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Postville, IA - Technicality Holds Up Sale of Agriprocessors Slaughterhouse |
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Jul 15, 2009 at 10:30 PM
News Source: AP
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Agriprocessors, Inc. bankruptcy trustee Joe Sarachek says a technical issue concerning the way the sale was drawn up stopped Judge Paul J. Kilburg from approving the sale Wednesday in U.S. Bankruptcy Court in Cedar Rapids. But Sarachek says a new agreement could be submitted to Kilburg by Thursday.
The $8.5 million sale of the Agriprocessors plant in Postville to SHF Industries would end months of uncertainty for the town of Postville, which has endured a series of setbacks that began with a huge immigration raid at the plant last year.
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Read Comments (29) — Post Yours »
1
Jul 15, 2009 at 11:19 PM sam Says:
Baruch hashem!!
I hope the deal falls thru.
No money will be made from stealing a familys parnassah!
2
Jul 16, 2009 at 06:39 AM Aron Says:
“ Baruch hashem!!
I hope the deal falls thru.
No money will be made from stealing a familys parnassah!
”
And what about the parnassah of the dozens of families in Postville that are out of work now? How does anyone benefit if the plant remains in limbo?
3
Jul 16, 2009 at 05:14 AM cp Says:
“ Baruch hashem!!
I hope the deal falls thru.
No money will be made from stealing a familys parnassah!
”
What are you talking about?? They didn't steal it! The government took it away and now new people want to buy it. What's wrong with that?
4
Jul 16, 2009 at 08:16 AM Anonymous Says:
“ What are you talking about?? They didn't steal it! The government took it away and now new people want to buy it. What's wrong with that? ”
No one took away the plant. Agri filed for bankruptcy. The plant and equipment were purchased with borrowed money or loans were taken out with the plant and equipment put up as security.
5
Jul 16, 2009 at 08:11 AM Anonymous Says:
“ What are you talking about?? They didn't steal it! The government took it away and now new people want to buy it. What's wrong with that? ”
I don't see how one can excpect bracha while feeding on the carcass of a fellow jews tragedy...
6
Jul 16, 2009 at 08:03 AM Menachem Says:
Well, actually the government can and should give the plant back to Rubashkin, and therefore no one should stand up to buy it if they decided not to do so.
7
Jul 16, 2009 at 08:26 AM Anonymous Says:
i dont think they ever made money from this plant. they got a grant like $10 million to open the place and now they are in debt like $100 million. how many yars were they operating the plant 8-10 years? you do the math.
8
Jul 16, 2009 at 08:26 AM Anonymous Says:
“ No one took away the plant. Agri filed for bankruptcy. The plant and equipment were purchased with borrowed money or loans were taken out with the plant and equipment put up as security. ”
NO! Agri was forced into bankruptcy by the an overzealous fed that interrupted their ability to continue as a going concern.By all indications they were meeting their financial obligations before the raid.
9
Jul 16, 2009 at 01:26 AM agmes nefesh Says:
The family parnusah is unfortunately gone He will save many other parnusahs like Shochtim Mashgichin and many other yiden working there plus providing yiden with Glatt Kosher Meat.
10
Jul 16, 2009 at 09:19 AM Hate em Tatem Says:
The ignorance of the posters is astounding. Agri filed for chapter 11 bankruptcy. Like many businesses who file bankruptcy too late, a chapter 11, which is supposed to be a re-organization, acts as a chapter 7, which is a liquidation. Hence, Agri sold all or most of its assets to SHF, in what was really a liquidation.
The question now is, what is all the equipment worth? How much are used meat hooks worth? How about used gloves etc.? The business as a going concern is basically worthless under the circumstances. SHF came and made an offer that the US Trustee accepted. SHF is not living off someone else's carcass. Someone else went bankrupt and they stepped in.
11
Jul 16, 2009 at 09:38 AM Going back to the way it was Says:
I think what some people are trying to say is that even if by now we all know that Rubashkin owed a lot of money to the banks, it was still a business that was able to pay its bills up to the time the government did what it did to them. it seems to me that if they could somehow prove that the government was negligent in the way they acted, the government would have to somehow reinstate the rubashkins into their business , no money compensations would be the same as owning their meat business for them. so they may not be happy with this outcome that takes away completely their dream of going back to the way it was.
I wish the rubashkin betoch Klal Yisroel well.
12
Jul 16, 2009 at 10:49 AM Anonymous Says:
I wonder if the Rubashkins are against the sale.
13
Jul 16, 2009 at 10:40 AM Anonymous Says:
The rubashkin's are in the geder of ani hamehapech bechararah, anybody that buys their plant from under them will never succeed. Not only will they not prosper financially but they will be machshil klal yisroel with neveilois uteraifois. V'HEE LOI SITZLACH!!!!!!!!!!!
14
Jul 16, 2009 at 09:13 AM Anonymous Says:
“ I don't see how one can excpect bracha while feeding on the carcass of a fellow jews tragedy... ”
Agree. How do they sleep at night knowing that they are profitting from another family's misfortune.....
