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Honored Advisor

Anyone heard how the Syngenta payment is going?

I originally didn`t sign up, because I didn`t believe Syngenta caused the corn price to go down, it was China playing games "red herring".   But then China buys Syngenta on the cheap with THEIR caused problems.  So at that point, all bets were off, I signed up for my share of the $1.5 Billion settlement.  

 

Just real rough figuring, if basically 75 million corn acres are signed up going into $1.5 Billion, that should be a average of $20 per acre.   So 100 acres about $2,000.  

 

 

Asking for a banker   Smiley Happy

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10 Replies
Senior Contributor

Re: Anyone heard how the Syngenta payment is going?

You gonna stiff the lawyersSmiley Surprised

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Honored Advisor

Re: Anyone heard how the Syngenta payment is going?

Gurly, does their fee come out of the $1.51 billion? As I understand it, it`s a class action suit now, I didn`t go through a lawyer to sign up, but I suppose and they`d have a point "we wouldn`t be here without their haaaaaard work"  and they`d have a point.  

 

Wonder how much the lawyers will get, earlier some would take cases for 25% and some up to 40% ?

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Senior Contributor

Re: Anyone heard how the Syngenta payment is going?

Really don't know what they will get.  I assumed 30% of the 1.5 billion.

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Veteran Advisor

Re: Anyone heard how the Syngenta payment is going?

I signed up via internet fairly late in the game and haven't heard anything since.  I remember the info mailed to us said how much the lawyers get, but don't recall the actual percentage and probably didn't save the information.  I'd assume at least 30%, possibly as much as double that.  If I was a banker, I wouldn't even include that settlement in any of my calculations/projections.

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Honored Advisor

Re: Anyone heard how the Syngenta payment is going?

I actually did save the paperwork sent and they say something like `the $1.51 billion will be divided in the class action suit with the producers getting the largest amount` In other words $750 million going to farmers.   Lawyers and administrators could get 49.9999999999% of the settlement.  

 

It`s going to boil down to how many signed up for it.  After that card was sent in the mail and wasn`t from a lawyer, I have a sneaky suspicion more signed up then that one would think.  So figure 90 million acres goes into $750 million...so about 7 bucks a corn acre.  

 

But they must still be figuring, like a Florida election   Smiley Happy

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Honored Advisor

Re: Anyone heard how the Syngenta payment is going?

that will take another lawyer or two.... a meeting in Aspen.... and some consultation ....

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keithmuddfarms
Frequent Visitor

Re: Anyone heard how the Syngenta payment is going?

IIRC unlike most class actions the lawyers will not be paid out of the settlement. There is a separate fund to pay the attorneys.

Honored Advisor

Re: Anyone heard how the Syngenta payment is going?

Well that`s good news, thanks Keith.   Mo money!   Smiley Happy

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Senior Contributor

Re: Anyone heard how the Syngenta payment is going?

From what I read in the settlement papers sent out, its not just farm producers that share the money, but other entities that use and buy corn also. Not sure what that all entails, but I would bet it means Cargill gets millions for grain it had under contract hoping to sell to China.

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