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Plainville Livestock Kansas files bankruptcy
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Russ In Idaho
Posted 3/20/2019 09:01 (#7390675 - in reply to #7390597)
Subject: Brandon,.....


“These are the times that try men's souls.”
I saw what happened in the 80's it wasn't pretty. It happened here, guys that were current and could make it go got the rug pulled on them. Bad ones got write downs, I saw the aftermath into the 90's. Only thing I learned was never let a one lending institution get all your eggs. I remember a Ag bank in Farm Credit system wanting 1/2 million collateral for 70 thousand dollar shed I was going to build. I laughed them off the place, I countered with I would give them title to 70 head of heifers at the time. Value at that time on heifers was double that. I didn't go with them at the time, but they was willing to take it. I went with local bank at the time, paid a more in interest and mortgaged a small piece of ground. All the times I've seen lending intuitions sell someone out the cattle always went first. Too easy for bank to get cattle check proceeds, not willing to work with someone.

Will be interesting I see guys that got those big write downs in 80's now schooling their kids not to make payments with FSA, will be a sit back and watch does it happen again? My opinion lot of those guys that got those write offs lives were forever changed, my opinion their whole families broke up, greed I think it helped tear families apart. It wasn't good for the communities.

Anytime you have to put all land, equipment, cattle up to purchase more dirt, you really need to think twice about that purchase.

My thoughts are that bank that seized that money will never give 100% back to those cattlemen, if they held their funds for more than 5-7 days those cattlemen will never be made whole again. What about their notes that will be called due, their late fees and wrecked credit because of this action?
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