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Friend
23881409584
Posts: 3
Registered: ‎08-29-2010
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Verasun letters

Got my  letter yesterday  they want my  money back  for the corn I sold them  3  months before they filled .   How  do   you  explain this one .   Is this a scum bag lawyer trying to con some money  threw  fear or is this possible .  The letters I  know of  totals  36  million  

 

 

Contributor
jdmcfarm1
Posts: 16
Registered: ‎05-13-2010
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Re: Verasun letters

this is common practice .  went thru Merchants bankruptcy years ago and before it was over we literally were paying lawyers to sue ourselves. No kidding. Also had to file financial statements with the trustee to prove how much we could pay back so they could take our money, due us, and pay LT debt, trustee, and lawyers. Don't trust anyone, there is no money and you are an unsecured creditor.  Don't throw good money after bad {like me} thinking you will somday get justice...if you get the chance get out...now

Veteran Contributor
SouthWestOhio
Posts: 88
Registered: ‎07-31-2010
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Re: Verasun letters

This is interesting.  I take it they paid you for corn before it was delivered?  Have you delivered it yet?  Do they want the money and the corn? This has creepy crawly written all over it.

Advisor
jrsiajdranch
Posts: 2,117
Registered: ‎05-03-2010
0

Re: Verasun letters

This is a standard BK practice. the federal BK judge is asking for everbody who was Paid for corn or supplies or fuel or just about anything except non mgt. employees to reimburse the funds that they were paid.  You will have to prove that the money you were paid you were owed.

The problem with the verasun thing is that they will probably use a different mkt. price for corn than what you were paid especially if it was contracted. 

Hire a lawyer. 

Also talk to your State indemnity fund manager as they may have a say in the way money is repaid.  What ever happens don't ignore it hire a lawyer and get your self protected.  If you try to get off cheap you will give them the farm.

This notice could carry with it a possibility of contempt of court.

Sorry you are going thru this. JR

Friend
23881409584
Posts: 3
Registered: ‎08-29-2010
0

Re: Verasun letters

I dont know about everybody but my corn was contracted 2 months before  the 90 day period . We delivered the corn got payed like we have on earlier contracts.  Now they want it back.

The corn we delivered threw a broker to the plant they don"t want the money from us they want the broker to pay it back.  Elevators, Brokers, retired farmers who arent even farming any more have to pay back.  A very close friend went broke because of these @#$%^ he hauled  his corn at harvest to them becruse he had a  contract with them and never got his money .  Know they want the money they piad him for early contracts back.  What kind of scumbag lawyer are they.

Veteran Contributor
Whitesand_Farms
Posts: 102
Registered: ‎05-31-2010
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Re: Verasun letters

 Wow, It's a sad day for small businesses when the laws support big corporations from going broke but still allowing them to "STEAL"  from the small guy. Funny how if I declared bankruptcy I can't sue the local grocery store for  food I bought or the local parts supply for repairs I bought before I declared but big corporations can. It sickens me to think how governments can let this happen. As far as I'm concerned this topic should be front page news across the country putting pressure on those elected officials in power to change things, hence the phrase "by the people for the people".

Friend
Ken4Corn
Posts: 1
Registered: ‎08-30-2010

Re: Verasun letters

In response to questions raised by growers, the National Corn Growers Association is providing a one-page guide to responding. It does not constitute legal advice; growers are urged to consult an attorney should they need additional consultation. Click below for the document.


http://www.ncga.com/files/pdf/VERASUN-BRIEFING-083010.pdf

Frequent Visitor
JK78
Posts: 2
Registered: ‎08-30-2010
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Re: Verasun letters

Remember, whitesands, nearly all of those we have elected are lawyers.  How do you think we got into this mess of all of them milking the situation.  It is how they make a living when they are not in Washington.  And Washington writes the rules -- duh????

Contributor
too close for comfort
Posts: 21
Registered: ‎07-20-2010
0

Re: Verasun letters

[ Edited ]

So the farmer is now the accused and the burden of proof falls on him. I guess in bankruptcy court things work backward. I feel for each one of you.

 

Jerry

Senior Contributor
Jim Meade / Iowa City
Posts: 385
Registered: ‎07-22-2010
0

Re: Verasun letters

"Having received many calls regarding the Verasun Bankruptcy situation and the attempts that are being made to recover money from corn suppliers, Roger McEowen, Center of Agricultural Law and Taxation (CALT) director, has written a detailed article outlining what this means to parties that supplied corn to Verasun within 90 days of the bankruptcy filing. Legal counsel for the "reorganized debtors" has sent letters to these parties offering to settle preference claims. "

 

http://www.calt.iastate.edu/briefs/CALT%20Legal%20Brief%20-%20Verasun-Trustee%20Recovery.pdf