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Senior Contributor

Re: Illinois Family Farms -- anybody affected?

Easy now- what's wrong with greed? Nobody likes to admit it, but we are all greedy. Some just take it over the top.

If it weren't for greed, we'd all take $4 for our corn and $8 for our beans but we wait for higher prices. I'm greedy, you're greedy, our neighbors are greedy, the fertilizer plant is greedy, even your church passes around the plate wanting money. Greed is also known as capitalism and that's what makes the world go around.

Maybe ego, but not greed.
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Veteran Advisor

Re: Illinois Family Farms -- anybody affected?

Highyields I use a 12 row planter and Im probably the smallest farmer in my area. Most are using 16 row planters with the BTO's using 24 row planters. Im my area its pretty much open farmland with gently rolling hills but Im right on the Michigan/ Indiana border. If you go further north of about Lansing the fields get pretty small and farms get pretty scarce.

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Veteran Advisor

Re: Illinois Family Farms -- anybody affected?

Steeringwheelholder waiting for a good price to sell ones grain to pay the bills and put food on the table is a heck of a lot different than selling your soul for corn and beans!

 

Steeringwheelholder where are you farming?

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Senior Contributor

Re: Illinois Family Farms -- anybody affected?

I know there is a difference between making a living and greed, BSF.  I don't know much about this guy the next state over, but it seems the downfall was more about ego than greed.  "I can do the same thing better than you, with my new equipment and technology.  If you don't believe me, I'll just show ya" seems to be the theme there.  That's the vibe I get from the website 'about us' section anyway.  I think this clip sums it up about greed:

 

 http://www.youtube.com/watch?v=RWsx1X8PV_A

 

We have conversed on a previous thread last fall BSF, you told me your wife was from a little town about an hour to the northeast of my farm.  Get on the 4-lane and head west and you're here. Smiley Happy

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Advisor

Re: Illinois Family Farms -- anybody affected?

Spoiler
 

Jeff, I agree with Neil Harl, the steep drop in income from the previous two years is extremely suspicious, like perhaps money was fed into hidden bank accounts or such.  Surely, his farming practices cannot account for that kind of revenue plunge, some of it maybe, but not all of it.  Plus, I cannot imagine a bank like the one that had mostly unsecured loans, probably operating loans.  Due diligence was not accomplished by anyone, including the unsecured creditors. 

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Re: Illinois Family Farms -- anybody affected?

Yeah, I ran the numbers. Either fraud or more likely as I suggested, it vaporized at the CME. Like Corzine.

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Veteran Contributor

Re: Illinois Family Farms -- anybody affected?

Like i said in an earlier post-I would bet he got on the wrong side of the Board of Trade or saw he was in trouble and siphoned cash/grain elsewhere before the bankruptcy. Like Bruce-we had a guy who was head of heartland pork went bankrupt sold his operation for pennies on the dollar. In vested heavily in a ethanol plant that went bankrupt due to hedging losses- now is spearheading a major land deal in Africa. He always got his share and more out of these companies. Personally I'd put him to work cleaning his hog buildings. You know his lifestyle has never changed. I sometimes wonder how he sells these bankers.

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Veteran Advisor

Re: Illinois Family Farms -- anybody affected?

SWH I know where about you're farming. Awfully good dirt that way..... That is if you can get it planted.

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Senior Contributor

Re: Illinois Family Farms -- anybody affected?

Yes sir.  I am just on the edge of being able to pull in 98.9 The Bear here.  Drainage tile is always in demand here.  There have been a lot of ditchers running this winter with the mild weather.  Most times they have to wait it out until spring, or do it in standing crop.  Honestly, when they plow through standing beans in early summer, the field bounces back and doesn't look all that bad come fall.  

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Honored Advisor

Re: Illinois Family Farms -- anybody affected?

The website reading reminds me of advise I got from a lawyer once during the litigation of a pyramid scheme.

He said "folks make the assumption that the promoter of the sceme is smarter than the victims.  Reality is they usually both fall for the scheme."