FarmTrac Troubles

[redneckford]

I think Escorts owns stock in Beaver Creek Holdings, LLC, not the same as owning it. As we all know LLC stands for limited liability corporation another form of non living enity with more rights than people. That LLC could be dissolved and Escorts could be back tomorrow with no liabilities attributed to FNA(another LLC). As to the 14.1 M from Montana that should be distributed to the secured creditors by ranking of filings. Unsecured creditors, stock holders, former employees, dealers, LTZ customers are probably left with nothing, a nasty turn of events. Further now that the assets are sold what happens to receiver who has kept the company store running for parts distribution. This is not the outcome any of us wanted and leaves dealers and customer/owners pretty much out in the cold.

1. Bet some Lawyers would try to file suit and tie it all up as long as possible---look how long this little process has taken!!!
2. Company store and parts inventory bought by Montana??? get your parts from them
3. Someone better read Louisiana "Deep Pocket Liability Laws" follow the trail until you find "Someone" with money to pay the judgment--even if they only have a .00005% interest they may owe the whole bill!!???

Like I said "Until Beaver Creek goes away"!!!!!!! somebody has to do the paper work---may make them libel???

Stock Holders and Directors(read the fine print) can be sued----just some more lawyering to it!!! nothing is perfect without a little persistence!!!
not al lawyer and I have not slept at a Hotel lately

 

[blueliner]

I think Escorts owns stock in Beaver Creek Holdings, LLC... That LLC could be dissolved and Escorts could be back tomorrow with no liabilities attributed to FNA (another LLC)....now that the assets are sold what happens to receiver who has kept the company store running for parts distribution. This is not the outcome any of us wanted and leaves dealers and customer/owners pretty much out in the cold.

'Diggs,

Welcome back to the site... it has been awhile.
Appreciate your post. It's clarity is an asset to readers.

Escorts is the majority shareholder in BCH; much more than 51 percent. They are also the parent company to FNA; a parent that figuratively skipped out on its child after social security payments ran out.

Translated: a calculating, money-grubbing, scumbag parent company.
And yes, they and FNA execs will be off scot-free as of Dec. 1 when assets will officially be sold to Montana.

Well, until tax evasion and embezzlement catch up with them. A lack of response from the IRS et al are characteristic of a case in-progress.

Sadly, yes again, as former employees, retailers and customers get straight-up screwed in this deal.

--b

 

[glgdiggs]

Now I'm confused. Upon visiting Escorts (Farmtrac.com.pl/en_ofirmie.php) european website it is stated that Farmtrac Tractors Europe Sp. z. oo is owned by Farmtrac North America Inc USA an enity I have not read about until now. Who, what, where, and which assetts were really sold? Is FNA LLC the same as FNA Inc USA? Have at it guys.

 

[redneckford]

Now I'm confused. Upon visiting Escorts (Farmtrac.com.pl/en_ofirmie.php) european website it is stated that Farmtrac Tractors Europe Sp. z. oo is owned by Farmtrac North America Inc USA an enity I have not read about until now. Who, what, where, and which assets were really sold? Is FNA LLC the same as FNA Inc USA? Have at it guys.

Welcome to the club the more confusing they can make it the more money that goes down the hole while "normal" people try to figure it out---Research the Creek and see how really in tangled all the mess is----When the greatest "Bankers" in the world don't understand it you think a lawyer ever will---I think they call it Wall Streeted---Didn't they get a couple dollars in bail out without put anything into the deal--PLAN WHAT PLAN!!!! Go GM they give you the money if you will just have the right person ask for it!!!!!!!!!!

Read the court docs in this thread and see what Montana bought---just some assets---full disclosure was not mentioned anywhere---they have other assets everywhere---and when tax---- and blue finds them we are going on a BOAT R---I---D---E!!!!!

 

[glgdiggs]

I read the court docs, but they state in all filings the enity as FNA LLC. Google Farmtrac North America Inc USA and FNA LLC comes up until 3 or 4 pages in shows the web page that states the european enity is owned by FNA Inc USA, no other mentions. Just curious if a FNA Inc USA exist, if so when and where incorporated. This could be the reentry channel for Escorts.