15
Jul 16, 2009 at 09:12 AM Anonymous Says:
It nevers ceases to amaze me! These people are pure ganovim, and his cult followers willfully expect everyone to bow down because he stole from others to give to them. What a backwards rational this is.
Better described as a Chillul Hashem. Men so frum, they steal from others, haqve no ethics, yet his cult following, screams Ball Tzadaka. How can this be.
Examine all that he has done, then blame everyone but him and his own actions. If someone wanst treifa, buy rubashkin.
16
Jul 16, 2009 at 09:05 AM minced meat Says:
“ Well, actually the government can and should give the plant back to Rubashkin, and therefore no one should stand up to buy it if they decided not to do so. ”
govt dont do such things. they would look like fools. Once u start with the feds youre chopped meat! They grind u, and into the garbage you go. Besides they lost it bec they were too smart for their own good. so lets move on!
17
Jul 16, 2009 at 11:28 AM Ben Says:
“ I think what some people are trying to say is that even if by now we all know that Rubashkin owed a lot of money to the banks, it was still a business that was able to pay its bills up to the time the government did what it did to them. it seems to me that if they could somehow prove that the government was negligent in the way they acted, the government would have to somehow reinstate the rubashkins into their business , no money compensations would be the same as owning their meat business for them. so they may not be happy with this outcome that takes away completely their dream of going back to the way it was.
I wish the rubashkin betoch Klal Yisroel well. ”
How do you know they are/were able to pay their bills up until now???? Are you their accountant? have you or anyone else here ever stepped into the state of Iowa in their lives???? I am Sure knowing Hershey F. that he has contributed to the Pidyon Shevuim fund helping the Rubashkins....Would you rather no one buy it and all those shochtim be out of work? I mean, think about the alternative...there is none! other than higher meat and chicken prices, hundreds of Yiddeshe mishpochos out of work....I sure hope the buyers dont read these comments and decide to stop funding the hundreds of Mosdos that they currently support...
18
Jul 16, 2009 at 11:59 AM Anonymous Says:
“ How do you know they are/were able to pay their bills up until now???? Are you their accountant? have you or anyone else here ever stepped into the state of Iowa in their lives???? I am Sure knowing Hershey F. that he has contributed to the Pidyon Shevuim fund helping the Rubashkins....Would you rather no one buy it and all those shochtim be out of work? I mean, think about the alternative...there is none! other than higher meat and chicken prices, hundreds of Yiddeshe mishpochos out of work....I sure hope the buyers dont read these comments and decide to stop funding the hundreds of Mosdos that they currently support... ”
U challenge # 11as to whether Agri a long time going concern, was paying their bills prior to the raid, without having positive information to the contrary. However we are to ASSUME based on your reading of character, that Hershey F has contributed to the Pidyon Shevuim fund!
I dont know Rubashkin and I dont know Friedman, but a Jew that buys yenems business is missing the basic siman of Yid........ Rachmonim..........
19
Jul 16, 2009 at 12:19 PM Yossi Says:
This company never made money only by employing illegals and underage workers. If you have to pay the full wages and benefits and compete with the Mega Meal Mart people they will never see a return on their money...There is plenty of Glatt Kosher meat in USA....
20
Jul 16, 2009 at 01:28 PM Anonymous Says:
These are the facts: The Rubashkins made millions operating the plant. They reinvested all their profits into the business and spent millions supporting the Torah institutions in Postville and bought real estate at a premium in order to house Rabbonim Roshei Yeshivah Mashgichim and stam laborers. Nobody could have forseen the calamity that would befall them because at the same time Tyson foods was operating a treifah meat business not far from them employing more illegals than Rubashkin and nobody bothered them. in fact the day after the raid at agri two thirds of their employees didn't show and many other companies in the area had many no shows as well. The rubashkins were up to date on all their financial obligations at the time of the raid and would have been in a solid position to continue and even begin paying off the banks. One bank became itchy because of the publicity about the unions and Peta ym"s and on minor technicalities petioned the courts to put in their receiver which caused a snowball effect precluding the Rubashkins from running the plant and forcing them into Chapter 11. v'soo loi midi
21
Jul 16, 2009 at 01:34 PM Anonymous Says:
“ How do you know they are/were able to pay their bills up until now???? Are you their accountant? have you or anyone else here ever stepped into the state of Iowa in their lives???? I am Sure knowing Hershey F. that he has contributed to the Pidyon Shevuim fund helping the Rubashkins....Would you rather no one buy it and all those shochtim be out of work? I mean, think about the alternative...there is none! other than higher meat and chicken prices, hundreds of Yiddeshe mishpochos out of work....I sure hope the buyers dont read these comments and decide to stop funding the hundreds of Mosdos that they currently support... ”
That's right, if nobody had stepped in the Rubashkins would have been in a position to negotiate with the creditors emerge from bankruptcy and keep their company. many other concerns stepped away only for this reason. LO SAAMOID AL DAM REYECHA!!!!!!!!
