Tuesday, July 5, 2016

Grain company bankruptcy rippling through farms

Posted By on Tue, Jul 5, 2016 at 6:46 AM

John Lyon at the Arkansas News Bureau reports on another ripple effect of the bankruptcy of Turner Grain, the big broker whose failure left millions in competing claims.

The latest is a demand from the bankruptcy trustee for repaying by farmers of payments they'd received from Turner Grain shortly before it went into bankruptcy. It's part of a clawback provision in bankruptcy law.

The farmers say they can't pay. If deals can't be worked out, they may face bankruptcy themselves.

Quotable: From Keith Wilkinson, a Monroe County farmer who's received one of the letters demanding repayment:

Wilkison said that in a state where agriculture is the largest industry, it seems to him that elected officials should be doing more to help farmers deal with the crisis.

“In our time of need, where are they?” he said.



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