FarmTrac Troubles

[SESS]

To followup with what Longtrman says, visit the "history of Escorts" on this link......the old Fords were built by Escorts in India.......

ESCORTS GROUP > The Escorts Group, is among India's leading engineering conglomerates operating in the high growth sectors of agri-machinery, construction & material handling equipment, railway equipment and auto components.

 

[redneckford]

We were told in a meeting with the president of Farmtrac that many of the 3600 Ford tractors sold by Ford tractor operations to Ford tractor dealers were actually built by Escorts themselves and sold as 3600 Fords. Did you notice that the hoods on the 3600 Ford were the same as the early 45 Farmtracs. The early Farmtrac 60 parts book tells which column of the book to use for parts for the 3600 and 3620 Fords. I don't believe there has been an American made tractor under about 100 hp since the 70's.

Was at the Ford Factory in Romeo Michigan in 85,86,87 they were building 28/29/3910 there then---moved all the tooling and sold all the real estate to K Mart I believe and our tractors starting coming from Anwhert? Belgium and Basilton England so we were told at the time----

 

[smith mall]

Have researched the Ford,Escort connection.
Escorts Ltd. Was amnufacturing Ford 3000,3600,3610 tractors in their plant which had a majority shareholding of Ford since 1971 till 1994.
When Ford sold the agricultural business to Fiat, Escort using the first option bought out the Ford share.Since 1972 most of the Ford tractors world wide had some assemblies from The Escort plant.
That is the past, now how do you think this Montana,Textron,LS,Escort mix is going to work out?????

 

[redneckford]

Anybody seen a check yet-----How many days for buyers remorse-----???? Still waiting on that gift basket----Thank God for Louis---ana Law---We are going on a Boat R---I----D----E as soon as Tax_____ gets that Check!!!!!????? Blue get your rain coat ready!!!----and your rubber boats---it may get deep@

 

[smith mall]

check,What check, a check from textron??,check from Montana??? a check from Farmtrac????, a cHeck from LS????? or a check from Jim and his team?????.
We live on dreams ,Let us dream of a big check. Best of luck for the check and above all for the coming festive season

 

[redneckford]

check,What check, a check from textron??,check from Montana??? a check from Farmtrac????, a cHeck from LS????? or a check from Jim and his team?????.
We live on dreams ,Let us dream of a big check. Best of luck for the check and above all for the coming festive season

1. a 14 mil check from Montana to the Receiver---He decides how much Textron gets!(just a picture of the check being cashed will do) anything less is just another Textron paper shuffle!! people need to see it to feel confidence in this deal!
2. A Check to all the old FarmTrac Dealers in Louisiana for all their Aged Inventory and parts--- Their outstanding warranty claims their out of pocket expense to cover this mess---read the Louisiana buy back agreements for a better understanding!!!! And send a truck to pick it all up!!! Now!!!! Montana has done their homework they understand all this---- that is why many FarmTrac Dealers are now Montana Dealers. They had a plan and they executed it as fast as they could---I Think as time passes the customers will understand the sacrifices that Montana made to help all the customers and Dealers of "ALL" Brands!
3. A book burning party of anything Beaver Creek! Read the whole thread and you will understand this statement.

 

[taxpayer]

1. a 14 mil check from Montana to the Receiver---He decides how much Textron gets!(just a picture of the check being cashed will do) anything less is just another Textron paper shuffle!! people need to see it to feel confidence in this deal!
2. A Check to all the old FarmTrac Dealers in Louisiana for all their Aged Inventory and parts--- Their outstanding warranty claims their out of pocket expense to cover this mess---read the Louisiana buy back agreements for a better understanding!!!! And send a truck to pick it all up!!! Now!!!! Montana has done their homework they understand all this---- that is why many FarmTrac Dealers are now Montana Dealers. They had a plan and they executed it as fast as they could---I Think as time passes the customers will understand the sacrifices that Montana made to help all the customers and Dealers of "ALL" Brands!
3. A book burning party of anything Beaver Creek! Read the whole thread and you will understand this statement.

Red, we may not get our shrimp boat money, but if I read the louisiana law correctly,a broken company is about to become whole again and if they ain't real nice to me they gonna be hauling some slightly aged blue tractors back to tarboro NC. now about that beaver creek thing, I expect me and old blue gonna be sniffing and gnawing on that bone for some time to come, care to join us??

Taxpayer

 

[California]

Here is the article from the Daily Southerner paper.........

The Daily Southerner, Tarboro, NC - Farmtrac sold to Montana Tractors

Lessiter Publications is another source that provided coverage:

Montana Buys Farmtrac in a ...

So Montana bought the plant and showroom real estate, and all the manufacturing equipment and tractors at the two locations in Tarboro.

And I think these articles imply that Farmtrac continues to owe its same debts to Textron, to LS and Escorts (the manufacturers), along with the warranty claims to the dealers, and the LTZ payments that Farmtrac was supposed to pay on behalf of the customers.

Does this mean that Farmtrac's debts remain but now Farmtrac has no assets at all to pay them, aside from this new $14.1m? Who receives the $14.1m? Back taxes might soak up a lot of that. Who is next in line after Federal and local taxes?

 

[redneckford]

So Montana bought the plant and showroom real estate, and all the manufacturing equipment and tractors at the two locations in Tarboro.

Does this mean that Farmtrac's debts remain but now Farmtrac has no assets at all to pay them, aside from this new $14.1m? Who receives the $14.1m? Back taxes might soak up a lot of that. Who is next in line after Federal and local taxes?

From reading the court doc's Montana bought all the assets no---i mean no liabilities-----Beaver Creek still owns all the debt and liabilities---Who owns Beaver Creek---Escorts of India???--- so I do not think we will see any "new" distribution of excort tractors until Beaver Creek goes away----Montana knows this and they can use it for a great leverage tool---Escorts will be afraid that any asset of their's that hit these shores will be tied up until those debts are paid or forgiven or liquidated thru bankruptcy---Never have seen where FarmTrac or Beaver Creek have filed for Bankruptcy---The Receiver (no money at the time to file bankruptcy court appointed a receiver to run the company and possibly guide it into bankruptcy are back into business--we know which path is the most logical) just sold "some" assets so that they can clean this mess up---Along with the purchase of those assets come some liabilities---(Louisiana buy back laws etc)

 

[glgdiggs]

I think Esorts 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.