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Know this big time farmer in MI?

Don?t know him personally, but his operation started to move into my county a few years ago when a small farmer sold off his farm to them. Have heard of a few stories that might explain some of their issues.
 
But the folks with MBAs said bigger was better? And I'm sure all the financial documents were thoroughly reviewed.

There comes a time when wisdom gets doled out and it isn't always a pleasant experience.
 
Im truely surprised we haven't seen more bankruptcies/failures (in my area at least). There was lots of growth and expansion during the glut. Prices have been hovering at breakeven for a while now.
 
Yep,they're farming what used to be Southerland's ground just south of town. I can't say I'm surprised. Stuart said two years ago that the in laws were about to take away his checkbook.
 
This guy married in to the DeVos family of Amway fame. I think he thought they would prop him up no matter what. At least that's what the speculation has been around here while he was growing way too fast.
 
If he goes under,you guys will probably get some of his Quad Tracs way out there to try to dispose of them. Two years ago,the Agco dealer told me that this guy had 60 of them and had just leased 10 more. He said CaseIH gave him such a deal that they couldn't even begin to compete by trying to lease him any Challenger or Fendts. He said he wouldn't want to anyway because he wouldn't want that many used tractors to try to dispose of when the lease was up.
 
Trust me,they'll keep the house. His wife's grandmother is the US Secretary of Education. They've got money.
 
(quoted from post at 05:42:43 09/23/17) Im truely surprised we haven't seen more bankruptcies/failures (in my area at least). There was lots of growth and expansion during the glut. Prices have been hovering at breakeven for a while now.
Click to expand...

I think this is the breaking point year.......with the futures reports I've been reading I'm betting you are going to see a lot of guys in deep trouble by next spring.

Rick
 
He'll probably get a little slap on the wrist, flip a couple things around, file for bankruptcy, and be better off than he was before. Maybe the foreigners around here will finally get bit sooner or later.
 
(quoted from post at 10:12:22 09/23/17) He'll probably get a little slap on the wrist, flip a couple things around, file for bankruptcy, and be better off than he was before. .
Click to expand...

Wouldn't bet on that. Multiple lawsuits have been filed against this guy with one being 120+ million. Plus possible criminal wrong doing too. They are claiming that he sold grain that wasn't legally his to sell and or diverted money to other things like the house. Looks like a huge mess to clean up. What I read is that a total of 114 tractors were repossessed along with other equipment by CaseIH and JD.

Money to causes a lot of divorces.......wonder how long he's gonna be married to money.

Rick
 
Some of you might know him better from NTPA tractor pulling. He owns Greenline Express and Greenline Express II
 
(quoted from post at 09:17:40 09/23/17) Trust me,they'll keep the house. His wife's grandmother is the US Secretary of Education. They've got money.
Click to expand...

But Randy, don't forget that the grandmother'e boss in the corner office is running up huge legal bills and that rich donors like the grandmother are being leaned on to donate towards the legal fund. Come to think of it that is probably where a few million of the Boerson dollars went.
 
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