Stearns County, Minnesota | The amount corresponding to the fair value of the land and improvements, approximately $139.0 million , was credited against the notes receivable from this single producer borrower. As a result of this arrangement, all remaining outstanding notes receivable balances and corresponding reserves related to this single producer borrower were removed from the balance sheet of CHS Capital. However, we continue to enforce our rights under the various agreements between us and the producer borrower to pursue future potential recoveries. So if I interpret this, Boersen Farms owed CHS Capital in 2016, a total of $284.0 million. Of this total, CHS Capital took $139.0 million as collateral against 14000 acres of land. The $145.0 million they wrote off their balance sheet and are now trying to collect it in a law suit against Boersen Farms, for the 2017 crop. |