Class action against Input Capital

[SASKFARMER3]

No ag the biggest slime ball is input.

[Agvocate]

No ag the biggest slime ball is input.

Nobody is forcing you into a contract with them. They are a business designed to make money. I wouldn't touch them with a 10 foot pole for my operation but there is no reason they can't exist if there is a business case to be made for it. End of the day Feduk made a choice on how to manage his farm, and it appears he made a poor one. You have to take responsibility for your actions and your own empire not cry this poor me crap because you ran it into the ground. So who do you seek out? A dirt ball lawyer that see's an angle to drag a company's name through the mud, find others that are in the same situation as Feduk, and now any little bit they have left they pay to the lawyer.

[the big wheel]

Nobody is forcing you into a contract with them. They are a business designed to make money. I wouldn't touch them with a 10 foot pole for my operation but there is no reason they can't exist if there is a business case to be made for it. End of the day Feduk made a choice on how to manage his farm, and it appears he made a poor one. You have to take responsibility for your actions and your own empire not cry this poor me crap because you ran it into the ground. So who do you seek out? A dirt ball lawyer that see's an angle to drag a company's name through the mud, find others that are in the same situation as Feduk, and now any little bit they have left they pay to the lawyer.

You seem to be quite emotionally attached to this????

The lawyers for these guys are not really all that better as I see it.

There are proper business practices your customers should understand all the details clearly. I will grant that a lot I ve heard here say but always the same story from people not connected to each other makes things convincing.

There are laws about lending money and signing mortgages to go for old debts they weren't followed as I see it. In fact if you have to borrow from input I m quite certain many times it's all for old debt not new. You should not be held or forced to sign mortgages while being threatenned for foreclosure. Farm land security board must have approved all of this???
There are more villains than input in this story.

Of course each of the individuals has to bare some burden but those interest rates are ridiculous one. person said he got a sheet and it's all worked out to look like it's 9 % or something thereabouts. But that's based on you getting this big crop bigger than you'd normally grow simply because you have all these extra inputs you ll put in your canola.

The principal of this model is axtuallay a good one except the rates they charge are not proper.

John Gormley likes these guys????

[Sheepwheat]

Being the biggest , no matter the cost... poor guy had a year where he could only seed half. I had years where i seeded nothing. And with less than 5% of the acres he had. Was not easy, but I don’t have a lot of sympathy.

[Agvocate]

As for being emotionally attached, I am only in my frustration for the need to blame others for one's own decisions. Just the lack of taking any sort of responsibility for your own actions. I don't even reside in the same province or know any of those involved I just hate the need to paint everyone as the villain other that the poor guy who got "taken advantage of". If you are running a $20 million/year business whether its a farm, a hotel chain or a car dealership, as the person in charge you have a responsibility to know what you are doing when making decisions that affect your bottom line. I by no means think that Input is in the same sort of category as FCC. It is a totally different counter party and I get how they can appear to be shady. But if you decide to get into a deal with second or third tier lenders you should be pretty aware of the consequences of default. At the end of the day I have a real hard time feeling sorry for Mr. Feduk.

[recapped]

https://www.producer.com/2002/05/sask-pool-appeals-court-ruling/

Tryin to hot link, no can do.

[helmsdale]

Sympathy... for a guy that thinks he NEEDS 39,000 acres to "make a living". 10+ families should have been able to make a living off that.

His buds must love it when he shows up at the poker table Friday nights. He's all in on a 2 and a 7 without waiting for the flop.

[Bowerpower]

No sympathy from me. Using financing from Input to cashflow his expansion to 39,000 acres. Boo hoo. I’m sure if the gamble would have paid off with a couple of great crop years he’d be puffing his chest at the coffee shop telling everyone how smart he was.
He risked it all and lost. And now he wants a bailout. That’s BS.

[Richard5]

[QUOTE=the big wheel;378105]You seem to be quite emotionally attached to this????

The lawyers for these guys are not really all that better as I see it.

There are proper business practices your customers should understand all the details clearly. I will grant that a lot I ve heard here say but always the same story from people not connected to each other makes things convincing.

There are laws about lending money and signing mortgages to go for old debts they weren't followed as I see it. In fact if you have to borrow from input I m quite certain many times it's all for old debt not new. You should not be held or forced to sign mortgages while being threatenned for foreclosure. Farm land security board must have approved all of this???
There are more villains than input in this story.

This group are crooks!

But really its no different than some of the input trade accounts. How many guys on here use it? How many realize that many Viterra/Scotia input line accounts have an interest rate of 9.45% unless you are a preferred customer. How many wait until the payment deadline of Feb/Mar of the following year to pay it and not pay something down or all of it sooner.

To me, when companies began trade credit on inputs 15 years ago it was a big slice in the juggler for many. Grain receipts that came in from the last half of canola sale in July that normally went into the input bills went to equipment, super duties and toys. Then they grew half a crop and the shit hits the fan.

It takes many years to gain ground in this cycle but until farmers quit spending money on shit they don't need and manage the business properly, companies like input will thrive.

[Richard5]

Its not the first time this guy has been in the news

https://www.producer.com/2002/05/sask-pool-appeals-court-ruling/

[iceman]

The stock is holding at 1.40 on volume!!!

Paper airplane is on hold Farmaholic!!!


Iceman

[biglentil]

Sympathy... for a guy that thinks he NEEDS 39,000 acres to "make a living". 10+ families should have been able to make a living off that.

His buds must love it when he shows up at the poker table Friday nights. He's all in on a 2 and a 7 without waiting for the flop.

Even winning poker players often underestimate the bankroll requirements to weather the downswings. Its a poker term known as "risk of ruin" and increases as the player's edge decreases. Its easy to get blinded by short term results, the long run is what matters and is much longer than most understand. A bankroll of 100 times the buyin in a game is typically the absolute minimum.

Feduk was playing a dangerous game by not having an adequate bankroll for a highstakes expansion. It's also possible that he wasn't a winning farmer in that case no bankroll would be large enough.

Odds, probability and luck. Farming and poker are not much different. A farmer must make "positive expectation decisions", have an adequate bankroll and get a little luck from mother nature now and again.

Signing up with Input Capital is definetely a negative expectation decision. Same with overpaying rent, flipping new equipment yearly, and making poor agronomy decisions. Sometimes the game dynamics can change and it is best to rack up your chips and run to the cage (Ritchie Brothers) before you end up felted (Feduk).

[SASKFARMER3]

Here is some free info most farmers were asked poked pushed by their lenders years back to create corporations for tax planning they were told.

Hahaha it was all about the banks protecting their assets with section 427 and you guaranteed the corp so no hiding assets and when the shit hits the fan it’s easy real easy to shut them down.

Just saying the repeat of the 80s won’t happen this time

[sumdumguy]

If his expectations would have been realistic and he had the skill and integrity to produce, INSURE, and pay back his short-term debt, he’d still have his farm. Who signs away their land without all the facts, a good lawyer and cash -in-hand? BTO’s who want to off-load the risk usually find out that no one wants to assume their risk for them when things head south. Surprise!

[farmaholic]

The stock is holding at 1.40 on volume!!!

Paper airplane is on hold Farmaholic!!!


Iceman

Better unfold that share certificate you used to make that paper plane, steam press the creases out of it, laminate it and frame it. Be proud.