Ilta Grain

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Ilta Grain

Jul 16, 2019 | 09:01 91 ILTA is not a primary elevator. If they were you would have your check when you left the driveway. These processors are above the law when it comes to buying grain. Time for a change, most processors are bigger now than the primary elevators in the early 1900s Reply With Quote

  • Jul 16, 2019 | 09:06 92 AGT cold called one day ...I said how long to get a cheque if I deliver to you?....15 business days...that is close to a month...whats that about....

    My response was I am not a bank...I don't finance guys that just received 110 million for fixing a used railway...I have my own shit to fix and will deal with guys that can issue a cheque when the slides are closed... Reply With Quote
    Jul 16, 2019 | 09:45 93 Vicki. Does the grain company actually have to have the funds set aside to cover the value of the bond or how is it supposed to work. Reply With Quote
    Jul 16, 2019 | 09:48 94
    Quote Originally Posted by highwayman View Post
    Vicki. Does the grain company actually have to have the funds set aside to cover the value of the bond or how is it supposed to work.
    I do want to hear the answer....but its quite obvious its not working....Lentils were bought in harvest for 15 cents because everyone said they were going to 12.....they have rallied to the odd time of 19.5 cents....
    Last edited by bucket; Jul 16, 2019 at 09:53.
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  • Jul 16, 2019 | 10:07 95
    Quote Originally Posted by highwayman View Post
    Vicki. Does the grain company actually have to have the funds set aside to cover the value of the bond or how is it supposed to work.
    Each company is evaluated individually, for the bond, a bond is posted based on financial capacity.
    The funds are real.

    The gap is the question. And uncovered commodities of course. In the past the gap was substantial but rules did tighten up, so we will see, once again how this system works, if it does.


    I am merely pointing out, we've been here before several times in my career in the industry. Some of us worked for change and were shut down, farmers who opposed it then did not feel it was their responsibility to insure their own risk, and so here we are.

    I support diversity, the industry needs diversity more now than ever, and so I advocate a relook by ag associations on what industry risk management looks like which commodities included, what process is used.

    Headed to AIM, have a good day. Reply With Quote
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  • Jul 16, 2019 | 10:36 96
    Quote Originally Posted by TASFarms View Post
    ILTA is not a primary elevator. If they were you would have your check when you left the driveway. These processors are above the law when it comes to buying grain. Time for a change, most processors are bigger now than the primary elevators in the early 1900s
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    i meant to reply - not like.

    As of July 11, 2019, the Canadian Grain Commission has suspended the licences of ILTA Grain Inc. of Surrey, British Columbia. Reply With Quote
    Jul 16, 2019 | 11:19 97 I bet that the bond will likely cover 80-90% of qualified outstanding producer payments. Those with deferred cheques for any commodity and those with canary seed will not be covered by CGC bond.

    Since FCC and HSBC are secured creditors from the assets, they will take whatever proceeds come from sales and collection but will not be made whole. Everyone on that creditor list that does not qualify for CGC bond will get $0. From railways to broker, to deferred lentil cheques to canary seed producers to the local paper that are all owed money, $0 will be paid out.

    Also the $31 million of inventory Ilta claims to have in the court filings is BS. Even at a generous valuation of 30 cents/lb that equals around 47,000T. Not a chance they have anywhere near that inventory. Inflated stocks or overvalued stocks or likely both Reply With Quote
    Jul 16, 2019 | 11:24 98
    Quote Originally Posted by Kraut View Post
    I bet that the bond will likely cover 80-90% of qualified outstanding producer payments. Those with deferred cheques for any commodity and those with canary seed will not be covered by CGC bond.

    Since FCC and HSBC are secured creditors from the assets, they will take whatever proceeds come from sales and collection but will not be made whole. Everyone on that creditor list that does not qualify for CGC bond will get $0. From railways to broker, to deferred lentil cheques to canary seed producers to the local paper that are all owed money, $0 will be paid out.

    Also the $31 million of inventory Ilta claims to have in the court filings is BS. Even at a generous valuation of 30 cents/lb that equals around 47,000T. Not a chance they have anywhere near that inventory. Inflated stocks or overvalued stocks or likely both
    So the lenders and the CGC forgot to tap on the side of the bins...Even my dad back in the day was smart enough to throw small stones at the bins to see how full it was at harvest... Reply With Quote
    Jul 16, 2019 | 13:15 99 Would be good to know how big their bond was. Is there any way anyone can post a link to their outstanding liabilities? Reply With Quote
    Jul 16, 2019 | 14:40 100
    Quote Originally Posted by westernvicki View Post
    Each company is evaluated individually, for the bond, a bond is posted based on financial capacity.
    The funds are real.

