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East central Indiana | Do you think he will actually show up or not? Just ran across the list of drivers for 2013. |
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southern edge of central illinois | Sponsored by Wells Fargo?? Lou the bankruptcy lawyer? Brought to you by Alan Lash's
Family Farms. |
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20 Miles West of Indianapolis Indiana | Ha. That would be interesting... |
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Eastern North Carolina | Is/was this the tractor... "Ghost Rider"?
http://www.youtube.com/watch?v=R4BCrqUsHIA
http://www.youtube.com/watch?v=FVxzpwxwfuE
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central Indiana | saw another one and he had D 21 pulling I will say this, his pulling tractors ran |
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| Yep ghost rider was / is his tractor. Mike bought it from Ryan Salenbein. It used to be called never satisfied. Ryan was a better driver, but the tractor still runs darn good.
http://m.youtube.com/watch?v=DBd6c6Cc6G4 |
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Eastern Ia. | When he pulls everyone in the crowd should stand up and put their backs to him. |
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Vicksburg MI 49097 | 8320farmer - 12/8/2012 23:02
Do you think he will actually show up or not? Just ran across the list of drivers for 2013. My Guess is that Stamps pulling Tractors are under impounded like everything else he owned and guarded by a Security Guard! |
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Vicksburg MI 49097 |
I am impressed by this Tractor http://www.youtube.com/watch?v=62vTLbjRVK8 |
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Southern Michigan | Might be sponsored by Borson Farms for 2013.
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north,ala | acutally he had a 88 series super farm in 2011 i know, dont know if he still has it, then he bought ryans tractor and painted it. |
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north,ala | those are two different tractors. |
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Vicksburg MI 49097 | 8320farmer - 12/8/2012 23:02
Do you think he will actually show up or not? Just ran across the list of drivers for 2013.
I was joking about the pulling Tractors being up for Auction by Wells Fargo, but the Bank can't even find them. Here is Wells Fargo Temporary Restraining Order.
http://docs.justia.com/cases/federal/district-courts/michigan/miwdc... |
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Vicksburg MI 49097 | 8320farmer - 12/8/2012 23:02
Do you think he will actually show up or not? Just ran across the list of drivers for 2013.
If you read the Wells Fargo Temporary Restraining order , It States that Stamps Pulling Tractors valued at $500,000.00 are in hiding, and the Bank can't even find them. |
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South Central North Dakota | In a previous life I worked in ag lending, bankruptcy courts are not amused by antics listed in that restraining order, moreover conversion of secured assets is a felony . |
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South Central North Dakota | In a previous life I worked in ag lending, bankruptcy courts are not amused by antics listed in that restraining order, moreover conversion of secured assets is a felony . |
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East central Indiana | They sure are doin a good job of ruining themselves aren't they. Can't believe there pull in some of the stunts they are. |
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north,ala | 500,000 for 2 superfarms???????? |
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Central NY | The only thing Stamp will be pulling in Louisville is hard time in a Federal Penitentiary. According to the Wells Fargo filing he was engaged in fraud and theft. Going take down his family members with him too if they aren't careful. To think people were defending him in the original post. |
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Grinnell, Iowa | Reading through that it sure would appear that some folks are probably going to have a new criminal record before this is all said and done, and if whats in that restraining order is true Mike will be a felon. |
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Vicksburg MI 49097 | ramlamb - 12/9/2012 23:03
The only thing Stamp will be pulling in Louisville is hard time in a Federal Penitentiary. According to the Wells Fargo filing he was engaged in fraud and theft. Going take down his family members with him too if they aren't careful. To think people were defending him in the original post.
Today one of Stamps Employees Told me to stop spreading Rumors.. I tried to explain to him that I was only quoting the Wells Fargo Restraining order.
Unless some one made a Fake Restraining order Document and posted on the Internet because they wanted to make Stamp Look bad. |
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| That kind of paperwork can be embellished a bit too... but the substance of it appears as though he was robbing peter to pay paul... and the bank (peter) found out.
There won't be any winners from this deal other than the ones that already got paid.
Rod |
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Texas/New Mexico Stateline | Marlhauler - 12/10/2012 01:01
Today one of Stamps Employees Told me to stop spreading Rumors.. I tried to explain to him that I was only quoting the Wells Fargo Restraining order.
Unless some one made a Fake Restraining order Document and posted on the Internet because they wanted to make Stamp Look bad.