 

[blueliner]

I read the court docs, but they state in all filings the enity as FNA LLC... [Google] 3 or 4 pages in shows a web page that states the european enity is owned by FNA Inc USA, no other mentions. Just curious if a FNA Inc USA exist, if so when and where incorporated. This could be the reentry channel for Escorts.

'Diggs,

Again, sharp eye and line of questioning. Props.

FNA... I've found no Inc. for them. A couple other bloodhounds and I continue to sniff -- just to be sure.

FNA Euro... Yep, I saw that tie on their page to FNA USA. It's 99 percent likely to be a mis-entry on their part; either the webmaster or the person who generated their copy. One percent change it's a bigger clue. If so, see previous notes.

Escorts re-entry... If the dealers or Montana do business with them, expect the worst. From conversations dealers have shared with me, those fleabags Escorts need their a**es kicked first and questions asked later.

--b

 

[glgdiggs]

I suspected that FNA INC USA might be a mistake. Then a question to the reciever is in order about the ownership of the european operation and the assets and profits of that enity as to recourse for the creditors.

 

[blueliner]

I suspected that FNA Inc., U.S. might be a mistake. Then a question to the Receiver is in order about the ownership of the european operation and the assets and profits of that enity as to recourse for the creditors.

'Diggs,

Your suggestion has multi-national and legal implications. If FNA Euro had an LLC based out of the States (N.Y. perhaps?) and operated out of Europe, then U.S. laws may have some traction.

Such stuff is only a few aspects of a very tangled web.

--b

 

[glgdiggs]

If FNA LLC is FNA INC USA then Farmtrac Tractors Europe, SP is owned by FNA LLC and therefore should have asset value even as stock holdings.

 

[taxpayer]

'Diggs,

Your suggestion has multi-national and legal implications. If FNA Euro had an LLC based out of the States (N.Y. perhaps?) and operated out of Europe, then U.S. laws may have some traction.

Such stuff is only a few aspects of a very tangled web.

--b

Blue and Diggs are on the right track, but to get a clearer picture one must go all the way back to the days of Long MFG and review all transactions, mergers and aquisitions up to dec 2007. Long MFG. became Long INC, got into financial trouble, hired a restructering firm, became Longagribusiness, merged with a LLC out of Rhode Island named Beaver Creek
investments,later another BeaverCreek Holding co LLC was formed by the same parties who, just happened to own most of the Longagribusiness stock.
then along came Escorts LTD who wanted a lager slice of the US tractor pie.Escorts was able to broker adeal to buy a controling interest in Beaver Creek and thus Longagribusiness. the name was changed to Farmtrac of North America LLC.a deal was struck with LS-Cable to provide Korean tractors and Textron was the cash cow.Everybody got greedy and the rest is history.this is not as Paul Harvey would say "the rest of the story".No, all the dirty little secrets have not been exposed yet.But they WILL, they Will!!

 

[taxpayer]

I saw nothing in the court docs concerning the FNA corporate name, only assets and property.now we know FNA will have no property nor assets in tarboro after the smoke clears. but what about what Beaver Creek owns that was bought with skimmed FNA funds.Why did Farmtrac fail?? was it all because of mismanagement or something more sinister? Questions, Questions

Taxpayer

 

[longtrman]

Ole' Blue

Escorts shuts down US tractor unit-India Business-Business-The Times of India

This article (Nov 7, 2008) says that Escorts shut down Farmtrac, NA due to continuing weakness in the economy. If they didn't own it how did they shut it down?
I was actually looking for the article mentioning Escorts AgriMachinery that we found a while back the one that had an office in New York that turned out to be a pay phone in a restaurant near Radio City music Hall. I thought the newbys would enjoy that one!
Longtrman

 

[redneckford]

Ole' Blue

Escorts shuts down US tractor unit-India Business-Business-The Times of India

This article (Nov 7, 2008) says that Escorts shut down Farmtrac, NA due to continuing weakness in the economy. If they didn't own it how did they shut it down?
I was actually looking for the article mentioning Escorts AgriMachinery that we found a while back the one that had an office in New York that turned out to be a pay phone in a restaurant near Radio City music Hall. I thought the newbys would enjoy that one!
Longtrman

Reckon it could have been Ashly's phone number she (a Louisiana Gal)brought down the Governor of New York that use to be the AG I think(Bet she will make plenty on the book deal)----But it was probably the JOKER----Batman was out of town!!!! and they thought Louisiana politics were bad---- she was in Washington wait till they talk to the gals that were working in Tarboro----we have our way of getting information down here----!!!!!

