Newco Grain hijinks

[Ronski]

I have sold to Newco in the past and will do so in the future. They at least had the personal integrity to make things right when the law said they could walk on the 5%. I like to think I would do the same if the situation arose.
No idea why they had issues in the past (management, speculating, rejected cargo?) But they stood up and did what was right.

[helmsdale]

As far as I'm aware, they have changed their business model up. Instead of you recieving a cheque from Newco Commodities, they are simply a middle man that takes a $x.xx/bu commission now like many others. So now its not them that you need to worry about regarding the cheque, it's each individual buyer they are dealing with.

My memory is a little hazy on the matter as it was a while ago, but i believe they sunk themselves by signing a delivery contract with the CWB of significant tonnage for just into the open market period, and prices spiked hard and they had to either buy out their contract, or fill it at a significant loss.

Maybe someone else has better info than I do, but that's what seems to stick with me. It was rumored to be a one time loss in the millions. Honestly thought it was going to be impossible for a company to soak up with minimal assets, and thin margins, but one guy i know who sold a load of off spec canola to them just shortly before shit hit the fan, recieved $0.10 on the dollar initially, but something like 3 years later was finally made whole.

[hobbyfrmr]

Thats good news. I appreciate the update. Human nature in me remembers negative events then never follows through to see what happened later.

[farmaholic]

As positive as the outcome may have been was there any compensation for stress pain and suffering and being short the cash flow to srevice your own business and life?

...just playing the Devil's Advocate now.

[bucket]

Zero interest on those payments .....pretty good loan newco got...