Anybody on here burned by Eastern Livestock Mess or Have Friends that Were?

[chambero]

It's the biggest "old man discussion topic" in my part of the world.  For those that don't know, apparently they have written about $130 million in bad checks (at least that is how much is out there that people aren't getting paid for right now) to producers. Bonding capacity was apparently less than a million.

Just curious if this is affecting anyone on here and how do you go about working through something like that?

 

[knabe]

is this worse than pensions to government employees and the endless stream of unfunded liabilities to keep union employees on the dole?

 

[mark tenenbaum]

is this worse than pensions to government employees and the endless stream of unfunded liabilities to keep union employees on the dole?

.... Hits a little closer to home than the where is George (the genious) Jr broken record O0

 

[Hoosier]

This is a huge deal in my part of the world, being only about an hour from their headquarters.  My dad and I have always been on the buying end of dealing with Eastern and built a really strong working relationship with them over the last 10 years.  I don't personally know anyone who didn't get paid for cattle but there are several smaller commercial producers in the area that I know sold their feeders to Eastern.

 

[CM Cattle]

Its a big discussion topic around these parts. I know some friends who haulled cattle for eastern and haven't got paid.

 

[firesweepranch]

I teach college, and last semester one of my students wrote one of his papers about this; his grandpa has lost most of his money because they shipped cattle to them and never got paid. Really a sad story.

 

[showsteerdlux]

My neighbor at home operates a large video sale operation and they owe him right at $800,000. Lord knows when he will get anything. He has paid the producers from what i understand, but it can and probably will end up burning him.

 

[DLD]

I know a guy who was a buyer for Eastern.  He said that all of his clients were getting paid, and that it looks like he personally will end up losing around $30,000 - he considers himself really lucky that it's no more than that.

 

[colosteers]

This is a link to the Trustees site and blog about the happenings of Eastern livestocks situation and bankruptsy.  Just glad I have no involvement!

www.easternlivestockbkinfo.com/index.html