indeed have been part of that decision.

              Good on them, but I never dealt with them since.

              I was more angry with the well known middle man broker that did not (imo) back up his farm clients with due diligence as to where he was sending off farm grain. I never dealt with his company again, either.

              If you make it through a farming career without being stuck, at least once, you are a lucky farmer.

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                #8
                Originally posted by checking View Post
                In late 2012, CGC paid out to claimants 95% of Newco's grain purchases from their bond.

                Newco promised, and were under no legal obligation to fulfill it, that they would make good on the final 5% shortfall. It did take a couple of years, but they did make good on their promise. Religion may indeed have been part of that decision.

                Good on them, but I never dealt with them since.

                I was more angry with the well known middle man broker that did not (imo) back up his farm clients with due diligence as to where he was sending off farm grain. I never dealt with his company again, either.

                If you make it through a farming career without being stuck, at least once, you are a lucky farmer.
                Did the last 5% get paid out to farmers when was made good?

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                  #9
                  Did their bond actually cover the 95% the CGC paid out?

                  Or does the CGC ever have to dip into a bond pool/reserve or do they ONLY use the defaulted companies bond?

                  Ultimately...if people got 100% of their money good on NEWCO for making it right. Religion or not.

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                    #10
                    Originally posted by farmaholic View Post
                    Did their bond actually cover the 95% the CGC paid out?

                    Or does the CGC ever have to dip into a bond pool/reserve or do they ONLY use the defaulted companies bond?

                    Ultimately...if people got 100% of their money good on NEWCO for making it right. Religion or not.
                    Thought I heard in other cases farmers got paid like 10 cents on the dollar owed. Not sure how that works. Isn't it the CGC's job to make sure licensed companies are fully bonded and covered?

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