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Allegan, MI | Ok, I think I’ve read enough and now it’s time for some input. I farm around Mike Stamp’s operation. I take grain to North Star. I say hello to him, his family and his employees at the county fair. I’ve been reading the news articles, the comments and listening to the rumors and now in light of what has just happened I’ve decided it’s time to shed some light on a piece of this situation that no one seems to realize. Has anyone realized that in the “top producer” article he talks about North Star Grain? One may ask why North Star Grain is not claiming bankruptcy. We’ll here you go. Mike Stamp did what every one of us has done or tried to do, make yourself look good financially so you will be able to do what you love to do. The bank went in and did an audit and realized we have more invested in this company then we are willing to loose, they threw their hands up in the air and no longer wanted such a risky liability. Something National City did to me when they were merging into PNC in 2007 and nearly stopped me from taking out an operating loan. So what can the banks do now? They have too much money invested to be able to sell the company to another lender so they look into “Assets”. Mike Stamp owned multiple companies and multiple DBAs, the bank realizes they can take all revenue away from those areas, bankrupt them and put all monies toward North Star Grain, make it look as good as possible and place it on the auction block. This is what’s going on, Mike stamp ran a risky business but what in farming isn’t a risk? Stamp Farms LLC., farmed 40,000 acres, a lot of which was under water and took his grain to North Star, where did all the money go when his trucks unloaded it? I’m writing this because while I don’t know everything about his operation I do know one thing, when a farmer is getting taken by a bank this is what it looks like. If we turn our backs on guys like Stamp and write it off as bad business without asking the question, why if he’s in such bad shape is one of his companies (North Star Grain) still writing checks, we aren’t looking at the big picture. Mike Stamp could have paid 3.9 Million to Monsanto for input costs with 40,000 acres of ground. If banks can close their doors on a famer like Stamp there is nothing stopping them from closing their doors on small farms like me and that’s where I get concerned. Look at the bigger picture here everyone, what man owns multiple companies and all of them go bankrupt but the biggest money maker? He could have paid his bills, for me at least that’s the only thing that matters at the end of the season is paying my bills. I’m expecting some of youto make some comment about how Stamp stole ground from you and that may be true but he never stole an acre from me and I have to take that for what it’s worth. I hope everyone will take a look at this http://blog.mlive.com/kzgazette/2008/05/historic_northstar_grains_m... this is what this farmer has contributed to the community that I farm in. I won’t run another man’s name in the ground and you’d all do good in remembering that the way you talk about another has a sentence to say about them but a book to say about you. | |
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Anyone listed in Stamp Farms Bankruptcy
