Ilta Grain

[Grahamp]

It really is too bad. I have never been burned but about 5 years ago I decided to only deal with the major line companies. I hate not supporting small plants that are trying to get going but I just can’t afford it. The fact of the matter is no matter how honest, well intentioned, and efficiently managed they are there can be things completely beyond their control that can break them. My response unfortunately is bad for competition and I supposed makes me part of the problem but I don’t know what else to do.

[bucket]

Where does one go to find the list of creditors

PWC website

[MBgrower]

Does anyone know the status of other companies like G3 that have been spending millions and we were told that 49.9% of their company had 0 value. Where are the assets to cover their bonds? What about the other companies that are investing in infrastructure are they well covered the investments are nice but not if farmers can't get paid for deliveries.

G3 owned by the Saudis. Each elevator probably costs less than a 3/4 million barrels of oil. No problems there.

[bucket]

G3 owned by the Saudis. Each elevator probably costs less than a 3/4 million barrels of oil. No problems there.

That and they were left the 250 million dollar bank account....that was the purchase price....

[hobbyfrmr]

This is fully and completely the Canadian Grain Commission’s fault.
Those ****ing incompetent donkeys not only shit the bed but they rolled around in it and rubbed all over themselves.
The policy is grain buyers have to submit a monthly audit to the CGC. ****ing Naber seeds went bankrupt twice on the Canadian Grain Comissions’s watch, plus Newco. Ilta should NEVER have been allowed to operate this long.
If there is 150 million owing the people on the list of creditors they should designate 10% to hire Tony Merchant and sue the ****ing Canadian Grain Commission.

No, I did not get stung by Itla, but I despise ****ing chronically useless bureaucrats. This NEVER NEVER NEVER should have happened.

You cannot keep telling the farmes the CGC is under funded. That is more bullshit. How hard is it to collect audits from grain companies and processors? How hard is it to suspend their license before they owe 150 million dollars?

Send a proper message sue those useless ****s maybe they will get fired instead of a bonus for fogging a mirror in the office of the CGC.

[farmaholic]

But there is no risk in farming.....remember. INSURANCE for everything. Even A/R insurance. A/R insurance is the icing on the production insurance cake.....you know the one.....the insurance cake that guarantees farming success....regardless.

What if some money is owed to someone who can't afford to forfeit the income?

A guy on that list lives about 3 miles from me....owed over 100k...."thinks" he will get his money. I feel sorry for him(and his niavety).

More guys on that list 25 miles south of me.....and the brokerage firm who could have "brokered" the deals. Wow, would hate to be that guy and his employees.

[hobbyfrmr]

But there is no risk in farming.....remember. INSURANCE for everything. Even A/R insurance. A/R insurance is the icing on the production insurance cake.....you know the one.....the insurance cake that guarantees farming success....regardless.

What if some money is owed to someone who can't afford to forfeit the income?

A guy on that list lives about 3 miles from me....owed over 100k...."thinks" he will get his money. I feel sorry for him(and his niavety).

More guys on that list 25 miles south of me.....and the brokerage firm who could have "brokered" the deals. Wow, would hate to be that guy and his employees.

I use A/R insurance when exporting out of province. Any exporting company/farmer can use it and they should.
I saved myself this exact headache when the credit check revealed the buyers were only good for $50,000 for 30 days. The grain contract is worth $135,000. They wanted me to deliver. I told them to pay the difference up front. They did not have the funds. The grain stays in my bin, not in a bin 2 provinces and a mountain range away. **** them.
I know these guys, we meet at conferences, they are on the executive committee for the industry, we shake hands, talk nice etc.
Everybody is a millionaire but nobody has any ****ing money.

[furrowtickler]

I use A/R insurance when exporting out of province. Any exporting company/farmer can use it and they should.
I saved myself this exact headache when the credit check revealed the buyers were only good for $50,000 for 30 days. The grain contract is worth $135,000. They wanted me to deliver. I told them to pay the difference up front. They did not have the funds. The grain stays in my bin, not in a bin 2 provinces and a mountain range away. **** them.
I know these guys, we meet at conferences, they are on the executive committee for the industry, we shake hands, talk nice etc.
Everybody is a millionaire but nobody has any ****ing money.

Exactly hobby both your posts are spot on
I think one very big name on that list is from your neighborhood

[furrowtickler]

There are quite a few in our neighbourhood that are on that list
This is brutal

[rumrocks]

That last sentence that hobbyfrmr just said is more accurate than most realize, "Everybody is a millionaire, but nobody has any money", well put.