Stearns County, Minnesota | tmrand - 1/9/2016 09:20 Just having thoughts from the post below. What would keep a failing farm business from paying what would basically be outlandish labor rates to an employee when they know they're about to go under? Then that employee would have access to cash to buy new land and be off and running. Does the bank have any claw back ability on that cash or are they just screwed? Not saying that is what happened below but he did write previously of some pretty high wages being paid from that farm...............and he is not a business partner in that same farm. What say you? I think the bankers that are financing PiratePride2 family farm entity, which PiratePride2 manages, are no dummies. It sounds like they have been able to get financing for the last couple of years, without any problems. Having borrowed and paid back money for 40 years, bankers are pretty conservative. I would say they probably have a personal guarantee from the members of the family farm entity. These members probably have assets that they can attach if they default on the loan. |
Declining moral values may just help set up the next farm business. Questions about banking??
