tag:blogger.com,1999:blog-2447438783001404385.post5002828020218264426..comments2024-03-28T15:14:44.293-05:00Comments on Jackson Jambalaya: Express Grain & UMB Try to Block InvestigationKingfishhttp://www.blogger.com/profile/06184990110961727404noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-2447438783001404385.post-34013258854428165532022-01-07T17:52:19.825-06:002022-01-07T17:52:19.825-06:003:46, My point was that the entity appears to have...3:46, My point was that the entity appears to have not been viable for some time. Doubling down on Express Grain to now become viable and profitable, especially considering that the Colemans still own it, is probably not the best way to protect the claims of any creditors except UMB.<br /><br />If the bankruptcy court declines to place that bet, I doubt that the farmers "will then be the ones that lose the most," (Jan. 6 at 6:21 p.m.). The licenses are either void ab initio, or they are not, and I don't think making that argument is "playing politics."<br /><br />If the license are invalid, at least the farmers will have a chance at clawing back some assets, which they will not if this new loan deal gets approved.<br /><br />-7:20Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-78482949362446571012022-01-07T15:46:11.060-06:002022-01-07T15:46:11.060-06:007:20, this type of bankruptcy has no script due to...7:20, this type of bankruptcy has no script due to the fraud component. If a viable entity can emerge with operational assets, there is a revenue stream for the judge to work with. I suspect the bioenergy side was the venture that sunk them, plus the owners were apparently incompetent and now are criminals. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-82115984616803726892022-01-07T10:44:41.521-06:002022-01-07T10:44:41.521-06:007:15 a.m. The second to last sentence of the artic...7:15 a.m. The second to last sentence of the article posted above states as follows:<br /><br />"The Commissioner said the true audits show the company was suffering a $20 million loss while those filed with his office showed a thriving company. The auditors also stated in their notes that it was doubtful the company could continue 'as a going concern.'"<br /><br />So tell me again how extinguishing the farmers claims to allow the business to continue will benefit the farmers.<br /><br />Then, please explain how the Colemans' proposed deal with UMB for an additional loan appears to be anything other than another power play for UMB to recoup as much of its losses as possible, to the detriment of all other creditors.<br /><br />Are you suggesting that the farmers should rely on the possibility of restitution from a criminal action?<br /><br />-7:20 p.m.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-50462080782566192372022-01-07T07:15:26.032-06:002022-01-07T07:15:26.032-06:007:20, that depends on the BK judge and all the par...7:20, that depends on the BK judge and all the parties, which would also be affected by any criminal events that have occurred. Suffice it to say there is more for recovery if the operations remain viable versus becoming a corpse with a scrap value.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-47818056061890651862022-01-07T03:36:33.587-06:002022-01-07T03:36:33.587-06:00Andy hired Ed Lawler.
Anyone know this guy?
The ...Andy hired Ed Lawler.<br /><br />Anyone know this guy?<br /><br />The bankruptcy bar in MS is tiny…..who is this guy?<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-64337614688399730942022-01-06T19:20:56.104-06:002022-01-06T19:20:56.104-06:006:21, What happens to the farmers' claims if t...6:21, What happens to the farmers' claims if the licenses remain intact, allowing the bankruptcy to remain a Chapter 11, which requires the additional UMB loan to continue operations? Wouldn't the farmers then get zero while UMB gets the right to take it all?? (unless, of course, UMB is really motivated by good will to protect the Mississippi farmers, instead of covering its own $100 million liability)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-67127989162473780502022-01-06T18:21:06.084-06:002022-01-06T18:21:06.084-06:00Andy is likely out of his league. He is playing po...Andy is likely out of his league. He is playing politics by revoking their license, which will turn this bankruptcy from a Chapter 11 to a Chapter 7. The farmers will then be the ones that lose the most.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-44531996444422667802022-01-06T17:48:17.309-06:002022-01-06T17:48:17.309-06:00It also looks to me like the Dept. of Ag. and Comm...It also looks to me like the Dept. of Ag. and Commerce has argued that Express Grain's licenses were void ab initio due to fraud in obtaining the licenses, meaning the licenses were never valid, so that UMB's warehouse receipts for 1.2 million bushels of soy beans are worthless, as the product of fraud and issued without valid licenses.