# Stamps files Bankruptcy



## Vol (Jul 5, 2009)

Stamps Farms files Chapter 11.....2012 Top Producer is now a Top Reducer.

Regards, Mike

http://www.agweb.com...res_bankruptcy/


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## ANewman (Sep 20, 2012)

Is this the guy in one of the "I" states that was farming like 40k acres that Agday featured several months back?... maybe it was MI


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## Vol (Jul 5, 2009)

ANewman said:


> Is this the guy in one of the "I" states that was farming like 40k acres that Agday featured several months back?... maybe it was MI


Yea, Michigan....he had some great ideas but most likely got way to greedy in his expansion. There was another Top Producer of the year a few years ago that basically did the same thing in going bankrupt. Stamps might screw some folks on this bankruptcy deal, but I will bet Monsanto gets what's owed to them.

Regards, Mike


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## Teslan (Aug 20, 2011)

It all depends on which creditors have the best attorneys. I'm sure Monsanto has plenty of attorneys on staff. But the retired landowner that rented his land to this guy will get nothing. Nor will the smaller supply dealers that I'm sure are owned money also. But man to be on the hook for 50 million. I'm quite sure I couldn't handle that kind of pressure. But then guys like this never play with their own money and have no problem losing others money.


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## swmnhay (Jun 13, 2008)

The rest of us will end up paying for it in higher prices.


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## rjmoses (Apr 4, 2010)

I said it in the other thread on this guy--If it sounds too good to be true, it probably is. Monsanto won't get hurt, the land-owners--10 cents on the dollar unless they quickly file a lien against his stored grain!

Ralph


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## swmnhay (Jun 13, 2008)

rjmoses said:


> I said it in the other thread on this guy--If it sounds too good to be true, it probably is. Monsanto won't get hurt, the land-owners--10 cents on the dollar unless they quickly file a lien against his stored grain!
> 
> Ralph


Monsanto will pass the costs down to the rest of us that pay our bills.And continue to give big guys huge discounts.









Land owner maybe screwed if it is not already filed BEFORE the bankruptcy.IF they had filed when they rented it out they would actually come before the bank.In Mn anyway??Thats the difference in SECURED and UNSECURED.

Any landlord that didn't file it when he rented it is a fool.Why do people trust these types paying outlandish rents.


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## Nitram (Apr 2, 2011)

It's a hard call but if you don't trust em on a hand shake you can't trust em with a piece of paper. Martin


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## NDVA HAYMAN (Nov 24, 2009)

Yep, Big Dreamer. I have seen it over and over. They think the sky is the limit and they are untouchable until the expenses outweigh the income. It really is simple mathematics. Sorry to see a lot of smaller folks get screwed as I am sure that will happen. Could have a domino effect on others for trusting this smooth talker. And to think that he would accept a Top Producer nomination in light of his pending problems is a smack in every American farmers face IMHO.


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## rjmoses (Apr 4, 2010)

Nitram said:


> It's a hard call but if you don't trust em on a hand shake you can't trust em with a piece of paper. Martin


My biggest lawsuit was on an "air-tight" clause that said the contract could not be modified unless it was done in writing. The bozo disputed it, said we had verbally modified it, tied it up with an injunction until the courts could make a decision.

I eventually prevailed, but it was a real PITA! I learned there that the best contract usually wasn't worth the paper it written on it the other party wasn't trustworthy. I also learned that the best way to win a legal dispute was to cause the other side to spend way more than they could afford on lawyers, and to do it without hurting myself.

Ralph


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## swmnhay (Jun 13, 2008)

_I'm refering to a Lien not a Rental contract.The way I understand it a Landlord Lien,Custom harvester Lien,Mechanics Lien gets pd before the other creditors along with the bank but it had to be filed before the bankruptcy._

_Contracts mean squat if there is no $ left.A unsecured landlord with a contract could end up with $0,secured creditors will be paid first before unsecured sees a dime.A contract isn't secured a lien is._


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## deadmoose (Oct 30, 2011)

I am a big fan of math. How could prices have worked out better so he did not file? Assuming he was well insured that is.

Was the bankruptcy the result of a poor plan?

Or planned well ahead?


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## Lazy J (Jul 18, 2008)

The plot thickens on the Stamp Farms bankruptcy.

Stamp Farms Restraining Orders


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## Vol (Jul 5, 2009)

Plot does thicken....Thanks for the update Lazy J....sounds like this guy is a snake....but Wells Fargo does not have a pristine reputation either.

Regards, Mike


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## mlappin (Jun 25, 2009)

My family is thick with CPA's, sad part is last time two of them were in the same room together they were discussing how bankruptcy could actually be advantages to a business, maybe not necessarily moral, but still advantageous. Bet he'll be back in business again shortly screwing another whole set of people, unless charges are filed that is.

Have to agree, this guy is a sleaze. Should have been in politics instead.


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## deadmoose (Oct 30, 2011)

A thief like that would fit in well in politics. Too bad that is where we are at.


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