The way you describe the situation is a little misleading Paul. There is actually a completely new company being created that the coop will own half of. To the best of my understanding ADM contributed most of the money for the rail loop facility while the coop contributed its old grain facilities to form the new company. The coop claims that what they received for the facilities was way above book value and by contributing the facilities instead of cash they did not have to take on extra debt. Also grain marketing is only a part of the coop's business. The farm equipment, agronomy, feed, and other divisions are in absolutely no way controlled or owned by ADM. Don't be so skeptical about not seeing any dividends.
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