Performance Ag Group.. - Page 2 - The Combine Forum
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post #11 of 38 (permalink) Old 05-05-2019, 06:02 PM
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That really stinks, hopefully things can get resolved although it probably won't happen overnight.

I just picked up the last of my pre-paid inputs last week, stories like this makes a guy wonder. These input dealers make a big fuss about checking up on farmers credit worthiness(which isn't necessarily bad), but yet we have no info on them and there isn't a method to recover recent cash pre-pays made by farmers when something like this happens???

One thing I wonder is why is the bank first in line to collect whatever is left when they supposedly had access to the numbers all along and were charged with oversight of the business and the security of the debt? But the innocent farmer gets hung with the losses, how were they supposed to know? Seems a little backwards to me.
A bunch of farmers got hung on one of these situations in the early 90's here, dad was one of them. Local one location store and the bank foreclosed and seized all accounts within a week after the Dec/Jan prepay deadline. Bank VP testified under oath in court they waited until then to foreclose because they knew farmers prepay money would be coming in. He lost his job. This was also a one branch local bank with a strong farm lending presence, they lost a lot of business.

This was also a feed retail outlet and anyone foreclosed on did not pay their feed bill. When the first farmer, an old bohemie, was asked about this in court as to why he did not pay his response was "why the **** should I", apparently the question was not asked again.

It sucks when the banks hold all the cards, can make up the rules to the game and hold a crystal ball.

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post #12 of 38 (permalink) Old 05-05-2019, 09:06 PM
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The banks control 338 people who work out of a big building in Ottawa.
Sad but true.

I was just pointing out the absurd nature of the way things work. Things like this show just how little knowledge the lenders have of what they are involved in. It should never get to this point.


AN ERROR DOESN'T BECOME A MISTAKE UNTIL YOU REFUSE TO CORRECT IT
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post #13 of 38 (permalink) Old 05-05-2019, 11:37 PM
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Local farmer is starting a class action lawsuit and has a contact for a fraud case with the rcmp. PM if you need details
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post #14 of 38 (permalink) Old 05-06-2019, 01:28 AM Thread Starter
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Agree ,not coffee shop talk anymore, it's past that now, was told " took your fert. money and used it to pay operating expenses, no fert in my bins " ......"working on 3 deals should have fert by monday" ,, we can only hope I will phone and see what response i get ..Only out all our fert.and counting,
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post #15 of 38 (permalink) Old 05-06-2019, 02:08 AM
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At the moment, you have to source, get to pay (likely more) for the same thing again, right when you are getting ready to use it.
Hope you have a safe seeding season for now.
Good luck to anyone caught on the shitty end of the stick.
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post #16 of 38 (permalink) Old 05-06-2019, 10:17 AM Thread Starter
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Sounds like 50 farmers all caught to some degree
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post #17 of 38 (permalink) Old 05-06-2019, 06:18 PM
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Sounds like 50 farmers all caught to some degree
An inside source told me it was 39 at Evansburg, 47 at Calmar.

And on the 8th day, God looked down on his planned paradise, and said "I need a caretaker." So God made a farmer.
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post #18 of 38 (permalink) Old 05-06-2019, 06:39 PM
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This could break some guys. Has the owner fled the area ? If the wrong guy gets a hold of him....

Brent.
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post #19 of 38 (permalink) Old 05-06-2019, 06:59 PM
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Even at only 50,000 each itís over 4 mil.
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post #20 of 38 (permalink) Old 05-06-2019, 08:22 PM
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Local farmer is starting a class action lawsuit and has a contact for a fraud case with the rcmp. PM if you need details

Who would be the suit against that has money?

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