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Postville, IA - FDIC Takes Over Lawsuit of Rubashkin Finances |
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Omni National Bank of Georgia had loaned $300,000 to Nevel Properties in November 2007.
Nevel Properties is a rental business in Postville run by former Agriprocessors executive Sholom Rubashkin and Tzvi Rubashkin.
Aaron Rubashkin of Brooklyn, N.Y., who was president of Agriprocessors, also signed the promissory note.
Nevel Properties filed for Chapter 11 bankruptcy March 2, 2009, claiming less than $50,000 in assets and more than $1 million in liabilities. This included more than $30,000 owed to energy companies and $14,000 owed to Postville's water department.
Omni National filed a suit against the three Rubashkins on March 10 in Allamakee County District Court claiming a balance due of $332,173.
But the U.S. Office of the Comptroller of Currency shut down the bank.
OCC officials said they acted because they found Omni National's assets and earnings dissipated "due to unsafe and unsound practices." The bank had depleted most of its capital, and there was no reasonable chance it could have recovered without federal assistance, OCC officials said.
The FDIC was appointed as receiver for Omni National, and filed papers to become the plaintiff in the bank's suit against the three Rubashkins. It was refiled in U.S. District Court in Cedar Rapids.
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Read Comments (24) — Post Yours »
1
Jul 06, 2009 at 08:14 PM Anonymous Says:
This is not good; whenever the Fed go after someone they succeed 97%, It seems that the will do whatever it takes to put them away
2
Jul 06, 2009 at 09:48 PM Loshon Hora Says:
“ This is not good; whenever the Fed go after someone they succeed 97%, It seems that the will do whatever it takes to put them away ”
This is money not criminal.
3
Jul 06, 2009 at 09:26 PM Anonymous Says:
“ This is not good; whenever the Fed go after someone they succeed 97%, It seems that the will do whatever it takes to put them away ”
B"H
The FDIC is not directly targeting The Heliger Rubashkin family.
The FDIC took over this bank because its a mess. One of the MILLLIONS AND MILLIONS AND MILLIONS OF loans happens to be to NEVEL PROPERTIES.
Hashem will help. Don't worry.
4
Jul 06, 2009 at 10:02 PM Anonymous Says:
hashem does not help ganovim and people who makes a chillul hashem befarheasya
5
Jul 06, 2009 at 10:15 PM Anonymous Says:
“ hashem does not help ganovim and people who makes a chillul hashem befarheasya ”
your a sick self hating Jew.
6
Jul 07, 2009 at 05:20 AM Anonymous Says:
“ your a sick self hating Jew. ”
The Rubashkins owed the money. They signed personally on it. Bankruptcy does not make a personal signature go away. I fail to see why this is another 'get the Jew' episode.
7
Jul 07, 2009 at 01:50 AM Sir Anonymous XXII Says:
“ hashem does not help ganovim and people who makes a chillul hashem befarheasya ”
Anyone who knows the Rubashkins (I do), know that what you've wrote is the furthest thing from the truth. The only ones making a chilul hashem are those jews that are bad mouthing him.
We're approaching 17 tamuz and tisha b'av, let's do something that will reverse those tragic events and turn the coming days into days of happiness with the coming of Moshiach. And what can bring that about more then unconditional Ahavas Yisroel!
8
Jul 07, 2009 at 07:13 AM Anonymous Says:
“ Anyone who knows the Rubashkins (I do), know that what you've wrote is the furthest thing from the truth. The only ones making a chilul hashem are those jews that are bad mouthing him.
We're approaching 17 tamuz and tisha b'av, let's do something that will reverse those tragic events and turn the coming days into days of happiness with the coming of Moshiach. And what can bring that about more then unconditional Ahavas Yisroel! ”
Stop trying to link every event to 17 Tamus, tu Bi'Shvat or whatever. This article deals with a legally incurred debt by Rubashkin. Either the debt was discharged in bankruptcy or he is still liable. It is a factual issue for the civil courts to decide and has nothing to do with tshuvah, Moishiach or any other issue of daas torah. Also, lets get beyond the name calling. The former Rubashkin Shlachthois now appears that it will be operated going forward by a frum and ethical business group from Montreal that wants to continue production of kosher meat with only the best chasideshe hashgacha.. After the debacle of the past 18 months, lets wish them mazel on their new venture and ourselves lower prices at the meat counter.
