JR, How about looking at the story from 180 degrees.
He has been farming his whole life, a few poor decisions here and there. Add those up over many years. Farmer is now in a bind.
You are a creditor, he owes you $100,000. Is the story still sad, do you make your decision based on facts? He does owe you $100,000, or do you make your decision based on emotion? He is crying and sad, that should be worth a lot right?
My answer, no. He owes you something he promised to pay back, by signing his name on the dotted line he in directly agreed to that auction if he did not hold up his end of the deal. Well, he agreed to the terms of the note, the auction is really an after the fact event.
Do I think the story is sad, you bet I do. I have seen others in similar situations. Sometimes people are not good business people, maybe he should have cut back early on, instead of hoping for a better harvest each year or cheaper inputs.
Since the crash of October 2007, I have added a fair amount more equipment to my place. Lots of people getting out even of the bigger farmettes. They ask a price, I counter, we go back and forth. If I get it at a price I want I buy. I can see these people are struggling, but they need to unload all of their "gotta have" purchases that looked good in 2004, but no so much in 2009. But, in no way is it my fault they overextended themselves.
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Today's Featured Article - History of the Cockshutt Tractor - by Danny Bowes (Dsl). The son of a very successful Toronto and Brantford, Ontario merchant, and himself quite an entreprenuer, James G. Cockshutt opened a business called the Brantford Plow Works in 1877. In 1882, the business was incorporated to become the Cockshutt Plow Company. Along with quality built equipment, expedious demand and expansion made Cockshutt Plow Works the leader in the tillage tools sector of the farm equipment industry by the 1920's.
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