Big Bankruptcy Hits Home for Missouri Farmers

5 years 8 months 2 weeks ago Monday, March 26 2012 Mar 26, 2012 Monday, March 26, 2012 8:17:00 PM CDT March 26, 2012 in News
By: Alexandra Stone
loading

SALINE COUNTY - Many unknowns remain this spring after a major bankruptcy hit the farming industry last fall. MF Global, a major player in the futures and commodities industry, filed for bankruptcy on October 31, 2011.

A series of hearings over the past months have sought to uncover $1.6 billion in missing money. And as a result, many in Missouri agriculture are looking at unexpected losses this year.

"They do know. I just have to believe they do know who was involved. Where the money went. Who approved what transactions. I guess it does make me a little nervous it's taken them as long as it has, but I guess, ultimately I'm optmistic that they'll get it back," said Russell McKinney of Ham Hill Farms in Saline County.

Ham Hill has been farmed by the Sandidge family right outside of Marshall for decades, raising hogs and farming grain.

Brent Sandidge, whose father passed the farm onto him, said this crisis was something almost unheard of in the farming industry.

"You hear something that you didn't worry about at all. You thought it was safe. And then you find out that it's not. That somebody's taken it from you," Sandidge said.

In town, another grain bin, Central Missouri Agri-Service, has taken big hits as well. General Manager John Fletcher, who testified at an MF Global hearing in November, said they were initially expecting to get 90 percent of funds back. Now they are being told the numbers may be more like 80 percent.

According to Fletcher, this amounts to "tens of thousands of dollars" the company is waiting on.

"What we're exposed to now is half what a normal year's earnings are for the company," Fletcher said.

The Missouri Department of Agriculture has attempted to aid those hurt in Missouri, although the issue is being handled largely at the federal level. Representatives with the Commodities Futures Trading Commission said the matter is still under investigation. Much of the information regarding monetary distribution, trial dates, and contact information for the trustee in the case, is available here.

For now, it is a waiting game, and John Fletcher is cautious in his expectations.

"I think they'll find out where the money went but I don't know that it will ever come to light, because of where it went."

 

More News

Grid
List
COLUMBIA -It's a topic that many people shy away from, but one man came to Columbia to talk about suicide.... More >>
35 minutes ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 8:25:00 PM CST December 11, 2017 in News
COLUMBIA - Terron Wings says he considers himself blessed he can now call himself an “American taxpayer.” Wings, 37,... More >>
1 hour ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 7:27:27 PM CST December 11, 2017 in News
COLUMBIA - The Columbia Board of Education will vote on a $30 million bond issue Monday night at its meeting.... More >>
1 hour ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 7:01:00 PM CST December 11, 2017 in News
COLUMBIA – High winds and dry conditions warranted additional safety precautions for fire safety Monday in central Missouri. The... More >>
2 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 6:04:00 PM CST December 11, 2017 in News
RENICK – The Beamer family was on the porch of their Randolph County home at the beginning of the storm... More >>
3 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 5:21:35 PM CST December 11, 2017 in News
ROCHEPORT - Consolidated Water issued a boil order advisory for parts of Howard County Monday due to a water main... More >>
4 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 4:29:00 PM CST December 11, 2017 in News
ORONOGO (AP) — Homeowners living near a gun range in southwest Missouri are concerned about stray bullets that have been... More >>
5 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 3:32:30 PM CST December 11, 2017 in News
COLUMBIA - When someone goes to the doctor for a checkup, they might expect the regular look at their eyes,... More >>
5 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 3:15:00 PM CST December 11, 2017 in News
JEFFERSON CITY (AP) — Missouri's attorney general is weighing whether to appoint a special investigator to check into use of... More >>
6 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 2:45:00 PM CST December 11, 2017 in News
COLUMBIA - One MU Nursing School program has reduced the number of nursing home patients from hospitalization by nearly 50... More >>
6 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 2:24:00 PM CST December 11, 2017 in News
COLUMBIA- The Missouri Attorney General's office is forming an advisory board to develop the first statewide program in Missouri that... More >>
8 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 12:22:00 PM CST December 11, 2017 in News
COLUMBIA - The city plans to begin repairing base failures in the Thornbrook Subdivision beginning Dec. 11 at 8 a.m.... More >>
9 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 11:34:00 AM CST December 11, 2017 in News
JEFFERSON CITY - A Missouri state representative has filed more legislation which would redefine "marriage" as a "contract of domestic... More >>
9 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 11:22:00 AM CST December 11, 2017 in News
COLUMBIA – Monday is the final day to donate to Columbia Parks and Recreation’s Almeta Crayton Memorial Toy Drive. ... More >>
10 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 10:58:00 AM CST December 11, 2017 in News
JEFFERSON CITY (AP) — Missouri Gov. Eric Greitens says he wants his five new appointees to the state veterans... More >>
10 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 10:50:00 AM CST December 11, 2017 in News
COLUMBIA - UPDATE: 1:44 P.M. A police officer confirmed white paint footprints are related to Monday's investigation. The police officer... More >>
13 hours ago Monday, December 11 2017 Dec 11, 2017 Monday, December 11, 2017 7:34:00 AM CST December 11, 2017 in Top Stories
COLUMBIA - Nearly four years ago to the day, local business owner Linda Bonebrake was diagnosed with severe sepsis at... More >>
1 day ago Sunday, December 10 2017 Dec 10, 2017 Sunday, December 10, 2017 6:47:00 PM CST December 10, 2017 in Continuous News
JEFFERSON CITY - Bird lovers got an up close look at birds typically seen in their backyards Sunday. It... More >>
1 day ago Sunday, December 10 2017 Dec 10, 2017 Sunday, December 10, 2017 5:36:00 PM CST December 10, 2017 in News
Columbia, MO
Broken Clouds 45°
10pm 41°
11pm 37°
12am 34°
1am 33°

Select a station to view its upcoming schedule:

Coming Up Next

7:00p
The Voice
9:01p
Better Late Than Never
10:00p
KOMU 8 News @ 10
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld
10:00p
Seinfeld

Tonight's Schedule

7:00p
The Voice
9:01p
Better Late Than Never
7:00p
Penn & Teller: Fool Us
8:00p
Valor
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld