Ilta Grain

[TASFarms]

ILTA is not a primary elevator. If they were you would have your check when you left the driveway. These processors are above the law when it comes to buying grain. Time for a change, most processors are bigger now than the primary elevators in the early 1900s

[bucket]

AGT cold called one day ...I said how long to get a cheque if I deliver to you?....15 business days...that is close to a month...whats that about....

My response was I am not a bank...I don't finance guys that just received 110 million for fixing a used railway...I have my own shit to fix and will deal with guys that can issue a cheque when the slides are closed...

[highwayman]

Vicki. Does the grain company actually have to have the funds set aside to cover the value of the bond or how is it supposed to work.

[bucket]

Vicki. Does the grain company actually have to have the funds set aside to cover the value of the bond or how is it supposed to work.

I do want to hear the answer....but its quite obvious its not working....Lentils were bought in harvest for 15 cents because everyone said they were going to 12.....they have rallied to the odd time of 19.5 cents....

[westernvicki]

Vicki. Does the grain company actually have to have the funds set aside to cover the value of the bond or how is it supposed to work.

Each company is evaluated individually, for the bond, a bond is posted based on financial capacity.
The funds are real.

The gap is the question. And uncovered commodities of course. In the past the gap was substantial but rules did tighten up, so we will see, once again how this system works, if it does.


I am merely pointing out, we've been here before several times in my career in the industry. Some of us worked for change and were shut down, farmers who opposed it then did not feel it was their responsibility to insure their own risk, and so here we are.

I support diversity, the industry needs diversity more now than ever, and so I advocate a relook by ag associations on what industry risk management looks like which commodities included, what process is used.

Headed to AIM, have a good day.

[LWeber]

ILTA is not a primary elevator. If they were you would have your check when you left the driveway. These processors are above the law when it comes to buying grain. Time for a change, most processors are bigger now than the primary elevators in the early 1900s

i meant to reply - not like.

As of July 11, 2019, the Canadian Grain Commission has suspended the licences of ILTA Grain Inc. of Surrey, British Columbia.

[Kraut]

I bet that the bond will likely cover 80-90% of qualified outstanding producer payments. Those with deferred cheques for any commodity and those with canary seed will not be covered by CGC bond.

Since FCC and HSBC are secured creditors from the assets, they will take whatever proceeds come from sales and collection but will not be made whole. Everyone on that creditor list that does not qualify for CGC bond will get $0. From railways to broker, to deferred lentil cheques to canary seed producers to the local paper that are all owed money, $0 will be paid out.

Also the $31 million of inventory Ilta claims to have in the court filings is BS. Even at a generous valuation of 30 cents/lb that equals around 47,000T. Not a chance they have anywhere near that inventory. Inflated stocks or overvalued stocks or likely both

[bucket]

I bet that the bond will likely cover 80-90% of qualified outstanding producer payments. Those with deferred cheques for any commodity and those with canary seed will not be covered by CGC bond.

Since FCC and HSBC are secured creditors from the assets, they will take whatever proceeds come from sales and collection but will not be made whole. Everyone on that creditor list that does not qualify for CGC bond will get $0. From railways to broker, to deferred lentil cheques to canary seed producers to the local paper that are all owed money, $0 will be paid out.

Also the $31 million of inventory Ilta claims to have in the court filings is BS. Even at a generous valuation of 30 cents/lb that equals around 47,000T. Not a chance they have anywhere near that inventory. Inflated stocks or overvalued stocks or likely both

So the lenders and the CGC forgot to tap on the side of the bins...Even my dad back in the day was smart enough to throw small stones at the bins to see how full it was at harvest...

[sumdumguy]

Would be good to know how big their bond was. Is there any way anyone can post a link to their outstanding liabilities?

[the big wheel]

Each company is evaluated individually, for the bond, a bond is posted based on financial capacity.
The funds are real.

The gap is the question. And uncovered commodities of course. In the past the gap was substantial but rules did tighten up, so we will see, once again how this system works, if it does.


I am merely pointing out, we've been here before several times in my career in the industry. Some of us worked for change and were shut down, farmers who opposed it then did not feel it was their responsibility to insure their own risk, and so here we are.

I support diversity, the industry needs diversity more now than ever, and so I advocate a relook by ag associations on what industry risk management looks like which commodities included, what process is used.

Headed to AIM, have a good day.

No way in hell we should have to buy insurance out of our own pocket to pay to get our money. All these so called subsidies and programs should be some where in there to account for this.

But as I said I cannot see why there isn’t a requirement for them to put money in a fund that is allocated to purchases. Once it’s rhere make your contracts for x amount of grain and that’s what your allowed to buy. No creditors or other liabilities should factor into this.

[farmaholic]

Big wheel. The whole ****en world operates on credit, maybe people should just pay their ****en bills. No one should be able to walk away from that responsibility...whether you're hiding behind a corporation or not. Regardless if the company is privately held, in which case the principals should be perpetually responsible for their companies debt, or publicly held....in which case the management AND shareholders should be responsible for the debt. If the ****en shareholders want to share in the profits of the Company they should also share in it's liabilities.

Some people have zero ****en morals, being able to walk away scott-free is a fault of society. I remember saying in a post long ago; "nobody goes to jail for claiming bankruptcy". Maybe people who poorly manage companies into bankruptcy should be stripped of all their personal wealth to the point of leaving them the bare minimum to carry on or live with.

No accountability.

[malleefarmer]

What was actually there demise collapse in lentil prices world wide?

Pulse companies here still doing it hard sitting on high priced inventory from when 4 years ago was it?

[Kevinglyfos]

agree

Big wheel. The whole ****en world operates on credit, maybe people should just pay their ****en bills. No one should be able to walk away from that responsibility...whether you're hiding behind a corporation or not. Regardless if the company is privately held, in which case the principals should be perpetually responsible for their companies debt, or publicly held....in which case the management AND shareholders should be responsible for the debt. If the ****en shareholders want to share in the profits of the Company they should also share in it's liabilities.

Some people have zero ****en morals, being able to walk away scott-free is a fault of society. I remember saying in a post long ago; "nobody goes to jail for claiming bankruptcy". Maybe people who poorly manage companies into bankruptcy should be stripped of all their personal wealth to the point of leaving them the bare minimum to carry on or live with.

No accountability.

. It’s so sad the world has gone this way I totally agree with you

[the big wheel]

Big wheel. The whole ****en world operates on credit, maybe people should just pay their ****en bills. No one should be able to walk away from that responsibility...whether you're hiding behind a corporation or not. Regardless if the company is privately held, in which case the principals should be perpetually responsible for their companies debt, or publicly held....in which case the management AND shareholders should be responsible for the debt. If the ****en shareholders want to share in the profits of the Company they should also share in it's liabilities.

Some people have zero ****en morals, being able to walk away scott-free is a fault of society. I remember saying in a post long ago; "nobody goes to jail for claiming bankruptcy". Maybe people who poorly manage companies into bankruptcy should be stripped of all their personal wealth to the point of leaving them the bare minimum to carry on or live with.

No accountability.

Very true and that’s why we need something different. This isn’t working and we shouldn’t have to wait even a couple weeks for money.
And we shouldn’t have rhe expense of paying for insurance either.

I d like to know the story as to what happened.
What interest were they paying on that debt? Interest is killing a lot of companies not everyone is getting the low rates advertised.

[bucket]

Status Update as at July 15, 2019

The ILTA Group will seek Court approval for interim financing as well as the authorization to commence a sales process for its assets and operations on Thursday, July 18, 2019 at 9:00 AM Vancouver time.