Angus Cowman":1ad0k5ws said:very bad deal
I know most of us that are running cows as a living can't afford losses like that and it would put us under
it would be like going to work everyday and at the end of the yr finding out all you had worked for was taken away and you still had all your bills to pay with nothing in hand to do it with
That isn't out of realitydieselbeef":1xkb7il7 said:they were makin good returns tho...14k for 20 head o steer aint bad...
john250":3iwryab5 said:Finding "hard" information on this situation is like...actually I know more about the US State Dept and military than I know about this.
I didn't get burned--but I was planning to sell the next week when this story broke on a Friday. My thanks to whoever posted that link here on CT.
The market tanked for a week, since Eastern bought more than half the feeders out of this part of the country, but I still have the calves so I'm OK.
It doesn't seem like a court appointed receiver is going to be able to do a very good job of preserving the assets in this case. Cattle are a unique asset, since they need to be fed and watered. When they are "finished" they need to go to the packer. It isn't possible to just put a fence around them and hold them until the auditors and the courts decide who gets what.
Someone needs to talk to the press, on the record.
john250":3rmusa15 said:Larry, I remember the Producers deal too. I thought Producers had loaned money against phantom cattle?
In the Eastern case, aren't there a lot of cattle in feedlots or backgrounding operations? The current holders of those cattle paid good money--but they can't be sure they own clear title to them because the broker didn't pay the farmer. I've seen speculation in print about it. What about the cattle that were on the truck when an auction market managed to get the truck turned around? I've read there were some cases of this. Did the market get those calves back to the sellers? Or what happened to them?
My impression, with no "inside" knowledge, is that this is not really a case of phantom cattle. Only the receiver could know for sure, and she isn't talking yet.
I'd say a 400 lb steer, bought by Eastern and sold to a feedlot will be T-bones and ribeyes long before this case is finished in the courts.
kenny thomas":g1kr5jga said:I know of a guy in KY that has been taking care of a load of calves from Eastern. He has been told that the cattle will be picked up but no one will even talk to him about who will pay him for his feed and labor. He has about $7,000 in feed cost alone.