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 - Tractor Profile: Ferguson TO-20 - by Staff. When the infamous "Handshake Agreement" between Henry Ford and Harry Ferguson fell by the wayside (that's a story in itself), Harry Ferguson quickly set up manufacturing plants for a United States version of his English TE-20. The TO-20 was relatively the same as the TE-20 except utilized some different casting materials and had a US-style electrical system. The TO-20 was a dead ringer for the Ford 9N and 2N models and they say that Ferguson did this on purpose when the Handshake Agreement wen
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