Big Bankruptcy Hits Home for Missouri Farmers

8 years 5 months 3 weeks ago Monday, April 02 2012 Apr 2, 2012 Monday, April 02, 2012 3:06:00 PM CDT April 02, 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
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. Previous coverage: ... More >>
4 hours ago Saturday, September 26 2020 Sep 26, 2020 Saturday, September 26, 2020 10:09:00 AM CDT September 26, 2020 in News
STE. GENEVIEVE - Blair Oaks' 51 regular season game win streak ended against Valle Catholic on Friday. Blair Oaks fell... More >>
17 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 8:47:00 PM CDT September 25, 2020 in Friday Night Fever
(CNN) -- Covid-19 vaccinations could start as early as November, Dr. Anthony Fauci, the nation's leading infectious disease expert, said... More >>
18 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 7:55:00 PM CDT September 25, 2020 in News
COLUMBIA - Columbia’s Goodwill Excel Center Hosted its very first commencement ceremony. The Goodwill Excel Center is a free... More >>
18 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 7:51:00 PM CDT September 25, 2020 in News
JEFFERSON CITY (AP) — Nine television stations have pulled an ad criticizing Democratic candidate for Missouri governor Nicole Galloway. ... More >>
20 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 5:47:00 PM CDT September 25, 2020 in News
MID-MISSOURI - Week five of Friday Night Fever is here. Before you head out to your team's game or tune... More >>
20 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 5:42:00 PM CDT September 25, 2020 in Sports
O'FALLON, Mo. (AP) — A federal appeals court panel is weighing the fate of a sweeping Missouri abortion law, including... More >>
21 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 5:15:01 PM CDT September 25, 2020 in News
Welcome to Week 5 of Friday Night Fever! Our game of the week features the Eldon Mustangs travelling to Southern... More >>
21 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 4:55:00 PM CDT September 25, 2020 in Friday Night Fever
Below are scores from high school football games from across mid-Missouri. Check out KOMU 8's liveblog with updates from some... More >>
21 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 4:54:00 PM CDT September 25, 2020 in Friday Night Fever
ASHLAND - It's Thursday morning. Head football coach Trent Tracy gets to Southern Boone High School to turn on the... More >>
22 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 4:10:00 PM CDT September 25, 2020 in Friday Night Fever
MOUNT VERNON, Mo. (AP) — Nine people have been indicted by a grand jury in connection with the kidnapping and... More >>
22 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 4:05:38 PM CDT September 25, 2020 in News
(CNN) -- President Donald Trump intends to choose Amy Coney Barrett to be the new Supreme Court justice, according to... More >>
22 hours ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 3:16:00 PM CDT September 25, 2020 in News
JEFFERSON CITY - Jefferson City firefighters responded to a structure fire in the 400 block of Marshall Street Friday morning... More >>
1 day ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 12:12:00 PM CDT September 25, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. Previous coverage: ... More >>
1 day ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 11:09:00 AM CDT September 25, 2020 in News
COLUMBIA-- A group of University of Missouri students is holding a sit-in Friday on Mel Carnahan Quadrangle on the MU... More >>
1 day ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 10:13:00 AM CDT September 25, 2020 in News
MONITEAU COUNTY - One man is in custody after a police pursuit through mid-Missouri Wednesday. Matthew Scovell, 40, of... More >>
1 day ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 9:55:00 AM CDT September 25, 2020 in News
MISSOURI- As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. The... More >>
1 day ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 9:00:00 AM CDT September 25, 2020 in News
(CNN) -- At least 41 people are sick in 10 different states after a salmonella outbreak that has been linked... More >>
1 day ago Friday, September 25 2020 Sep 25, 2020 Friday, September 25, 2020 8:57:53 AM CDT September 25, 2020 in News
Columbia, MO
Broken Clouds 82°
3pm 86°
4pm 87°
5pm 85°
6pm 82°