DTN/The Progressive Farmer In-Depth

 

Stamp Farms Bankruptcy

DTN reports on what perhaps has been the largest farm bankruptcy in U.S. history: almost 20,000 acres were auctioned off in Michigan in February, and hundreds of landlords and creditors were left in limbo. The case also might influence other farm landowners and their tenants, as well as future rental practices.

A single bidder appears close to taking over most of the 250 farm leases involved in the Stamp Farms LLC bankruptcy in Michigan. (Photo by Josh Mauser, courtesy MLive/Kalamazoo Gazette.)

Inside You'll Find...

Stories:

Farm Bankruptcy Stuns Lenders and Landlords - In what is likely to be the largest grain farm bankruptcy in U.S. history, a Michigan farm that claimed to operate 46,000 acres will be auctioned off in bulk this week, potentially leaving hundreds of landlords and creditors in limbo. The case may make bankers and even landlords more cautious extending credit to high-growth mega farms.
(February 4, 2013)

Final Sale of Stamp Assets to Come - A Michigan farmer was the sole bidder for Decatur-based Stamp Farms LLC's assets this week. Stamp Farms filed for Chapter 11 bankruptcy protection last November.
(February 8, 2013)

Bankruptcy Triggers More Cash Rent Scrutiny - After what may be the largest farm bankruptcy in U.S. history, farm landowners faced the risk of becoming unsecured creditors or inheriting a tenant chosen by the court. That may encourage some to rethink farm rental practices.
(February 22, 2013)

No Farm Too Big to Fail - Agriculture lenders are taking a closer look at ambitious operators who grew fast on the adrenaline of $6 corn.
(March 22, 2013)

Know Before You Grow - During the heyday of $6 corn, some high-growth operators have made a habit of growing by 1,000 or more acres a year. Four red flags alert Farm Credit lenders whether such business models are sustainable and worth financing.
(March 25, 2013)