9
Jul 06, 2009 at 10:50 PM Hypocritical Says:
I find it fascinating that the government can shut down a business, force them into bankruptcy and then wonder why they didn't pay back loans
10
Jul 07, 2009 at 08:56 AM Anonymous Says:
Rubashkin ran Nevel(a) Properties??? You can't make this stuff up! Were their meats also nevela? There were serious halachic questions about their processing the carcasses while the animals were still dying, caught on video.
11
Jul 07, 2009 at 09:14 AM Anonymous Says:
“ I find it fascinating that the government can shut down a business, force them into bankruptcy and then wonder why they didn't pay back loans ”
The govewrnment did not shut down the business - Rubashkin did that by hiring illegal aliens, without the government's help.
The government did not put Rubashkin into bankruptcy - they did that on their own to stop the banks.
The Rubashkins bought the properties and mortgaged it to the hilt to get the cash out of it. It backfired on them.
12
Jul 07, 2009 at 09:09 AM Anonymous Says:
“ Stop trying to link every event to 17 Tamus, tu Bi'Shvat or whatever. This article deals with a legally incurred debt by Rubashkin. Either the debt was discharged in bankruptcy or he is still liable. It is a factual issue for the civil courts to decide and has nothing to do with tshuvah, Moishiach or any other issue of daas torah. Also, lets get beyond the name calling. The former Rubashkin Shlachthois now appears that it will be operated going forward by a frum and ethical business group from Montreal that wants to continue production of kosher meat with only the best chasideshe hashgacha.. After the debacle of the past 18 months, lets wish them mazel on their new venture and ourselves lower prices at the meat counter. ”
Best Chassidishe hashgacha? A hashgacha by Reb Moshe is no good? Talk about se;f-hating Jews
13
Jul 07, 2009 at 09:33 AM Anonymous Says:
It is a shame that when someone is in a "Eis Tzoro", you have other yidden taking the other side. Hashem Yerachem
14
Jul 07, 2009 at 10:10 AM Anonymous Says:
“ Best Chassidishe hashgacha? A hashgacha by Reb Moshe is no good? Talk about se;f-hating Jews ”
Whats "self-hating" about wanting this new venture to be sucessful and expressing satisfaction that they are planning to use a good chasideshe hashgacha so that even the most frumme yidden will be comfortable buying their meat...we are paying so much extra for kosher meat since the plant was shut down.
P.S. I hate to tell you this but rav Moshe, Z'TL died 25 years ago so I wouldn't want to rely on any meat sold with his hashgacah today.
15
Jul 07, 2009 at 03:43 PM Anonymous Says:
“ This is money not criminal. ”
The problem with having the FDIC taking over the civil lawsuit, when the Feds looks at the original loan application and find any omission, or mistakes they always could turn it into a big deal like the original arrest, I would rather deal with some local bank then the FDIC who know how to squeeze you.
16
Jul 07, 2009 at 08:50 PM Anonymous Says:
“ Best Chassidishe hashgacha? A hashgacha by Reb Moshe is no good? Talk about se;f-hating Jews ”
If you think Reb Moshe wasn't chasid'ish then you didn't know him. He was a true chasid.
It seems to me that you associate the word chasid with a type of clothing. Clearly not what the previous poster meant before you tackled him.
17
Jul 07, 2009 at 08:27 PM Litvak Says:
“ Whats "self-hating" about wanting this new venture to be sucessful and expressing satisfaction that they are planning to use a good chasideshe hashgacha so that even the most frumme yidden will be comfortable buying their meat...we are paying so much extra for kosher meat since the plant was shut down.
P.S. I hate to tell you this but rav Moshe, Z'TL died 25 years ago so I wouldn't want to rely on any meat sold with his hashgacah today. ”
Again, you are making a gross mistake. Just because the hechsher is chassidishe, does not mean it is good. Just because someone has a 'good chasidishe' hechsher, does not mean it is good. Bet Yoseph is a higher, mehuder standard than stam chasidishe, for example.
If Reb Moshe gave a hechsher and his children (Reb Reivain or Reb Dovid)continued it - you would not rely on it because they are Litvaks? If Chacham Ovadia Yoseph gave a hechsher - you would not rely on it because he is Sephardi?
