Posted by 2002sliverado on April 11, 2018 at 12:20:26 from (216.16.75.34):
In Reply to: goverment payment posted by stonerock on April 11, 2018 at 10:03:17:
"Windfalls" can make people really stupid, and it doesn't matter if it involves a government payment windfall, or unsustainably high commodity prices! I do not suggest that it makes all people stupid. I really struggle with those who got really crazy with the big prices on crops a few years ago, went out and jacked up cash rents to idiotically high levels, resulting in real estate changing hands. All was fine until the commodity prices went down, and the rents cannot be sustained. Prior to 2012, I saw a BTO and his equipment on the landscape just across the road from where I live, pulling a 16 row planter behind a wheeled tractor in the spring, a decent sized 4x4 performing tillage that spring and in the fall, and a big combine harvesting that fall. A year or two later, it was all new equipment including a track tractor and at least a 24 row planter, bigger 4x4, new combine, big grain cart, and a fairly new semi tractor and trailer with his name in big letters on the door. Don't know if the rest of the neighborhood is as impressed as he is. Just got wind of this BTO who filed bankruptcy. Word has it he filed bankruptcy under one legal entity and bought back the assets for pennies on the dollar through another entity. The bankruptcy appears to be correct, as I found the filings on a bankruptcy court website. The one who told me about it shared with me this tactic was used at least once before, accomplishing the exact same thing. He filed bankruptcy under one legal entity, and bought all the assets back under another entity.
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