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SE Nebraska | Unfortunatly, the court ruled that growers should be paid "current market value", not the ocntracted price. That difference of almost $4 a bushel is what they really wnat. But what will happen is that all of the money needs returned, then the secured creditors get paid, and what ever is left is split by the unsecured creditors. Being in the retail fert business, after geting burned we now require a crop lein once the bill passes a given ammount. We got paid less than 2 cents on the dollar on a feed/seed/chem/fert/lp bill of over a million dollars. Had a letter of credit from the bank, but when they went under, courts let the bank off the hook, and us, the coop, the implement dealer etc all got screwed. He got to keep the $500,000 house, but we all lost our bonus money because it affected the bottom line. He's back in business, but has to buy feed and inputs over 100 miles away, at whatever price they want to charge, as no one who went through that will do business with him. | |
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Verasun-or, how 90% of lawyers give the rest a bad name-