 

[taxpayer]

Ole' Blue

Escorts shuts down US tractor unit-India Business-Business-The Times of India

This article (Nov 7, 2008) says that Escorts shut down Farmtrac, NA due to continuing weakness in the economy. If they didn't own it how did they shut it down?
I was actually looking for the article mentioning Escorts AgriMachinery that we found a while back the one that had an office in New York that turned out to be a pay phone in a restaurant near Radio City music Hall. I thought the newbys would enjoy that one!
Longtrman

Rotash Mal blatantly lied about the reasons for the Farmtrac NA shutdown.he blamed everything on the global economic downturn.the shutdown was the result of lawsuits filed against Farmtrac and was by order of the courts,farmtrac was placed in receivership and Escorts had no choice in the matter.I do a slow burn when I hear the lies and excuses these clowns peddle through the media.they never take responsibility for their own actions which was the real cause of the failure.

Taxpayer

 

[redneckford]

Rotash Mal blatantly lied about the reasons for the Farmtrac NA shutdown.he blamed everything on the global economic downturn.the shutdown was the result of lawsuits filed against Farmtrac and was by order of the courts,farmtrac was placed in receivership and Escorts had no choice in the matter.I do a slow burn when I hear the lies and excuses these clowns peddle through the media.they never take responsibility for their own actions which was the real cause of the failure.

Taxpayer

Escorts Re-Entry???? Make my day---If that happens I diffently will be going on a BOAT RIDE!!!

 

[SESS]

We need to ask Mr. Mal where did his Farmtrac NA executives run off to in the middle of the night!? Didn't even hang around to help out. I guess lawsuits will do that to someone with a guilty conscience. I wonder if the suitcases were heavy?! That is, if they took their suitcases.

 

[blueliner]

We need to ask Mr. Mal where did his Farmtrac NA executives run off to in the middle of the night!? Didn't even hang around to help out. I guess lawsuits will do that to someone with a guilty conscience. I wonder if the suitcases were heavy?! That is, if they took their suitcases.

SESS -- Ironic that a financially ill-acting corp such as Escorts is led by one of such a name.

Luggage? No suitcases needed! A napsack and electronically wired funds. Swiss national password: don't leave home without it!

Prep pigskin reporting is now in this hound's rearview mirror; clawing and sniffing down the path of corporate degenerates has resumed.

--b

 

[redneckford]

SESS -- Ironic that a financially ill-acting corp such as Escorts is led by one of such a name.

Luggage? No suitcases needed! A napsack and electronically wired funds. Swiss national password: don't leave home without it!

Prep pigskin reporting is now in this hound's rearview mirror; clawing and sniffing down the path of corporate degenerates has resumed.

--b

ATTA BOY!!!!!!

 

[blueliner]

Rotash Mal blatantly lied...I do a slow burn when I hear the lies and excuses these clowns peddle through the media. They never take responsibility for their own actions...

Taxpayer

Tax, et al -- Perhaps they are of the same delusional ilk as Col. Nathan R. Jessep (aka Jack Nicholson) in A Few Good Men. [...and one superb woman, too. ; p ]

I think it's Mr. Mal that "can't haaaaaaa-ndle the truth."

Here's a righteous thought: upon completion of a couple deadline tasks, I have a little somethin'-somethin' (press release) for the Times of Turban and Mr. Mal that should bring a smile to our protagonist group's faces.

--b

 

[taxpayer]

Tax, et al -- Perhaps they are of the same delusional ilk as Col. Nathan R. Jessep (aka Jack Nicholson) in A Few Good Men. [...and one superb woman, too. ; p ]

I think it's Mr. Mal that "can't haaaaaaa-ndle the truth."

Here's a righteous thought: upon completion of a couple deadline tasks, I have a little somethin'-somethin' (press release) for the Times of Turban and Mr. Mal that should bring a smile to our protagonist group's faces.

--b

HA! got that turban times bit, hope the bad boys over there don't blow up the place before you can get your thread in.If me and old Red don't get our shrimpboat, we liable to redefine proantagonist.

Tax