I lost 66% of my old equity in Bongard"s Creameries when they redefined bookkeeping a few years ago. Well over 30 grand that they said really doesn"t exist. They were a well-managed dairy co-op under the guy who built it up over decades. New guy and board spent over 10 mil in cash on hand to modernize a Grade B cheese plant so they could sell a few tankers Grade A per week into TC bottling plants. Bankers pressured farmers to insist on Grade A for the dollar/cwt premium, yet bulk of milk went into cheese. Bought a plant in Perham (?), hundreds of miles away, to expand in a downsizing industry. New guys claimed bylaws required a refiguring of equity. We went from years of over $1.50 cwt dividends to years of no profit. They paid no old equity this year.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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