Big Bankruptcy Hits Home for Missouri Farmers

6 years 4 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
BEVIER - The Missouri State Highway Patrol is investigating a deputy-involved shooting in Macon County. The man whom a... More >>
43 minutes ago Tuesday, August 14 2018 Aug 14, 2018 Tuesday, August 14, 2018 10:32:00 AM CDT August 14, 2018 in News
MEXICO - Authorities responded to several small fires along railroad tracks running through town on Monday. Norfolk Southern Railroad... More >>
1 hour ago Tuesday, August 14 2018 Aug 14, 2018 Tuesday, August 14, 2018 9:59:00 AM CDT August 14, 2018 in News
TAOS, N.M. (AP) — The Latest on 11 children found living in a filthy, makeshift compound in New Mexico (all... More >>
3 hours ago Tuesday, August 14 2018 Aug 14, 2018 Tuesday, August 14, 2018 8:06:00 AM CDT August 14, 2018 in News
LINCOLN, Neb. (AP) - Nebraska is preparing to carry out its first execution since 1997 on Tuesday in a bewildering... More >>
5 hours ago Tuesday, August 14 2018 Aug 14, 2018 Tuesday, August 14, 2018 6:06:00 AM CDT August 14, 2018 in News
JEFFERSON CITY (AP) - Democratic Sen. Claire McCaskill says she supports measures on Missouri's November ballot to increase the state's... More >>
5 hours ago Tuesday, August 14 2018 Aug 14, 2018 Tuesday, August 14, 2018 5:58:00 AM CDT August 14, 2018 in News
AUDRAIN COUNTY - A man who found a dog "hopping" along Highway 54 with his legs and muzzle taped says... More >>
13 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 9:47:00 PM CDT August 13, 2018 in News
COLUMBIA - The Columbia Public Schools Board of Education unanimously approved a 9-cent increase in the operating tax rate ceiling... More >>
15 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 8:00:00 PM CDT August 13, 2018 in News
COLUMBIA - Mugs Up Drive In's manager said the restaurant is back in tiptop shape after a power line accident... More >>
16 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 6:49:00 PM CDT August 13, 2018 in News
MACON – A viral tweet is prompting the Missouri State Highway Patrol to warn people to call 911 if they... More >>
16 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 6:20:00 PM CDT August 13, 2018 in News
COLUMBIA - Living Canvas, a tattoo, body piercing and art gallery on Broadway, is shutting its doors earlier than it... More >>
20 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 3:09:00 PM CDT August 13, 2018 in News
COLUMBIA - Columbia City Council members said the city has reached a financial tipping point and now they have until... More >>
20 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 2:21:00 PM CDT August 13, 2018 in News
JEFFERSON CITY (AP) — Missouri Democrats have voted to ditch a recently added tenet aimed at welcoming anti-abortion candidates. ... More >>
21 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 2:05:07 PM CDT August 13, 2018 in News
MEXICO - Gov. Parson is traveling through the northeastern part of Missouri this week and he started his travels in... More >>
21 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 1:44:00 PM CDT August 13, 2018 in News
MISSION HILLS, Kan. (AP) — A couple from a Kansas City suburb alleges that a $90 million billing scheme found... More >>
23 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 12:03:00 PM CDT August 13, 2018 in News
COLUMBIA (AP) — Missouri taxpayers may be covering $884,000 in legal fees for a Columbia church's U.S. Supreme Court case... More >>
23 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:28:00 AM CDT August 13, 2018 in News
JEFFERSON CITY (AP) — A ballot measure attempting to limit union powers helped drive Missouri's largest voter turnout for a... More >>
23 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:20:58 AM CDT August 13, 2018 in News
(CNN) -- The FBI has fired Peter Strzok, an agent who was removed from the Russia probe last year for... More >>
1 day ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:11:24 AM CDT August 13, 2018 in News
(CNN) -- President Donald Trump said it's "great" that consumers might boycott Harley-Davidson if it moves some motorcycle production overseas.... More >>
1 day ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:07:39 AM CDT August 13, 2018 in News
Columbia, MO
Broken Clouds 74°
12pm 75°
1pm 76°
2pm 76°
3pm 78°