Ilta Grain

[walterm]

How is this not seen as fraud or theft in the BLIND eye of the law? Maybe because producer's are expendable?

Maybe because producers have never been able to get together and try it in a court of law. Should this be something that check off $ and producer commissions be doing?

[farmaholic]

Maybe because producers have never been able to get together and try it in a court of law. Should this be something that check off $ and producer commissions be doing?

With all due respect walterm....but they're broke. Can't get blood from a stone....unless you want to make the CGC the "Defendant"!

[bucket]

Between the FCC lending of 85 million....WHY?....and the loans payments that would have to be made from farmers on the creditors list......FCC is in this for a little more than 95 million... just a guess....

Take the bond?????

but CGC rep says they haven't determined if the bond will cover what is owed to farmers....UH then someone is really not doing their job....when the CGC is paying auditors to figure it out....they are supposed to be the ****ing grain auditors....

Who is thinking of buying ILTA grain...they have asked for sales commencement????

[bucket]

With all due respect walterm....but they're broke. Can't get blood from a stone....unless you want to make the CGC the "Defendant"!

Farmers could take their primary elevator receipt back to ILTA and get their grain....its theirs still...

Unless they had it picked up at the farm....then their are pooched...

[Oliver88]

How is this not seen as fraud or theft in the BLIND eye of the law? Maybe because producer's are expendable?

Do you think any emails, meeting minutes were deleted or papers shredded before management left their offices for the last time?

These farmers were robbed. Unfortunately some are out 5,6 and 7 figures!

[westernvicki]

Each company applies for and qualifies for a bond to cover operations.
The value of each bond, is evaluated & will be different for each company.
The CGC requires monthly reporting of producer payables, this is mandatory to the CGC.
If all is done properly the bond should reasonably match the insurable payables within a rolling average.

Does the system work, stay tuned.
Should crops be expanded to support diversity of production.
All important questions for Ag associations to weigh in at next meetings.

[rumrocks]

The irony of it all is there will be missed payments to FCC from farmers, because FCC will be first in line to get paid , lawyers love this type of circular dilemma.

[westernvicki]

As a personal note:
I promoted the risk insurance model, as unpaid receivables are painful at any level, with thin profit margins all around, always will be.

1/ its bankable (stuff like this happens you know how much you are getting back, no suspense.)
Financial institutions should be all in supporting I figure.

2/ it supports diversity, the ideal system should be available to buy on all commodities a producer including canary seed, & feed grains.
We need diversity to spread risk.

Short term insurance model would have made the current wrath unnecessary.

[hobbyfrmr]

Between the FCC lending of 85 million....WHY?....and the loans payments that would have to be made from farmers on the creditors list......FCC is in this for a little more than 95 million... just a guess....

Take the bond?????

but CGC rep says they haven't determined if the bond will cover what is owed to farmers....UH then someone is really not doing their job....when the CGC is paying auditors to figure it out....they are supposed to be the ****ing grain auditors....

Who is thinking of buying ILTA grain...they have asked for sales commencement????

Precisely.

[bucket]

As a personal note:
I promoted the risk insurance model, as unpaid receivables are painful at any level, with thin profit margins all around, always will be.

1/ its bankable (stuff like this happens you know how much you are getting back, no suspense.)
Financial institutions should be all in supporting I figure.

2/ it supports diversity, the ideal system should be available to buy on all commodities a producer including canary seed, & feed grains.
We need diversity to spread risk.

Short term insurance model would have made the current wrath unnecessary.

Not being a naysayer but someone will always find a way to push this on to someone else to pay....The CGC will pick up this tab eventually and the principals at ILTA will do it all again eventually,,,, unless they sunk enough away for a good retirement out this go round...