MONETTE FARMS land parcels for sale

[Taiga]

[QUOTE=sumdumguy;n833183]

I’d imagine there are many small creditors not accounted for on bank debt. Hopefully I am wrong.

Over a billion dollars. All leveraged off an original 400ac 15 years ago. Just an overly optimistic runaway train.

[blackpowder]

[QUOTE=sumdumguy;n833183]

I’d imagine there are many small creditors not accounted for on bank debt. Hopefully I am wrong.

I doubt your wrong. Little guy the last to know.

[bucket]

[QUOTE=blackpowder;n833187]

I doubt your wrong. Little guy the last to know.

I suspect he is going to phuck a lot of people with this move.

[blackpowder]

[QUOTE=Taiga;n833185]

Over a billion dollars. All leveraged off an original 400ac 15 years ago. Just an overly optimistic runaway train.

Never met the man. But I wonder if longevity was ever considered at all. Doesn't take too many pennies per acre on 400,000 to set a guy up pretty well. I say good for him. Even if sad for any small creditor who may have been blinded by the lights. Heck of a run. He simply saw an opportunity and exploited it spectacularly.
Not personally condoning it btw.
As for the banks etc., no risk no reward, and every new generation has to get burnt.

[TSIPP]

[QUOTE=bucket;n833188]

I suspect he is going to phuck a lot of people with this move.

I suspect he is going to piss off the wrong landlord and earn himself some cement shoes…

disclaimer, never met the man and I have no business dealings with him.

[fcr]

Trumps real estate ventures went bankrupt six times ,costing banks and investors tens of millions in losses,as well as employess who lost their stock investments and pensions.The banks will take a hit and the small creditors will be s.o.l.He will be o.k.

[fjlip]

[QUOTE=Taiga;n833185]

Over a billion dollars. All leveraged off an original 400ac 15 years ago. Just an overly optimistic runaway train.

Yup, a friend went to tech with him....had SFA is the comment!

[agstar77]

Cash rent due June 1. That should work out really well. Apparently 25 X9s went home.

[LEP]

Original Canadian court documents were sealed because of commercially sensitive info.

[url]https://www.sasktoday.ca/agriculture/hursh-court-documents-reveal-scope-of-monette-farms-financial-challenges-12186547[/url]

[url]https://www.agweb.com/news/business/one-north-americas-largest-farms-files-financial-protection-restructuring[/url]

Stayed sealed for about an hour on the interweb.

[LEP]

Looking at this it is obvious now the fat lady is singing. Original breach of covenants occurred in Oct /24. Senior Financing Arrangements were extended several times to allow for land sales and then another years production. April 15 deadline of the last arrangement is deliberate to put pressure on all parties, because of pending seeding, to give him another season. Imo.

He is going to hang all the unsecured out to dry.