Cattle dealer $ problems?

[Texas PaPaw]

Here's a link to a little blurb on progressive farmer site:

http://www.dtnprogressivefarmer.com/dtn ... ntId=70104

 

[john250]

Here's a link to a little blurb on progressive farmer site:

http://www.dtnprogressivefarmer.com/dtn ... ntId=70104

Uh-oh. Eastern is a BIG buyer/broker.

 

[kenny thomas]

Talk of this area also. One of the major buyers in a several state area. Can anybody link to the full article? I can only get the headline.

 

[Red Bull Breeder]

Over on ranchers i think somebody posted a article.

 

[Texas PaPaw]

Here's a link to the full story:

http://www.agriculture.com/news/livesto ... _3-ar12057

 

[john250]

I googled Eastern. Quite a few lawsuits pop up, the most recent an Indiana Appeals Court ruling on a pasture lease arrangement Eastern had with an Indiana farmer. Interesting, if you like reading legal decisions. :help:

 

[john250]

Well, the total is up to $90 million. http://www.lmaweb.com/

If their unpaid bills go over $100 million they'll probably get away with no punishment. Children, remember, never steal small amounts.

 

[kenny thomas]

This was the big talk at the stock yard today. You could see it hurt a little also even though they only get a few calves from this market. Hope they get it worked out. Maybe they should call Obama for a bailout.

 

[Cattleman200]

The story around here is that they stuck most all the local stockyards ranging from $100,000 to $300,000 each.

Circle H Ranch

 

[tom4018]

I wanted to sell some this week, watched one of the first sales of the week in this area and they were down $3 to 5. Makes me wonder if I should sell tomorrow or wait until next week to see if things improve? :help: :help:

What would you do?

 

[john250]

I wanted to sell some this week, watched one of the first sales of the week in this area and they were down $3 to 5. Makes me wonder if I should sell tomorrow or wait until next week to see if things improve? :help: :help:

What would you do?

The decline here was closer to five+.
I can't make your decision, but I'm holding.

 

[Texas PaPaw]

LMA reports a lawsuit has been filed:

http://www.lmaweb.com/

 

[SRBeef]

This was the big talk at the stock yard today. You could see it hurt a little also even though they only get a few calves from this market. Hope they get it worked out. Maybe they should call Obama for a bailout.

I think George Bush is the one who decided to hand out the bailout cash. Gains are private but losses are public. What the heck just call up China and borrow some more...

 

[1982vett]

This was the big talk at the stock yard today. You could see it hurt a little also even though they only get a few calves from this market. Hope they get it worked out. Maybe they should call Obama for a bailout.

I think George Bush is the one who decided to hand out the bailout cash. Gains are private but losses are public. What the heck just call up China and borrow some more...

If the House of Representatives doesn't pass it and send it to the Senate for approval, it doesn't happen.

 

[Texas PaPaw]

another suit filed:

http://dockets.justia.com/docket/texas/ ... 66/201090/

 

[oscar p]

Heard today at the Load out chute, Eastern took Kilpatrick stockyard for $30,000, Ashville stockyard for 136,000 and Fort Payne for 151,000. Forgot the price they said about Cullman.Of course that's hear say.

 

[Texas PaPaw]

Here's another article:

http://www.agweb.com/blog/Out_to_Pastur ... s_problem/

 

[SRBeef]

Here's another article:

http://www.agweb.com/blog/Out_to_Pastur ... s_problem/

The above article speculates that the "FDIC" somehow led to the bank's decision to not lend any more money to Eastern, therefore the FDIC is responsible for hurting a lot of cattlemen, or something to that effect.

That in my opinion is a ridiculous line of argument. The letters F D I C stand for federal deposit insurance corporation. The FDIC's job is to look into bank operations and to protect bank depositors, not cattlemen.

This looks to me like another attempt to shift blame from the actual cause of the problem to the government. It looks to me like the FDIC is doing its job, if in fact that is what happened. Pretty soon if folks slip on ice on the front step it will somehow be the government's fault....

Seems like everyone needs someone else to blame for anything that happens these days, and that someone is usually the "government". jmho. Jim

 

[Howdyjabo]

I had hoped that most farmers/ranchers had sold to Eastern thru a livestock market- so that their individual bonds might kick in and cover them.

Seems like several sold directly to Eastern- they are going to have a very bad Christmas.
Might get pennies on the 100 dollars - blew "pennies on the dollar" right out of the window.

Make sure when you sell cattle that the buyer is FULLY bonded. Very few are bonded enough to cover the numbers handled during the fall rush.

 

[Howdyjabo]

Bonding- what a joke

http://archive.gipsa.usda.gov/psp/SOC_list.pdf