Please define 'chassidishe shechita' so that we can be educated. You will be shocked to find out what it really means
18
Jul 07, 2009 at 08:18 PM Says:
“ It is a shame that when someone is in a "Eis Tzoro", you have other yidden taking the other side. Hashem Yerachem ”
You should have rachmanos on the victems, both Yiddish and otherwise, who trusted Rubashkin and will not get paid by him. They are the ones who did nothing wrong. All they want to do is to get paid for the services they provided. Bankruptcy is not a Torah concept; geneiva is.
Also think about the shochtim and mashgichim that were not paid for months. Where is your rachmanos for them?
19
Jul 07, 2009 at 11:04 PM Anonymous Says:
“ You should have rachmanos on the victems, both Yiddish and otherwise, who trusted Rubashkin and will not get paid by him. They are the ones who did nothing wrong. All they want to do is to get paid for the services they provided. Bankruptcy is not a Torah concept; geneiva is.
Also think about the shochtim and mashgichim that were not paid for months. Where is your rachmanos for them? ”
And that is why you would like to see him in jail?, please tell us for how long?, furthermore, if that is your issue then why are you not putting together the money he owes for his worker, well that tells me that you have a different motive, but you are ashamed to admit it.
20
Jul 08, 2009 at 05:40 AM Says:
“ And that is why you would like to see him in jail?, please tell us for how long?, furthermore, if that is your issue then why are you not putting together the money he owes for his worker, well that tells me that you have a different motive, but you are ashamed to admit it. ”
Not once did I mention jail for Rubashkin. You are inventing things to serve your agenda of attack, attack, attack. All I wanted was to show the plight if everyone else.
Rubashkin had enough money to start the 'springfield group'. This company took money that ws supposed to pay for meat and bought meat from SA to sell here in NY. It keeps the money here instead of going back to Iowa. That money will be more than enough to pay the wages.
There is so much Rubashkin money floating around, that new slaughterhouses were opened up in Canada to sell meat.
21
Jul 08, 2009 at 01:06 AM Anonymous Says:
“ Rubashkin ran Nevel(a) Properties??? You can't make this stuff up! Were their meats also nevela? There were serious halachic questions about their processing the carcasses while the animals were still dying, caught on video. ”
You are an am ha'aretz, after the simonim are severed the animal is considered dead al pi halacha. The peta video was a sham, absolutely no processing was done to the animals while they were alive.
22
Jul 11, 2009 at 09:35 PM ........... Says:
“ You are an am ha'aretz, after the simonim are severed the animal is considered dead al pi halacha. The peta video was a sham, absolutely no processing was done to the animals while they were alive. ”
You are very quick to call names without knowing anything.
There is still tzar baalei chayim after the simmonim were severed. All poskim who saw the film said that it was good b'dieved, but not lchatchila.
I don't eat meat b'dieved. No one does. They were just covering themselves
23
Jul 12, 2009 at 11:35 PM Milhouse Says:
“ You should have rachmanos on the victems, both Yiddish and otherwise, who trusted Rubashkin and will not get paid by him. They are the ones who did nothing wrong. All they want to do is to get paid for the services they provided. Bankruptcy is not a Torah concept; geneiva is.
Also think about the shochtim and mashgichim that were not paid for months. Where is your rachmanos for them? ”
The debts are owed by Agriprocessors, not by the Rubashkin family. Go collect from it. If you do business with a limited liability corporation you accept the risk that it might go under and not pay you. That is completely al pi halacha.
24
Jul 12, 2009 at 11:34 PM Milhouse Says:
“ You are very quick to call names without knowing anything.
There is still tzar baalei chayim after the simmonim were severed. All poskim who saw the film said that it was good b'dieved, but not lchatchila.
I don't eat meat b'dieved. No one does. They were just covering themselves ”
What poskim were those? After it is shechted it is DEAD, and you can do ANYTHING to it, 100% LECHATCHILA. Any "posek" who says otherwise is not a posek at all. (If you don't eat such meat, because it's only "bedieved", then if you ever visit Australia don't eat meat, because ALL beheimos are stunned after the shechita, with the full approval of all the rabbonim. Of course the animal is dead, dead, dead, so the stunning does it no good, but it does no harm either, and it keeps the government happy.)