OT sell-out

I have a friend that worked for a gas producing co, taking care of some wells. He was laid off in October, the company went broke. Talked to him today. He said that he got his job back. The Chinese bought the company and rehired him. Wonder how the Chinese can make the operation go if the previous owner could not. Sometime I think Glen Beck is a “crackpot” than again I think maybe not.

Foreign company may not have to pay all the taxes and will probably invest in more efficient equipment. Hate to see the other countries takeing everything.

what company and where?

The new owner doesn't have the old companies debts. What I have seen in Michigan is family owned companies, especially the 2nd or 3rd generation, sell the company to foriegn buyers, who promptly get rid of the US employees. The younger generation does not want to run a business, they want the $$$ now!!! I worked for 2 family owned shops that did this. In one case, junior decided that he would rather stay in Florida on his yacht, than run a tool shop in Michigan. He got a few million for the machines and real estate, we got introduced to the Michigan unemployment system. Working for family owned companies generally sucks if you aren't family.

A friend is in the gas/oil business and the company he worked for just speculated on how much investor money they could get then filed bankruptcy. then do it gain.

Spook may be right on old co"s debts being wiped out thru bkcy or distrssed sale of machinery, leases, etc to new operator...
Chinese may have end user old co didn"t have, may be willing to operate at cost or less for access to oil, gas, etc--many reasons they"d feel it good business decision...
Did friend say if working conditions---pay, hours, benefits if any"ve changed??

My guess is that the new owners will find a way to get rid of your friend just as soon as he teaches a few of them how to do his job. That's what the Chinese do. I've seen it happen.

My guess is that as foreign investors are not subject to the same EPA standards and bankrupting stuff as domestic owners. That's my first guess.

Think back a few years ago to when Clinton was still president and the Kyoto treaty/accord was being pushed on us real hard. The Kyoto treaty was put together by countries that won't even sign onto it themselves, but expected us to, and every now and then a president tries to dupe us into how good it would be to strangle ourselves by signing onto it, and have no one else do it. We then can't do anything because it would be considered pollution, but everyone else could do what we couldn't. NOW GET THIS...according to the Kyoto treaty, China is NOT considered a developed country, even though they make everything in the world for everyone else and have two of the ten worst polluted rivers in the world. Still with me? Just hang in there a few. So since China is not considered a developed country under Kyoto, they are not subject to the same rules under Kyoto as developed countries, of which we are and only we will sign onto it. JUST A LITTLE MORE, SO HANG IN THERE. Do you remember when Clinton was president and China almost bought the refiner, UNICAL? Remember that? Google it, it happened. Under Kyoto, we the United States would not be allowed to drill for anymore oil domestically or build new refineries, however as an undeveloped foriegn nation that owned UNICAL, China would have been allowed to drill for domestic oil in the continental United States as well as build refineries...while our own domestic companies would have been banned from doing so. We came within inches of China almost being allowed to pull that off at the same time our then president pushed for us to sign onto Kyoto. What stopped it from happening? You named one of the people that opened his mouth big and wide enough to get us common folk to say "Wait just a minute here", putting the kabosh on China buying UNICAL and putting the kabosh on us signing onto Kyoto so far...still. But Kyoto is still out there, and every now and then a president tries to hoodwink us when he thinks he can sneak it under our noses.

This isn't about politics. You asked a question, and I answered it. My guess is that China doesn't have to adhere to the same bankrupting standards that domestic owners do. Just that easy. We pay others to cut our throats.

Mark

Its called cashingout (looting) your old company and stiffing the creditors. Somehow thats just good business when companies do it but a no-no when individauls do it. I dont know that who the new buyer is has anything to do with it.

Hey Spook,

Might you know what folks in Michigan are charging for tillage and planting work?

Thanks

B

Unfortunately Mark-IN. is 100% wrong and hoosierboy is 100% correct........

In case you haven't noticed, we've been running a huge trade deficit with China for many years. All those dollars are stacking up in China and they have to do something with them. If they don't somehow make their way back to the US, we'll have to stop buying Chinese goods. One way would be for China to import more US products; however, we don't make much that they want to buy (outside of agricultural commodities). So instead, China is investing in US companies. In this particular case, the Chinese company is taking a risk, figuring that natural gas demand will go up and make it profitable. Also, this helps them hedge against rising energy costs, since profits from the US company will offset increased costs in China.

The Chinese have been making strategic investments around the world to secure sources of energy and raw materials. Africa, in particular, has received huge amounts of Chinese investment.

Depends on where. I am in the Howell area, but the locals consider 40 acres a small field. I'd contact the local extension office, they have list's of contract guys.

One thought, Frontier Farm Services out of Fowlerville. They do all kinds of custom work.