BREAKING! AGRIPROCESSORS DEFAULTS ON $35 MILLION DOLLAR LOAN – BANK TO FORECLOSE

Details::

Bank says Agriprocessors defaulted on loan
Associated Press


IOWA CITY, Iowa - A St. Louis-based bank is seeking all of Agriprocessors' collateral, claiming the slaughterhouse defaulted on a $35 million loan.

First Bank says in a lawsuit filed Thursday in U.S. District Court in Cedar Rapids that Agriprocessors overstated how much money it has available and that the company hasn't met its loan payments.

The suit names Agriprocessors owner Aaron Rubashkin, his son and former CEO Sholom Rubashkin and slaughterhouses in Postville, Iowa, and Gordon, Neb. In addition to livestock and plant equipment, the suit includes the Rubashkins' personal property as collateral.

If the bank prevails, the suit says it will hold foreclosure sales of the company's assets.

[Hat Tip: The Other DK.]

Comments

[critical_minyan]

one song says it all, "nah, nah, nah, nah, hey hey hey goodbye". a link on youtube says it all.
http://www.youtube.com/watch?v=XlzPFm44Wac

[A. E. ANDERSON]

CHARMING: LABOUR SCREWS SELF!

I hope SEIU Labour bosses and PETA fanatics will be there for the all the newly unemployed and dispossessed of Postville. They've already pretty much shut down the domestic kosher meat industry.

What a record for a Labour boss.... have half of of your workers deported and the other half laid off and dispossessed in the middle of freaking nowhere, Iowa, in the middle of the biggest economic crisis since the 1930s!

What did these annoyingly screedy folks think they were doing by when they set out on their campaign against Agriprocessors? Did they perchance think they were showing themselves to be faithful and reliable bargaining partners, able to sit down and negotiate like human beings rather than screeching and shrying in the streets?~!

Charming, throw the baby out with the bathwater!

But I suppose the Labour Bosses don't really care about workers that were and are being dispossessed as a proximate result of their campaign. After all, they weren't (yet) part of a bargaining unit, and they weren't yet paying dues.

Yep, Labour would rather see the worker f--ked than see him or her outside of a bargaining unit acheiving any degree of prosperity or even self sufficiency.

I think the Agriprocessors Affair will be one for the management casebooks, a clear example of how rabid and irresponsible union organizers can cause the downfall and bankruptcy of a prospering business, the destitution of its already marginal workforce, and the impoverishment of an entire town and its surrounds.

Well, I suppose they'll have Nobama -- another "organizer" -- to bail all their victims out.

--
A. E. ANDERSON
Miami, Fla.
aengleranderson@gmail.com

Thanks for the post AE.

Winter's coming, snow has been falling, and it's been getting cold here, so we needed a nice gust of hot air.

[Shimon]

Now, that is such a suprise, isn't it!

Regardless I doubt the Rubashkin crime family feels any sense of shame or remorse.

Their are many other opportunities for criminals to rape, pillage, and steal. They may slither underground for a while but, they will be back in some shape or form. As long as cronies like the Lubicoms and the OU are there to spin doctor and share in the spoils another snakes head will grow. Other Rubashkin archtype crime syndicates will emerge, it is inevitable.

I am afraid this problem is endemic to the thugs, crooks and villians in the "Orthodox" community and will not go away with the Rubaskins.

[thanbo]

I think it's mostly PETA, not the union.

Remember, the union and the immigration people were working at cross-purposes - the INS people wanted to deport the workers, who were the witnesses to unfair labor practices which would have helped the union.

It's just what I've been saying for a long time - PETA wants to kill the kosher meat business, because it's easier to kill (much smaller) than the big regular meatpackers.

[isabel]

If they file for bankrupcy, can they come back and start over? How does that work?

[a reader]

shmarya,
why weren't you invited to the party? looks like getzel was there!
the link below are pictures from sholom rubashkin's triumphant 'seudas hoda'ah' (thanksgiving feast):

http://www.crownheights.info/index.php?itemid=14011

[Scared]

No one knows better than someone that is in the thick of it. My family is right there getting ready to lose everything. My husband works at Agriprocessors. We are about to lose everything but in the end, we want to see them pay their dues. They have been horrible with the employees. They do not care and never have, only for themselves. It is unfortunate too because this part of Iowa really needs the work. We will all suffer immensely because of this. How will we eat, pay our bills, and care for our families?
If there was any compassion they would have done something about this a long time ago. They abused their employees and the rights of their employees and families. I give You Agriprocessors the responsibility of my family not knowing where our next meal is coming from.
This went beyond being greedy. You have destroyed lifes because of your actions. You have destroyed a community because of your actions.
In an area that offers little employment, there will be a lot of families suffering because of this. My husband is the only one employed in our family as with a lot of families in the area. We are terrified of what our future will be. We are afraid of not knowing if we can buy food for our families. Please pray for all of us.

