I lost 66% of my old equity in Bongard"s Creameries when they redefined bookkeeping a few years ago. Well over 30 grand that they said really doesn"t exist. They were a well-managed dairy co-op under the guy who built it up over decades. New guy and board spent over 10 mil in cash on hand to modernize a Grade B cheese plant so they could sell a few tankers Grade A per week into TC bottling plants. Bankers pressured farmers to insist on Grade A for the dollar/cwt premium, yet bulk of milk went into cheese. Bought a plant in Perham (?), hundreds of miles away, to expand in a downsizing industry. New guys claimed bylaws required a refiguring of equity. We went from years of over $1.50 cwt dividends to years of no profit. They paid no old equity this year.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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