Posted by jocco on January 17, 2018 at 06:12:28 from (166.223.198.243):
Farm debt and tractors. Not me but I am slightly in the middle. One larger out fit I deal with is on the hook. The manager relies on me for some stuff including advice and handling some situations. A smaller farmer borrowed money (quite a bit) the intention was to pay it back soon, That did not happen. All the variables came in bad crops, equipment breakdowns, divorce, fire and so on. The bigger out fit kept lending money and securing it with junk equipment and crops.(I felt it should have stopped there banks and coops had shut him down) ALL 3 OF US BIG OUT FIT OWNER, SMALL FARMER AND ME were childhood friends we all grew up together. Well fast forward the smaller guy is probably going bankrupt. Land is in hock to the banks so they will get that. Unsure of his leased lands as the bigger out fit took some of it over to collect debt and keep him going. NOW THE REAL ISSUE our conversation was what to do how to proceed. His feelings were to just walk away and not fool with a bone pile of old trucks and tractors, etc. May be try to pick up some lease lands, write some debt off. Somehow we have all stayed on good terms the little guy even went to work for the larger outfit for harvest season, just to get a pay check. LOOKING FOR IMPUT FROM YOU GUYS ANYONE SEEN SIMILAR SITUATION? THANKS
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