12-05-2012 10:19 AM
12-05-2012 10:20 AM
I feel quite sure, that the debts of all operations are much higher. Unreported debt is really the problem. You do services or product without knowing all the debts, you can get taken down. I did in the 80's and It cost me alot of money when things were very tight. I hope all those trusting souls, have a voice in this court case.
12-05-2012 10:51 AM
Farmer46 would you ask for current financial statements before allowing 30 day billing credit to a farm account?? Would size make a difference??
I think it is a tough question but important. In the farming world a lot of the most solid businesses are the guy who never does a financial statement until it is tax time. And in many areas they don't intend to look successful. And the reverse, not all that waddle like a rich duck actually are.
12-05-2012 02:38 PM
No----there were many. Monsanto at 3.9 million, next closest one between 5 & 700k and only two others over 100K, and the rest were below 50K. Not a large #, unless what I saw was not a complete list.
12-05-2012 09:36 PM
Nobody needs to farm that much ground, it just displaces or limits alot of smaller guys that would like to farm a little more.
Without limits on crop insurance subsidies, there's no production reason for this to happen. So it must be either financial, or ?
Noticed the bankruptcies were filed for LLC's. Is there any personal liability or responsibility in this situation?
Whoever it was that featured his operation in an article should rethink how they identify success. I know alot of farmers that are 1% of his size that have top-notch operations, no/little debt, nice equipment, etc.