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!!