Performance Ag Group.. - The Combine Forum
 5Likes
Reply
 
LinkBack Thread Tools
post #1 of 38 (permalink) Old 05-04-2019, 11:01 AM Thread Starter
Senior Member
 
radar's Avatar
 
Join Date: Oct 2015
Location: leduc
Posts: 118
Mentioned: 0 Post(s)
Quoted: 25 Post(s)
Performance Ag Group..

Anyone have any news , and is anyone organizing to see what we can get back?

radar is offline  
Sponsored Links
Advertisement
 
post #2 of 38 (permalink) Old 05-04-2019, 11:09 AM
Senior Member
 
Join Date: Aug 2018
Location: Wetaskiwin County, AB, Canada
Posts: 101
Mentioned: 0 Post(s)
Quoted: 26 Post(s)
So is it true that they swindled pre-purchased buyers of fertilizer?
I heard yesterday from a neighbor but didnt want to throw coffee shop talk on a forum

JAW896 is offline  
post #3 of 38 (permalink) Old 05-04-2019, 12:01 PM
Senior Member
 
Dan Vanderwell's Avatar
 
Join Date: Jun 2011
Location: Keephills AB CAN
Posts: 1,025
Mentioned: 1 Post(s)
Quoted: 184 Post(s)
Quote:
Originally Posted by radar View Post
Anyone have any news , and is anyone organizing to see what we can get back?
Here's all I know so far.

I talked to a gentleman at FCC on Thursday. He said their legal team is looking into what is left outstanding on the pre pay accounts and what FCC can do about it. Not sure they can do much as it would all be unsecured credit.

There is no product in the bins as CMN was verifying inventory and for some reason hauled all the fertilizer to another facility to weigh it and never brought it back. Not sure what the story on that is.

Quote:
Originally Posted by JAW896 View Post
So is it true that they swindled pre-purchased buyers of fertilizer?
I heard yesterday from a neighbor but didnt want to throw coffee shop talk on a forum
Yep they have. And any pre purchased seed or chem also. Myself and a lot of friends and neighbours have been taken. Some are out all their fert and canola seed. Luckily we had most of our fertilizer delivered in March or we'd be in a way worse situation.

Definitely couldn't have happened at a worse time.

Dan
Dan Vanderwell is online now  
Sponsored Links
Advertisement
 
post #4 of 38 (permalink) Old 05-04-2019, 08:43 PM
Senior Member
 
Join Date: Aug 2018
Location: Wetaskiwin County, AB, Canada
Posts: 101
Mentioned: 0 Post(s)
Quoted: 26 Post(s)
That is terrible news. I have heard some guys are out of alot of money. Did the owners shut the doors or is it in receivership?
JAW896 is offline  
post #5 of 38 (permalink) Old 05-05-2019, 02:26 PM
Senior Member
 
Join Date: Apr 2010
Posts: 2,283
Mentioned: 0 Post(s)
Quoted: 25 Post(s)
Currently the Evansburg location is open, the farm store is operating. There is 0 crop input supplies there. A large amount of farm store inventory has been taken in lieu of crop inputs. Calmar is physically closed, nobody wants to be in the yard. No receiver has stepped in currently. The owner, Harold Zibell, still thinks he can salvage the business and sell it to a new party. One employee, possibly more, have been implicated but not confirmed, to be involved with the whole financial situation. As of today, no crop input products are available out of Calmar, or if there is still inventory in the sheds, it cannot be released. The bins are all empty. Supposedly the CMN deal would have bailed out the ownership, forego business ownership to clear up a large amount of debt, and customers would still receive product, everybody would be oblivious. However some financials were kept quiet and undisclosed, which gave probable cause to CMN to terminate the deal. There is many stories and a lot of unconfirmed information, none of which add up to one consistent version. The only known fact right now is multiple millions of dollars of customer pre-buy is unavailable to return to customers, and there is no product backing those dollars to release to customers.

And on the 8th day, God looked down on his planned paradise, and said "I need a caretaker." So God made a farmer.
Alberta Pioneer is offline  
post #6 of 38 (permalink) Old 05-05-2019, 02:51 PM
HI!
 
Join Date: Jan 2007
Location: Three Hills/Trochu, Alberta, Canada
Posts: 2,370
Mentioned: 6 Post(s)
Quoted: 4671 Post(s)
I realize this is a local thread but what is CMN?
Don Boles is online now  
post #7 of 38 (permalink) Old 05-05-2019, 04:10 PM
Senior Member
 
Join Date: Aug 2018
Location: Wetaskiwin County, AB, Canada
Posts: 101
Mentioned: 0 Post(s)
Quoted: 26 Post(s)
CMN is Crop Management Network. Its an independant Ag retailer
https://www.cropmanagement.com/announcement/
JAW896 is offline  
post #8 of 38 (permalink) Old 05-05-2019, 05:01 PM
Senior Member
 
SWMan's Avatar
 
Join Date: Dec 2012
Location: Killarney, MB
Posts: 7,832
Mentioned: 3 Post(s)
Quoted: 2875 Post(s)
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.

AN ERROR DOESN'T BECOME A MISTAKE UNTIL YOU REFUSE TO CORRECT IT
Orlando A. Battista
SWMan is offline  
post #9 of 38 (permalink) Old 05-05-2019, 05:31 PM
Senior Member
 
Join Date: Jun 2016
Posts: 313
Mentioned: 0 Post(s)
Quoted: 79 Post(s)
Quote:
Originally Posted by SWMan View Post
One thing I wonder is why is the bank first in line to collect whatever is left

The banks control 338 people who work out of a big building in Ottawa.
lander2 is online now  
post #10 of 38 (permalink) Old 05-05-2019, 05:38 PM
Senior Member
 
Dan Vanderwell's Avatar
 
Join Date: Jun 2011
Location: Keephills AB CAN
Posts: 1,025
Mentioned: 1 Post(s)
Quoted: 184 Post(s)
Quote:
Originally Posted by SWMan View Post
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.
It's not right but we're basically just unsecured creditors. Any lending institution with a lien or mortgage is first in line and then we get what, if any is left. Probably be pennies on the dollar.

Here all the input suppliers deal with FCC, Scotiabank, etc for their customers credit. There's zero risk to them if a customer defaults.

Had a grain broker go bankrupt here several years ago. He didn't have enough bond to cover the amount outstanding and guys only got a small percentage of what was owing. I was very close to loosing a few loads of barley in that ordeal. This is a little bigger scale for sure.


Dan
Dan Vanderwell is online now  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the The Combine Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in













Similar Threads
Thread Thread Starter Forum Replies Last Post
Donald Trump - does this guy have a shot?? X80 Other / Off Topic 9863 Today 09:32 AM
Check this out for a laugh or two, actually, hundreds now! Don Boles Other / Off Topic 1494 10-10-2019 09:13 AM
Sunnybrook or PFP cylinder performance in corn? midmofarmer Claas / Lexion 2 08-04-2015 08:04 AM
Power chips for ag equiptment scott General Farming Board 5 01-16-2014 09:54 AM
F/S New Pioneer DDJ SX Performance Controller jaco1986 For Sale/Want to Buy 0 03-04-2013 04:29 AM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome