Ilta Grain

[the big wheel]

Some people could still end up getting a rubber cheque. But at least the A/P account wouldn't get so big before the red flag goes up.

No I’m saying they put the money in this holding account it’s verified by CGC or whom ever as being there and it only gets used to pay for grain purchases.

[highwayman]

Any trust left in this industry has been irreparably damaged from this fiasco. If your guard wasn't up with all special crop buyers before it should be now. Will be interesting to see how proceeds from sales of product delivered gets allocated amongst creditors like FCC. Farmers didn't lend ilta the funds to overspend on expansion so FCC should be moved to the bottom of the list but we certainly know that won't happen. So much gross incompetence while farmers are left without a chair when the music stops.

[malleefarmer]

interesting post but not "likeable"

guessing maybe 25 different guys have posted with comments am i correct it seems none of you had any idea other one think was it hobby or furrow?

occasionally and i mean very i think ive had 3 phone calls from grain broker over the 12 years ive been with him ...weve ceased to deal with so and so, some late payment stories about etc etc sure enough the companies in question were belly up within 3 months so bad news travels quick amongst farmers but you guyys were caught "off guard"

Sadly though farmers are always "unsecured" creditors

A true story here a grain trader "river city grain" google it you will find it, anyway had a storage facitlity and some ridiculous figure in excess of 20 plus thousand tonne just "vanished" as creditors and law were turning up the heat yep gone in about 2 weeks and nobody knew it and never been recovered. Oh ps he owned a transport bussiness as well but someone must have bought the grain at a bargain price.

You canadians are above such shenanigans

[walterm]

The money from the grain is somewhere and it ain't in the Farmers pocket !

And someone or more than one knew that they couldn't or weren't going to make obligations and didn't say a word to farmers still delivering. They should be held accountable. Shouldn't be blaming companies when it is the human beings running the companies.

[MBgrower]

That and they were left the 250 million dollar bank account....that was the purchase price....

A gift from Gerry.

[hobbyfrmr]

interesting post but not "likeable"

guessing maybe 25 different guys have posted with comments am i correct it seems none of you had any idea other one think was it hobby or furrow?

occasionally and i mean very i think ive had 3 phone calls from grain broker over the 12 years ive been with him ...weve ceased to deal with so and so, some late payment stories about etc etc sure enough the companies in question were belly up within 3 months so bad news travels quick amongst farmers but you guyys were caught "off guard"

Sadly though farmers are always "unsecured" creditors

A true story here a grain trader "river city grain" google it you will find it, anyway had a storage facitlity and some ridiculous figure in excess of 20 plus thousand tonne just "vanished" as creditors and law were turning up the heat yep gone in about 2 weeks and nobody knew it and never been recovered. Oh ps he owned a transport bussiness as well but someone must have bought the grain at a bargain price.

You canadians are above such shenanigans

I think no farmers saw this coming or else they would not be delivered the grain. The Canadian Grain Commission is the regulator, they are responsible to collect monthly audit reports from the licensed grain buyers.
It is really that simple. Literally, a child could administrate this. I am thinking probably grade 5 or 6 math. Collect the audit reports submitted from the buyers, add them to a spreadsheet of some kind, analyze the data and then act upon the numbers submitted. I am thinking green light , Amber light, red light type of analysis.
The CGC has thrice shit the bed. There is no other mature way to describe their incompetence.

[Guest]

This is fully and completely the Canadian Grain Commission’s fault.
Those ****ing incompetent donkeys not only shit the bed but they rolled around in it and rubbed all over themselves.
The policy is grain buyers have to submit a monthly audit to the CGC. ****ing Naber seeds went bankrupt twice on the Canadian Grain Comissions’s watch, plus Newco. Ilta should NEVER have been allowed to operate this long.
If there is 150 million owing the people on the list of creditors they should designate 10% to hire Tony Merchant and sue the ****ing Canadian Grain Commission.

No, I did not get stung by Itla, but I despise ****ing chronically useless bureaucrats. This NEVER NEVER NEVER should have happened.

You cannot keep telling the farmes the CGC is under funded. That is more bullshit. How hard is it to collect audits from grain companies and processors? How hard is it to suspend their license before they owe 150 million dollars?

Send a proper message sue those useless ****s maybe they will get fired instead of a bonus for fogging a mirror in the office of the CGC.

This is a really really good post
This is what needs to happen
Some accountability needs to return
You will never get more than 2 cents on the dollar
Its a scam that has been going on to long and these useless c$&ts at the govt are part of it
Like hobby said nabors did it twice here

[Guest]

The money from the grain is somewhere and it ain't in the Farmers pocket !

F$&ken rights
Thats the point of it all
F$&k FCC and all the rest that partnered with them
Sue the CGC , time to take some control back

[the big wheel]

I think no farmers saw this coming or else they would not be delivered the grain. The Canadian Grain Commission is the regulator, they are responsible to collect monthly audit reports from the licensed grain buyers.
It is really that simple. Literally, a child could administrate this. I am thinking probably grade 5 or 6 math. Collect the audit reports submitted from the buyers, add them to a spreadsheet of some kind, analyze the data and then act upon the numbers submitted. I am thinking green light , Amber light, red light type of analysis.
The CGC has thrice shit the bed. There is no other mature way to describe their incompetence.

What numbers do they get though? Do they get the complete numbers of the business expenses and income or do they just get what’s coming in from the buyers buyer? If the company is for example handing out pay bonuses to the management staff or had to repair major equipment is that given to cgc? Is it a complete financial picture? Because if it is then there has to be something fraudulent going on to be buying knowing you don’t have rhe funds. Does someone know?

[westernvicki]

The issue, is grower protection for commodities delivered, and maintaining a system for an industry to execute business.


The bond is the system where companies set aside sufficient protection in the form of a bond, to cover the cash flow necessary.

As noted earlier in my comment: if the CGC was doing their job and if ITLA was reporting accurately & timely the insurable crops would be covered under the bond. Uninsurable crops, like canary were never covered.

The question that should be at all farm associations next meeting is this:
1/
Did the bond work.
IF not why?

2/
Uninsured crops:
does the industry want to include more crops & operations outside the bond jurisdiction.


Ag is in a paradigm change, these questions are all valid for today and for the future.