Wednesday was a difficult day for The American Independent News Network, which is the larger entity that operates The Iowa Independent. Our chief executive and founder announced two of our sister sites would close and their content would be moved to The American Independent.
A recently introduced bill could have far-reaching impact on the U.S. sugar industry, including American Crystal Sugar, a farmer-owned cooperative that locked out 1,300 Midwest workers on Aug. 1.
The chairman for Herman Cain’s Iowa effort says the campaign “relied more on the word of farmers than Washington regulators” in deciding to run an ad containing claims the Environmental Protection Agency says are false.
The Iowa Senate will remain under the control of a slim 26-25 Democratic majority when it reconvenes in January 2012.
When the beleaguered Agriprocessors meatpacking plant first filed for Chapter 11 bankruptcy protection, a small glimmer of hope emerged in Postville. There was an opportunity for another company to take over operations at the plant, for production to continue and for the community not to lose its largest employer.
Although the final gavel was not swung today in Cedar Rapids at the bankruptcy auction, it is becoming much more likely that no agreeable buyer will emerge.
Natural Source Holdings L.L.C., a company that doesn’t garner a single Internet search engine entry, provided what the bankruptcy trustee deemed the best and highest bid: $5.5 million.
Other bidders were Kosher Standards LLC, T5 Equity Partners LLC and Private Equity Ventures LLC (an affiliate of T5).
Despite several breaks in the actual court proceedings designed to allow the bidders time to discuss their initial bids, inclusion of assets and other considerations, no stalking horse emerged.
Roughly four hours after the auction began, two creditors placed their own bids in an attempt to reclaim their own collateral.
First Bank Business Capital, Inc., a company allegedly owed $35 million in revolving loans, bid $20 million for all of it on pre-petitioned debt, all its own pre-petitioned collateral and all like-kind post-petition collateral.
MLIC Asset Holdings LLC, doing business as MetLife Ag Investments, bid $6.5 million. The bid would cover $9.6 million in debt for real estate subject to mortgage. Counsel for the company also made clear that the bid would cover “equipment and all other assets as described in the mortgage agreement.”
Although the auction proceedings will commence again at 9 a.m. on Tuesday morning, it is unlikely that a third-party bidder will materialize. Without such a bidder, it is extremely unlikely that the bankruptcy trustee or the court will allow a sale for such a meager amount. The two most likely options are that the judge will either order the trustees to attempt another Chapter 11 sale, or the case will move into Chapter 7 liquidation proceedings.
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