    The gap is the question. And uncovered commodities of course. In the past the gap was substantial but rules did tighten up, so we will see, once again how this system works, if it does.


    I am merely pointing out, we've been here before several times in my career in the industry. Some of us worked for change and were shut down, farmers who opposed it then did not feel it was their responsibility to insure their own risk, and so here we are.

    I support diversity, the industry needs diversity more now than ever, and so I advocate a relook by ag associations on what industry risk management looks like which commodities included, what process is used.

    Headed to AIM, have a good day.
    No way in hell we should have to buy insurance out of our own pocket to pay to get our money. All these so called subsidies and programs should be some where in there to account for this.

    But as I said I cannot see why there isn’t a requirement for them to put money in a fund that is allocated to purchases. Once it’s rhere make your contracts for x amount of grain and that’s what your allowed to buy. No creditors or other liabilities should factor into this. Reply With Quote
    farmaholic's Avatar Jul 16, 2019 | 17:09 101 Big wheel. The whole ****en world operates on credit, maybe people should just pay their ****en bills. No one should be able to walk away from that responsibility...whether you're hiding behind a corporation or not. Regardless if the company is privately held, in which case the principals should be perpetually responsible for their companies debt, or publicly held....in which case the management AND shareholders should be responsible for the debt. If the ****en shareholders want to share in the profits of the Company they should also share in it's liabilities.

    Some people have zero ****en morals, being able to walk away scott-free is a fault of society. I remember saying in a post long ago; "nobody goes to jail for claiming bankruptcy". Maybe people who poorly manage companies into bankruptcy should be stripped of all their personal wealth to the point of leaving them the bare minimum to carry on or live with.

    No accountability. Reply With Quote

  • Jul 16, 2019 | 17:23 102 What was actually there demise collapse in lentil prices world wide?

    Pulse companies here still doing it hard sitting on high priced inventory from when 4 years ago was it? Reply With Quote
    Jul 16, 2019 | 18:59 103
    Quote Originally Posted by farmaholic View Post
    Big wheel. The whole ****en world operates on credit, maybe people should just pay their ****en bills. No one should be able to walk away from that responsibility...whether you're hiding behind a corporation or not. Regardless if the company is privately held, in which case the principals should be perpetually responsible for their companies debt, or publicly held....in which case the management AND shareholders should be responsible for the debt. If the ****en shareholders want to share in the profits of the Company they should also share in it's liabilities.

    Some people have zero ****en morals, being able to walk away scott-free is a fault of society. I remember saying in a post long ago; "nobody goes to jail for claiming bankruptcy". Maybe people who poorly manage companies into bankruptcy should be stripped of all their personal wealth to the point of leaving them the bare minimum to carry on or live with.

    No accountability.
    . It’s so sad the world has gone this way I totally agree with you Reply With Quote
    Jul 16, 2019 | 22:33 104
    Quote Originally Posted by farmaholic View Post
    Big wheel. The whole ****en world operates on credit, maybe people should just pay their ****en bills. No one should be able to walk away from that responsibility...whether you're hiding behind a corporation or not. Regardless if the company is privately held, in which case the principals should be perpetually responsible for their companies debt, or publicly held....in which case the management AND shareholders should be responsible for the debt. If the ****en shareholders want to share in the profits of the Company they should also share in it's liabilities.

    Some people have zero ****en morals, being able to walk away scott-free is a fault of society. I remember saying in a post long ago; "nobody goes to jail for claiming bankruptcy". Maybe people who poorly manage companies into bankruptcy should be stripped of all their personal wealth to the point of leaving them the bare minimum to carry on or live with.

    No accountability.
    Very true and that’s why we need something different. This isn’t working and we shouldn’t have to wait even a couple weeks for money.
    And we shouldn’t have rhe expense of paying for insurance either.