IMHO if somebody files bankruptcy, it should all be public information. When you file bankruptcy, you have taken money from a lot of people and are saying you can't pay it back. That needs to be made very public. People can learn from this situation, and protect themselves. As far as I am concerned we need to keep publishing this info. This guy looks to have ripped off a lot of businesses, I don't know why that should be kept secret. |
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| It is hard for banks to lend to large grain farm operations because the production and collateral is spread over such a wide area and there is too much supplier credit and too loose of an attitude about accepting encumbered equipment in on trade. With livestock operations, an inventory can be done fairly easily although some banks are not very good at doing that. My experiences with Wells Fargo is that they generally have a pretty good lending staff on these type of larger loans, but when your borrower is trying to deceive you, it can be tough to catch. I wouldn't think this all happened in one year, so grain inventory should have been a clue?
Brandon |
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| To really keep track of what was done... at least from the bank perspective... they'd have to be there and understand the operation as well as he did. What it has no doubt done is make it that much harder for anyone else to get an AG loan in the future....
Sometimes I think that's not such a bad thing. If credit wasn't so easy for some around here it would to some extent reshape the industry out of the hands of those with the most credit...
Rod |
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Vicksburg MI 49097 | Brandon SWIA - 12/10/2012 11:01
It is hard for banks to lend to large grain farm operations because the production and collateral is spread over such a wide area and there is too much supplier credit and too loose of an attitude about accepting encumbered equipment in on trade. With livestock operations, an inventory can be done fairly easily although some banks are not very good at doing that. My experiences with Wells Fargo is that they generally have a pretty good lending staff on these type of larger loans, but when your borrower is trying to deceive you, it can be tough to catch. I wouldn't think this all happened in one year, so grain inventory should have been a clue?
Brandon
According to the Temporary Restraining Order Filing, It looks like Stamp signed everything over to Wells Fargo in December 2011. Stamp out grew all of his other Bankers. Rumor has it that he had a line of Credit with Wells Fargo of 70 Million dollars. The filing says Stamp owes Wells Fargo around 68 Million.
Stamp used Wells Fargo's money to pay off his other Bankers and pay his other bills. Also made up a couple more LLC's. Wells Fargo's Claim is that funneled Wells Fargo collateral into other Stamp owned Companies to buy Land, to the tune of 4 million dollars.. Not to mention selling $700,000 worth of grain sold to pay other creditors too..
As far as others extending loose credit, that's over 5 million in unsecured debt. |
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Vicksburg MI 49097 | RodInNS - 12/10/2012 17:38
To really keep track of what was done... at least from the bank perspective... they'd have to be there and understand the operation as well as he did. What it has no doubt done is make it that much harder for anyone else to get an AG loan in the future....
Sometimes I think that's not such a bad thing. If credit wasn't so easy for some around here it would to some extent reshape the industry out of the hands of those with the most credit...
Rod I once read in a Farming Magazine that 50% of Farmers operate debt Free.. Wouldn't it be interesting if Top Producer would do an article about Farmers who operate on a debt Free Cash Basis.
I even read a comment by one Farmer on here who implied that he doesn't even use Crop Insurance. I know some big trucking Companies who are self Insured. By Insuring themselves they are cutting out the profits of a lot of middle men. |
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Vicksburg MI 49097 | milofarmer1 - 12/10/2012 08:43
Marlhauler - 12/10/2012 01:01
Today one of Stamps Employees Told me to stop spreading Rumors.. I tried to explain to him that I was only quoting the Wells Fargo Restraining order.
Unless some one made a Fake Restraining order Document and posted on the Internet because they wanted to make Stamp Look bad.
IMHO if somebody files bankruptcy, it should all be public information. When you file bankruptcy, you have taken money from a lot of people and are saying you can't pay it back. That needs to be made very public. People can learn from this situation, and protect themselves. As far as I am concerned we need to keep publishing this info. This guy looks to have ripped off a lot of businesses, I don't know why that should be kept secret.
So good old Honest Abe knew a lot about the Internet?
Stamp did not File Bankruptcy. The Company that Wells Fargo Hired to look into Stamps Books Filed Bankruptcy Chapter 11 against unsecured Creditors. Wells Fargo did this to secure their secured Losses.
I warned at least 3 of the top 20 unsecured Creditors not to Trust Stamp, but they had already drank too much of the Stamp Kool Aide
http://docs.justia.com/cases/federal/district-courts/michigan/miwdc... Just read that: It's beyond belief what Stamp was doing... it very easily fits in the Category for fraud. Stamps Father and Brother in Law are mentioned too as accomplists . can't spell |
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Mike stamp pulling at louisville
