New book by Larry Connors Click here Improve your trading - See how
The meeting with VeraSun's senior management, legal counsel and financial adviser will be followed by an open-to-the-public meeting of an ad hoc corn suppliers group composed of farmers and other grain suppliers from Nebraska and Iowa.
VeraSun, the nation's No. 2 ethanol producer with 16 plants in eight states, declared bankruptcy Oct. 31. The company is based in Sioux Falls, S.D. Its three Nebraska plants, in Ord, Central City and Albion, all have been idled as a result of the bankruptcy filing. The Ord and Central City plants have been offered for sale.
The filing left in a lurch Nebraska corn farmers who had contracts to sell grain at favorable prices to their local VeraSun plants. About 100 farmers and other corn suppliers from Nebraska and Iowa have organized an ad hoc corn suppliers group to protect their interests in the bankruptcy. They are represented by Omaha attorney Donald L. Swanson.
In addition, Arcadia, Neb., grain dealer Jim Trotter of Trotter Inc. serves on the official creditor committee in the bankruptcy.
During the meeting, VeraSun officials will update corn suppliers on the progress of the company's restructuring and financing and will answer as many questions as possible, said company spokesman Michael Lockrem. He said letters inviting corn suppliers were being sent Monday.
Key questions about the bankruptcy are whether farmers with VeraSun contracts can sell their grain elsewhere -- and whether they can recoup the lost value of their contracts if they are unable to obtain a comparable price.
To see more of the Omaha World-Herald, or to subscribe to the newspaper, go to http://www.omaha.com. Copyright (c) 2009, Omaha World-Herald, Neb. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