    I d like to know the story as to what happened.
    What interest were they paying on that debt? Interest is killing a lot of companies not everyone is getting the low rates advertised. Reply With Quote
    Jul 17, 2019 | 12:00 105 Status Update as at July 15, 2019

    The ILTA Group will seek Court approval for interim financing as well as the authorization to commence a sales process for its assets and operations on Thursday, July 18, 2019 at 9:00 AM Vancouver time. Reply With Quote
    farmaholic's Avatar Jul 17, 2019 | 12:09 106
    Quote Originally Posted by bucket View Post
    Status Update as at July 15, 2019

    The ILTA Group will seek Court approval for interim financing as well as the authorization to commence a sales process for its assets and operations on Thursday, July 18, 2019 at 9:00 AM Vancouver time.
    Can you say "50 cents on the dollar" for those assets and operations? Reply With Quote
    Jul 17, 2019 | 12:12 107
    Quote Originally Posted by farmaholic View Post
    Can you say "50 cents on the dollar" for those assets and operations?
    How about 10 cents on the dollar and there might be a well subsidized company looking at those assets at that value to make the rest of their facilities look better on paper....just thinking out loud.... Reply With Quote
  • 2 Likes


  • Jul 17, 2019 | 12:20 108
    Quote Originally Posted by the big wheel View Post
    No way in hell we should have to buy insurance out of our own pocket to pay to get our money. All these so called subsidies and programs should be some where in there to account for this.

    But as I said I cannot see why there isn’t a requirement for them to put money in a fund that is allocated to purchases. Once it’s rhere make your contracts for x amount of grain and that’s what your allowed to buy. No creditors or other liabilities should factor into this.

    We insure our home, equipment, crop, self, companies can buy EDC insurance to protect sales, yet suggest a farmer is incontrol of risk management on commodity liabilities is an assault to sensibility?

    Having operated export based companies they are complex, a multitude of problems from trade, to rail impell profits, and the challenges of the trade in the last few years have been formidable. Providing an environment that attracts investment is imperative to the future, and the systems we support determine how producers & industry thrive in event of failure, & support success play an important role in future investment.

    It's my belief that cards better in held in my hand to be played than others. I admit the bias. Reply With Quote
  • 1 Like


  • Jul 17, 2019 | 12:40 109
    Quote Originally Posted by westernvicki View Post
    We insure our home, equipment, crop, self, companies can buy EDC insurance to protect sales, yet suggest a farmer is incontrol of risk management on commodity liabilities is an assault to sensibility?

    Having operated export based companies they are complex, a multitude of problems from trade, to rail impell profits, and the challenges of the trade in the last few years have been formidable. Providing an environment that attracts investment is imperative to the future, and the systems we support determine how producers & industry thrive in event of failure, & support success play an important role in future investment.

    It's my belief that cards better in held in my hand to be played than others. I admit the bias.
    Here is the question....

    AS a farmer I go buy insurance to protect grain sales.....Will I just take the scale ticket to the insurance company and say they haven't paid or are not going to and get a cheque?????

    Somehow I don't think its that easy ...If I put a rock in the combine there is a lot of due diligence before the claim is paid...

    I had small fires in one combine...sent it in to be repaired....nope thats my fault because deere didn't tell me there was an update to the back of the rotor....but had I let it burn up....all good...

    Insurance at times is a little ****ed up...and more than likely it would be in grain coverage as well...Also could be open to scams pretty quick.... Reply With Quote
    Jul 17, 2019 | 13:49 110
    Quote Originally Posted by bucket View Post
    How about 10 cents on the dollar and there might be a well subsidized company looking at those assets at that value to make the rest of their facilities look better on paper....just thinking out loud....
    Ya I can see another government handout coming to complete the sale. And then a story in the paper about how smart a business man the new owners are. Lol Reply With Quote
    Jul 17, 2019 | 14:07 111
    Quote Originally Posted by bucket View Post
    Here is the question....

    AS a farmer I go buy insurance to protect grain sales.....Will I just take the scale ticket to the insurance company and say they haven't paid or are not going to and get a cheque?????

    Somehow I don't think its that easy ...If I put a rock in the combine there is a lot of due diligence before the claim is paid...

    I had small fires in one combine...sent it in to be repaired....nope thats my fault because deere didn't tell me there was an update to the back of the rotor....but had I let it burn up....all good...

    Insurance at times is a little ****ed up...and more than likely it would be in grain coverage as well...Also could be open to scams pretty quick....
    My experience with insurance companies goes like this . . .