<br /><br />UMB and the Colemans, by and through counsel, have now cooked up a scheme to ratify the receipts and foreclose all of the farmers claims, in return for UMB loaning another $30 million and getting a first-priority lien against all pre- and post-bankruptcy petition assets. That would secure UMB's total loans of $100 millions against alleged total assets of $101 million. As long as no one else but UMB can get paid, the bank is made whole.<br /><br />So, the bank will keep the company afloat, so long as everyone besides UMB is guaranteed to get screwed in the process.<br /><br />The Ag. Department's position seems to be: let's first get a ruling on the validity of the licenses, then we'll know who owns what.<br /><br />The Colemans continue to peddle their asses to whomever will pay.<br /><br />If I have any of this wrong, someone please chime in and correct me.<br /><br />-1:04Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-4122817727691087442022-01-06T17:11:13.346-06:002022-01-06T17:11:13.346-06:00I see 2 scenarios:
Scenario 1 - Express Grain is ...I see 2 scenarios:<br /><br />Scenario 1 - Express Grain is broke, but didn't do anything fraudulent. So they can deal with banks, farmers, etc. through court. And maybe they get additional capital and reorganize and keep doing business and everybody eventually gets paid.<br /><br />Scenario 2 - Express Grain committed some fraud. If they falsified any documents at all (I don't care if it's just one line on one document), then their license should be revoked. They shouldn't be operating. You can't give a license to a crook simply because you want "employees to stay employed" or "creditors to get paid". If they submitted phony documents to the Ag Commission, then the Ag Commission should absolutely yank their license. Anybody that thinks differently is an idiot.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-56096311788273722692022-01-06T16:58:41.769-06:002022-01-06T16:58:41.769-06:00Are the Colemans politically connected?Are the Colemans politically connected?Cbalduccnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-40756707375452598092022-01-06T15:23:41.506-06:002022-01-06T15:23:41.506-06:00What a mess. Good job keeping up with this KF.What a mess. Good job keeping up with this KF.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-76081515521562762042022-01-06T14:08:30.198-06:002022-01-06T14:08:30.198-06:00All this is going to bringing federal heat to the ...All this is going to bringing federal heat to the issue. Keep stirring the pot and the water is only going to get hotter.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-29138347462063831282022-01-06T13:16:26.027-06:002022-01-06T13:16:26.027-06:00@11:29.
NO.
Horne did not preform the audit FOR ...@11:29.<br /><br />NO.<br /><br />Horne did not preform the audit FOR the MDAC, their client was Express Grain.<br /><br />What EG did with the audit - i.e. submit it to lenders, submit it to MDAC, submit it to stockholders, submit it to potential investors - is in the hands of EG. <br /><br />Besides not knowing what school taught you English Comp, as 12:30 noted, did you proceed from there to the Don Barrett school of law where they taught you to try to find deep pockets to sue when the culprits' pockets are damn shallow.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-88055551819774869422022-01-06T13:13:51.793-06:002022-01-06T13:13:51.793-06:00It could be that keeping the business running whil...It could be that keeping the business running while trying to attract investment capital might be in the best interest for all parties involved. I hear the company is making money right now because margins have turned up. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-44820308770310508442022-01-06T13:04:41.067-06:002022-01-06T13:04:41.067-06:00So, Coleman's attorney filed a motion to dismi...So, Coleman's attorney filed a motion to dismiss his own bankruptcy on his way into the creditor's meeting, refused to allow his client to answer questions, and cited his own motion as the basis for a continuance.<br /><br />Now, Coleman's attorney asks the court to approve a deal whereby Express Grain would get another loan from UMB for $30 million, in return for allowing the bank to jump in front of all other secured creditors with a priority lien.<br /><br />Did I get that right? If so, it's gotten pretty slimy, and will likely get worse.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-14863745538735043702022-01-06T12:30:11.491-06:002022-01-06T12:30:11.491-06:00Attn 11:29 AM Which Jackson schools did you attend...Attn 11:29 AM Which Jackson schools did you attend? Your writing and grammar are a little below par.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-16185724188564703222022-01-06T11:29:29.664-06:002022-01-06T11:29:29.664-06:00Is then Horne complicit? Shouldn't Horne have...Is then Horne complicit? Shouldn't Horne have direct filed with MDAC? Anonymousnoreply@blogger.com