Ilta Grain

[walterm]

Not sure about financial audits but if it is anything like the stock audits today it is a joke!

3rd party and self reporting/regulation that was implemented doesn't work when no person is accountable.

[the big wheel]

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.

So what do you mean the bond is posted. What does that exactly mean? Complete financial or does it just mean the buyers buyer will pay them? Is there actually physical money in a bond fund set aside? Or is it just my word yes I can pay?

[highwayman]

Is the bond even worth the paper it is printed on. When things go south for these companies it seems that the value of their bond is no where close to the amount of their financial exposure. Monthly reporting on their economic performance is grossly inaccurate

[bucket]

Anyone read the creditors list....when someone doesn't cough up 100 bucks for a computer fix....at a so called multi million dollar company. ....some one is taking the money and running....

[farmaholic]

Maybe supporting company financial statements need to be included on a semi regular basis, to see if there is enough company equity and free cash available to cover the ever changing accounts payable.

I bet it's easy to do business over the bond value.

If the company is publicly traded and shareholders received ANY dividend, or the Prinipal owners(if privately owned) received a dividend or bonus, that is absolutely insane.

[Guest]

Maybe supporting company financial statements need to be included on a semi regular basis, to see if there is enough company equity and free cash available to cover the ever changing accounts payable.

I bet it's easy to do business over the bond value.

If the company is publicly traded and shareholders received ANY dividend, or the Prinipal owners(if privately owned) received a dividend or bonus, that is absolutely insane.

Principal owners/managers will have recieved a bonus for doing a good job
Thats always a given
Dont ever hafta wonder about that

[Oliver88]

The numbers are stunning:

$140 million invested by private shareholders
$86 million debt from FCC
$48 million debt from HSBC

Another example of why our bankruptcy laws need to change and Ilta-Grain should have some of their management going to prison until everyone is paid off.
Several people knew the farmers that were delivering millions of $ the last few weeks would not be paid.

When the assets are sold off HSBC and FCC will get their $ first. Going by the stories I heard regarding farmers not getting paid for feed wheat/barley after hog industry bankruptcies this is concerning.

[bucket]

Maybe supporting company financial statements need to be included on a semi regular basis, to see if there is enough company equity and free cash available to cover the ever changing accounts payable.

I bet it's easy to do business over the bond value.

If the company is publicly traded and shareholders received ANY dividend, or the Prinipal owners(if privately owned) received a dividend or bonus, that is absolutely insane.

Or maybe the financial institutions should have an input to CGC because it's pretty obvious the CGC is full of buffoons and so might be the farmer organizations that say they are representing farmers.....

Pulse Canada should be monitoring some of their respective members...

CSCA should also be monitoring their "gold" members....this isn't over ....there probably more of this to come...

And it looks like it has an easy path....because many people that say they are looking out for farmers are right ****ing stupid...

[the big wheel]

Where does a person apply to handle the bankruptcy? I could use a million or so right now. Or are the guys that stuck the farmers doing that, maybe that’s in the fcc pike manual?

[farmaholic]

How is this not seen as fraud or theft in the BLIND eye of the law? Maybe because producer's are expendable?