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a week ago
If the creditor has a UCC filed with that land listed it can be a factor. I was approached by a farmer one time that he had a job offer but needed to go to it right away. He had the crop planted and I was going to take over. Land owners, seed and fertilizer and chem dealers were okay with it, but the bank would not drop their filing on those acres because past years note was not paid off. Needless to say it didn't happen.
Nothing going on in western Cass County, MI on up to Decatur. One field outside Decatur has been disked, but not by the BTO's giant equipment. Looks like no more than a 15-16' disk. The land closest to me has been rented for one year to the former operator before Stamp. That land's owned by a local realtor who should know all the ins and outs. The Chicago owner of another piece has gone hat-in-hand to the former operator and been told he can't even pay what he did before the BTO took it over. The realtor is getting what the former operator can pay, too, "take it or leave it". The JD lot at Holland is sitting on 20 new combines hauled in in January, all in a row, not set up. Lots of new tractors sitting there, too. Dealer says he has to see money first. The grain in the bins at Decatur reportedly has liens from the chemical and fertilizer companies tying it up. I think we all knew it had to happen sooner or later. The BTO was behind the 8-ball the first year on Stamp's ground, paying Stamp's unpaid rent plus his own first year. Try paying two years rent for one year's crop and see how far you can go. Add on all the accidents, property damage, and torn-up equipment. Throw in all the corn on the ground after harvest. The past two years some fields looked like they sowed corn for cover crop in the fall.
I am in North Western Van Buren county. . I don't even see their pickups. I have gone past about 500 acres in the last 2 days Nothing has been touched. I hope this isn't true I know some of the land owners. They are old and this is there income. Most of them don't have equipment anymore.
The talk at the mill this afternoon is that the BTO has obtained financing, and was handing out checks today. The source said that the tractors were moving today or would be shortly. I don't know what that will mean to the landlords who have struck deals with other tenants for this year. I guess this is a good thing for the landlords who are depending on that rent, but it should also be a warning for the future.
Was at the Holland Greenmark store yesterday & stopped counting after seeing over 30 pieces of current Boersen equipment let alone the dozens of new not yet set up to the north of the store......bad scene.
Several friends from the Kalamazoo/Three Rivers area that rented to them last year, still waiting on final 2016 payment and are putting in the crops themselves this year. One set of brothers also did some fieldwork....planting & harvesting...and are waiting on wages as well. Plenty of Boersen equipment sitting on the Holland Greenmark lot as of yesterday....not good for the area.
My neighbor hauls for Greenmark from the factories. They've been busy since January hauling those combines, tractors, etc. Word through the grapevine from BTO employees is that they've been sitting around the shop doing nothing. BTO got some financing, but it sounds limited. They are going to plant, but no maintenance fertilizer, just mine what's there from previous years. They went out to a bin site to load out some corn, but there was no electricity. The electric company told them when the bill was paid they would turn the juice back on. Wonder what condition that corn is in? The planters were taken in to the various stores for updating, and then delivered back to the farm. When no money was forthcoming the stores were sent out to bring the planters back in.
Went by the Decatur location late today. There was a lot of equipment there. Too much to count. It looks like it just setting there ready to go. Most of the land around there hadn't been touch. What I did see that had been worked I think belong to a different farmer. There was a couple guys there. Maybe guards?