[state of the Jews]

Scared:
Lets hope the bank that wants to foreclose will sell the plant as is, and not break it up. There are several who have expressed interest in purchasing the plant - but not at the price the Rubashkins were asking. Once the company is declared bankrupt, its possible the situation will turn around and better times will be ahead for all.

[Scared]

I hope so. In my opinion, the only ones to blame here are the Rubashkins. They were the ones hiring the illegals. Not to say they were in the right by coming here illegally but it wouldn't have been an issue if it wasn't for them hiring them in the first place. As for the Feds, they were just doing their jobs. Unfortunate that it took so long and so many lifes got destroyed because of it. There is not one person in NE Iowa that didn't know for the last couple of years that there were several illegals working there and some of us even reported it to no avail.
This wouldn't be so bad if it wasn't so damaging to the whole area. You have to understand that the population is sparse and there isn't any employment around here. The answer could be to leave the area but we trusted Agriprocessors to do right by us and were told that they would take care of their employees. The hispanic population was told that a syndicate was trying to turn them against the company. They sent out a newletter telling them not to listen to them. It was the union trying to help these people.

[WoolSilkCotton]

++++http://www.crownheights.info/index.php?itemid=14011++++
+++Posted by: a reader | October 31, 2008 at 04:13 PM+++

What a disgusting display. They celebrate! I would expect them to 'stand by their man', but this is the time to remain low-profile and act contrite. But that's never been the Rubashkin way. It is always 'in-your-face'.
I take back what I said earlier on another thread here- we SHOULD have schadenfreude aimed at the Rubashkins.

I hope these photos make their way to the newspapers in Iowa.

[Gunder]

I've just gone into the web site mentioned above. The pictures of the Rubashkins and other Jewish men celebrating is more than disgusting.......putrid is even too good of a word to use. As to what they're celebrating is beyond me. What a horrid clan!!!

[isabel]

We hope that the innocent people who had jobs at Agriprocessors are not punished because of the evil of their employeer.We can only pray that a reliable company will take over the facility and run it honestly and bring jobs back to northeast Iowa for the people.

Wow! I, too think these pics should find their way to Iowa newspapers! Maybe I'll send them a link so they see for themselves how "humbled" Sholom is after his trip to court!! These pics will really p--- off a lot of Postville/Iowa people!!

They sure do like that Mt. Dew!! What are they actually celebrating?!
Sparky

[State of Postville III]

If those pictures get into newspapers, the Jewish community will really be on the Postville s--- list. There are several local businesses that are being screwed over, and this is a small town. The lawn person from Waukon was screaming about his bill of $7,000 this a.m. Pauluans were alledgedly selling beer to minors, etc. They are behind paying the city $70,000 for the loan payment. It goes on and on. Have they no conscience? Was it one of their many holidays or was it because they believe they will come out of all this smelling like roses? Remember you are in farm country, and you could come out smelling like cow manure. So be it. Maybe their days of padding pockets and getting away with criminal behavior is ending.

[State of Postville III]

If those pictures get into newspapers, the Jewish community will really be on the Postville s--- list. There are several local businesses that are being screwed over, and this is a small town. The lawn person from Waukon was screaming about his bill of $7,000 this a.m. Pauluans were alledgedly selling beer to minors, etc. They are behind paying the city $70,000 for the loan payment. It goes on and on. Have they no conscience? Was it one of their many holidays or was it because they believe they will come out of all this smelling like roses? Remember you are in farm country, and you could come out smelling like cow manure. So be it. Maybe their days of padding pockets and getting away with criminal behavior is ending.

[State of Postville III]

Allegedly more new workers were dropped off Friday night. One woman slept in the bakery shop's entryway. Why would new people be brought in?

[State of Postville 2]

The people of Postville will see these photos and videos. There is a group putting together enough cash to buy a half-page in next weeks paper. These arrogant fools are flaunting their perceived superiority in the faces of the people they are lying to, stealing from and laughing at.

Imagine the outrage if there had been a celebration over Shalom's arrest at the Lutheran Church in Postville.

Enough is enough...it is time for Postville to fight back.

[Nigritude Ultramarine]

Regardless I doubt the Rubashkin crime family feels any sense of shame or remorse.

I wonder how the 50 rabbis who took the 3-hour tour feel. Do they feel like naive chumps yet?

[state of the Jews]

Anyone hear from Jim Martin lately ... thats what I thought.