    Me "I'd like to report a fire that occurred in my combine"
    Ins Co. " What day of the week did this fire occur "
    Me " Last Sunday "
    Ins Co. " We're sorry sir you're not covered when working on the Sabbath "
    Me " No, it was rather late at night it was probably early Monday morning "
    Ins Co. " Well that changes everything, yes you are covered then, one more question, what color shirt were you wearing at the time of the fire".
    Me "Black"
    Ins Co. " We're sorry sir, black appears to be for Tuesday fires " . . . .

    This is an exaggeration but you get my drift. Reply With Quote
    Jul 17, 2019 | 15:24 112
    Quote Originally Posted by westernvicki View Post
    We insure our home, equipment, crop, self, companies can buy EDC insurance to protect sales, yet suggest a farmer is incontrol of risk management on commodity liabilities is an assault to sensibility?

    Having operated export based companies they are complex, a multitude of problems from trade, to rail impell profits, and the challenges of the trade in the last few years have been formidable. Providing an environment that attracts investment is imperative to the future, and the systems we support determine how producers & industry thrive in event of failure, & support success play an important role in future investment.

    It's my belief that cards better in held in my hand to be played than others. I admit the bias.
    Farmer A/R Insurance works great for out of province sales but worthless when selling in Sask.
    December 2018 I contracted a semi load of new crop organic peas to JGL Commodities who was sourcing for Verdient. Sent samples then waited the winter for a call. Contract due end of march.
    I started to phone mid March. The buyers were really defensive and evasive. The organic guy was on a “late lunch” for 10 straight days. I would say I have these contracted peas and his colleagues were very abrupt and would say “I don’t know anything about that”.
    I would leave a message every second day looking for an update. Literally no response.
    They finally picked up the load middle of June. I should have the cheque in the next couple of days.
    I really dont like any way this transaction has transpired. In 28 years I have never had this experience selling grains. The organic market is getting sketchy with new buyers, sunshine, no chemicals, “save the world”, “doing the right thing”, “bless the farmer” type of conversations.
    Those ****ers are going to have a hard time sourcing organic peas after this bullshit. Reply With Quote
    Jul 17, 2019 | 17:16 113
    Quote Originally Posted by bucket View Post
    Here is the question....

    AS a farmer I go buy insurance to protect grain sales.....Will I just take the scale ticket to the insurance company and say they haven't paid or are not going to and get a cheque?????

    Somehow I don't think its that easy ...If I put a rock in the combine there is a lot of due diligence before the claim is paid...

    I had small fires in one combine...sent it in to be repaired....nope thats my fault because deere didn't tell me there was an update to the back of the rotor....but had I let it burn up....all good...

    Insurance at times is a little ****ed up...and more than likely it would be in grain coverage as well...Also could be open to scams pretty quick....
    Thats what ive been told by someone who had a combine fire, dont rescue it, let it burn completely. Reply With Quote
    Jul 17, 2019 | 17:39 114
    Quote Originally Posted by MBgrower View Post
    Thats what ive been told by someone who had a combine fire, dont rescue it, let it burn completely.
    Well you have to use the token fire extinguisher to say you tried....

    It was too good a combine to burn... Reply With Quote
    farmaholic's Avatar Aug 13, 2019 | 08:38 115 Local rumours claim some people had deferred some grain with this Co and supposedly the CGC bonds don't cover that?

    Why not, what's the difference? It's money owed.
    How does deferring payment make it any less important than a cash settlement?
    Think it needs to change?
    What difference would it make anyway when the bonds don't cover current sales?
    You would think the value of the checks deferred should be held in a reserve account instead of being used to finance or bankroll the GrainCo operations.

    Sad.... Reply With Quote
  • 1 Like


  • Aug 13, 2019 | 08:51 116
    Quote Originally Posted by farmaholic View Post
    Local rumours claim some people had deferred some grain with this Co and supposedly the CGC bonds don't cover that?

    Why not, what's the difference? It's money owed.
    How does deferring payment make it any less important than a cash settlement?
    Think it needs to change?
    What difference would it make anyway when the bonds don't cover current sales?
    You would think the value of the checks deferred should be held in a reserve account instead of being used to finance or bankroll the GrainCo operations.

    Sad....
    my understanding that deferred grain checks have never been covered by the cgc bond. It gives the CGC an out. You could have been paid but didn't take the money.Deferred checks would be an unsecured creditor. The take away is if can get paid, take the money. Years ago it was put to me that it was very risky to defer from a lot of plants as they just didn't have deep pockets and a few bad deals would ruin them. Reply With Quote