Top Stories

Open letter to readers: Today and tomorrow

By Lynda Waddington | 11.17.11

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.

ACS lockout continues; plan emerges to repeal sugar protections

crystal_sugar_80
By Virginia Chamlee | 11.15.11

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.

Cain campaign: Farmers know more about regulations than EPA

hermancain_80x80
By Andrew Duffelmeyer | 11.15.11

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.

Mathis wins, Democrats maintain Senate control

Liz Mathis
By Lynda Waddington | 11.08.11

The Iowa Senate will remain under the control of a slim 26-25 Democratic majority when it reconvenes in January 2012.

Press Release

PR: Nation should work to address veterans’ challenges

By Press Release Reprints | 11.11.11

BRUCE BRALEY RELEASE — As US involvement in Iraq and Afghanistan ends, it’s more important than ever that our nation works to address the challenges faced by the men and women who fought there.

PR: Honoring veterans, help in hiring

By Press Release Reprints | 11.11.11

CHUCK GRASSLEY RELEASE — A difficult job market is challenging the soldiers, sailors and airmen who have protected America’s interests by serving in the Armed Forces.

PR: In honor of America’s veterans

By Press Release Reprints | 11.11.11

TOM LATHAM RELEASE — No one has done more to secure the freedom enjoyed by every single American than our veterans and those currently serving in the armed services.

PR: Honoring and supporting our nation’s veterans

By Press Release Reprints | 11.11.11

DAVE LOEBSACK RELEASE — Veterans Day is an opportunity to reflect on the service of generations of veterans and to honor the sacrifices they and their families have made so that we may live in peace and freedom here at home.

Agriprocessors bankruptcy update

By Lynda Waddington | 11.13.08 | 4:55 pm

The Chapter 11 bankruptcy filing by Postville meatpacking plant Agriprocessors is slowly making its way through the New York courts. Creditors, primarily located in the Midwest, have filed motions with the court to move the proceedings from the east coast to Iowa, but the court is not expected to make a ruling on that motion until late this month.

Documents filed with the court indicate that Agriprocessors has until the close of business on Monday to file its reponse to the motions to change venue. An evidentiary hearing has been scheduled for Nov. 25.

The original motion to change the venue from New York to Iowa was filed last week by First Bank Business Capital, Inc. Agriprocessors has allegedly defaulted on a $35 million loan from the creditor, and it is speculated that a suit filed in Iowa by First Bank was the catalyst that prompted Agriprocessors to begin their own Chapter 11 case.

Since the motion was filed, two additional creditors have also filed documents with the court in support of moving the case back to Iowa. MLIC Asset Holdings LLC, doing business as MetLife Ag Investments of Overland Park, Kan., filed their intent to join the motion on Nov. 10. Two days later the Ohio-based National City Commercial Capital, LLC joined the motion to change venue.

MLIC contends in its court filings that Agriprocessors owes approximately $9.6 million in loans that originated through MetLife and were handled by the group’s West Des Moines office.

National City, an equipment leasing company, told the court that Agriprocessors has entered into 10 leases, totaling roughly $2.9 million. In nine of those agreements the equipment in question is located at the Postville meatpacking plant. Equipment from the tenth lease is believed to be located at Local Pride, the now closed Gordon, Neb. site also owned by Agriprocessors.

All of the creditors point to news reports about Agriprocessors and corporate filings by Agriprocessors as proof that the business is headquarted in Iowa and not in New York. The creditors further contend that to keep the venue in New York would cause hardship on the creditors who must pay attorneys to travel to the east coast, and file necessary paperwork with the court if they are not licensed in that state.

Follow Lynda Waddington on Twitter


Comments

Switch to our mobile site