22
Jul 16, 2009 at 01:50 PM cub fan Says:
firstly the purchase is only for the secured debit, a majority of the debit was unsecured those who will loose it all, and a majority of the equiptment was on non-recourse leases including the tracktor trailers which have already been taken back, the new owners will have to work with suppliers, etc. probably COD for a while until they establish themselves, but let's be thankful that the families of postville will have an income and not rely on chesed for food on their table, etc. we should all be suppotive of the new owners and stop bashing the past, they to will go on with their lives.
23
Jul 16, 2009 at 03:30 PM Anonymous Says:
“ I wonder if the Rubashkins are against the sale. ”
i was wondering the same thing if rubashkins are against the sale the way i see it the government violated and invaded them and hashem decided that they shouldnt have it anymore the government shut them down NOW who should buy it why not have a frum yid take over and revive the meat process i am VERY CURIOUS To know what the 2 yidden think of each other
24
Jul 16, 2009 at 06:26 PM . Says:
Too bad none of you read the available bankruptcy papers, listing the debtors and the amounts owed. Do the math. These were old obligations and they were doing very badly before the raid.
Now read the court papers about he loans. These also were not new loans, but old ones that he could not cover.
Remenber the Hunt Brothers who wanted to corner the silver market and went bust? This seems similar. If They were underselling Meal Mart to a degree that Meat Mart would close, then Rubashkin will clean up the market and charge whatever they wanted to.
Sounds stupid and impossible??? Just look what they did to the state of Florida. They pushed Empire out of the business and just about decimated Meal Mart sales there. Then the prices really started to rise on meat and poultry in Florida. Want to know how they accomplished that?
25
Jul 16, 2009 at 09:56 PM Anonymous Says:
“ The ignorance of the posters is astounding. Agri filed for chapter 11 bankruptcy. Like many businesses who file bankruptcy too late, a chapter 11, which is supposed to be a re-organization, acts as a chapter 7, which is a liquidation. Hence, Agri sold all or most of its assets to SHF, in what was really a liquidation.
The question now is, what is all the equipment worth? How much are used meat hooks worth? How about used gloves etc.? The business as a going concern is basically worthless under the circumstances. SHF came and made an offer that the US Trustee accepted. SHF is not living off someone else's carcass. Someone else went bankrupt and they stepped in. ”
you are unfamiliar with the circumstances so you stam hock a chinick you don't know the details, post petition funding, pre petition funding whom the deals were made with who had to be satisfied before any plan was accepted etc etc dont make statements before you know the facts
26
Jul 16, 2009 at 09:47 PM Anonymous Says:
i would rather stop eating meat than buy the meat from these gazlonim who bought the company thereby pushing out the rubashkin's, no good will come out of an entity that put a nail in the coffin of dem oibershten's a kind. They have no tikkun loi bazeh vloi bebah vahashem yerachem
27
Jul 16, 2009 at 09:40 PM Anonymous Says:
“ Too bad none of you read the available bankruptcy papers, listing the debtors and the amounts owed. Do the math. These were old obligations and they were doing very badly before the raid.
Now read the court papers about he loans. These also were not new loans, but old ones that he could not cover.
Remenber the Hunt Brothers who wanted to corner the silver market and went bust? This seems similar. If They were underselling Meal Mart to a degree that Meat Mart would close, then Rubashkin will clean up the market and charge whatever they wanted to.
Sounds stupid and impossible??? Just look what they did to the state of Florida. They pushed Empire out of the business and just about decimated Meal Mart sales there. Then the prices really started to rise on meat and poultry in Florida. Want to know how they accomplished that? ”
bubeh maises the price of meat and poultry were never as high as they are when rubashkin was operating they kept the prices low stam a lie
28
Jul 17, 2009 at 01:24 AM PMO Says:
I don't get it. Rubashkin illegally employed countless criminals in his plant. While his intentions were no doubt pure and driven by his incredible generosity, it was still illegal. Let's not forget that. The loss of the company should be punishment enough and I hope he is released from prison VERY quickly. He has already lost everything he worked for.
If a frum guy had not come along to buy the plant, it would now be producing treif. All of the yidden who work at this plant would be permanently out of work. Many people will be able to return to work now, and we can begin to address the food price issues our community has been facing.
29
Jul 24, 2009 at 10:20 AM Anonymous Says:
I am not Jewish, but have always respected other people regardless of affiliation, religion, beliefs, etc. Quite frankly, the comments from some Jews posting on here make me believe that you are the dumbest and most naive group of people in the world!! Listen, whether you are Jewish, Catholic, Christian, etc, if you steal from others (banks included) on a large scale you are going to get caught and pay the consequences. The thieves should be in prison and lose all of their business, just like Bernie Madoff, Enron execs, etc. Pull your heads out of the sand and get in touch with reality.