FarmTrac Troubles

[longtrman]

Longtrman,
Thanks for the post. Shows me you're thinking.

That seems like it'd be an extension of the 2002 Sarbanes-Oxley business reform act.

I wonder how much "infrastructure machinery" would be required to implement it? Maintain it?

Sounds like something to hit up state and federal legislators for.

Don't know where this ties in but... I think you mentioned running a Dunn and Bradstreet report on a business to check their fiscal health.

Since even beancounters can only cook the books so long ... the aforementioned keeps leading me back to something: Textron's complicit role in the scam finance program, investment flop and subsequent scramble to recoup losses through a joint tractorloading effort with "sleeps with the fishes" Farmtrac North America.

--b

I don't think it would take too much to maintain. If there was a jail term for the CEO who wouldn't tell the dealers he had missed the tax payment, I think he'd be more than happy to comply and pay his taxes. It would get two ducks with one rock--dealers would know long before D&B would have a report and the taxing entity would not be unpaid for 3 or more years. (A third benefit, we would know where to find the Indians--just look in the pokey!)

The Dunn& Bradstreet report that would tell you anything more than company name and address costs about $250 and is requested by a lawyer.
Before Scorpion Tractors went belly up the floor plan company, GE capital, called all the dealers to say "don't take any more tractors on floor plan". I said "Isn't floor plan how you make money?" GE said they couldn't give any details but to not accept any more tractors. When the lawyer did the D&B Scorpion hadn't paid any taxes local or otherwise for several years. Really I respect GE more for their handling than I do Textron for the way they have handled it.

The dealers were critized for not telling prospective customers before the news broke on TractorByNet,com. In actual fact most dealers found out something was up by reading TractorBynet.com. No company is going to tell that they are finacially broke voluntarily. At the very least the government would be paid.

 

[longtrman]

NO!!!!N0!!!!!NO!!!!-----BLUE----- TALK POSITIVE ABOUT T------so that the dealers will lose only half as much money-----around here they are talking about a discount match if dealers talk positive about T------and Farmbrac tractors so let's help them talk positive. Customers beware someone wants someone else? to start telling lies now!!!!!! Long term parts support???? Long term warranty???? Resale value after T------ gets rid of all their tractors and the dealers are the only ones with paid inventory. what a great deal!!!!Get it right and then ask the dealers to participate!!!!

Red,
I have been thinking about resale after Textron---I really think that once this is over the resale of Farmtrac tractors will improve or at very least won't be as bad. This of course depends on the general economy. I think uncertainty is really, really driving the price down. And with the big T we have enough uncertainty for everyone. After this settles down people will discover that the Escorts tractors are pretty much just fords with a different name. A few parts will have to be sourced differiently but the prices we now have it's probably a good gamble. Cab glass will be a problem and certain other parts but the dealer group really isn't relying on Textron for that. They are attempting to set up a dealer co-op to import parts that can't be obtained from NH. Some dealers have been sourcing parts from New Holland for engines in the 45, 60, 545 and 555 series tractors. Yes you have to pay NH prices! Some have sourced parts for the 70, 80, 665 and 675 transmissions from JD. And some have had to get motor parts and filters for the 80 and 675 tractors from Massey Ferguson. Motor parts for the 35,435 and 535 can come from certain models of Kioti (DaeDong engine). We have all been told by the Indians that many of the 3600 Ford tractors sold by Ford Tractor operations through Ford dealers to American farmers were actually made by Escorts in India, the parent company of Farmtrac. (3600 =545 or pretty nearly so.) As far as fuel injection pumps and injectors those have always been obtained through the diesel injection repair service shops not throuh the dealers.

 

[farmers world]

Try-oil LG2659-Wix51365
air LG3305-Wix42985
air LG3304-Wix46438
hydLG1097-Wix51536
FuelLg2730-Wix33262

 

[rascoil]

Hey Rascoil-How's that tractor working for you? All up and running great I hope! Give us an update!

It is running good. This motor is right and starts with out any problems. I had to replace a power steering line they sent me. The one from the parts house in NC was dry rotted. Rubber does that after a bit. I am real impressed with the job the guys done. Cost me $2,000.00 in labor to get it fixed. I am happy with the tractor. It sounds crazy, but I would purchase another one. I am very pleased with it. The folks in the parts house in NC went out of there way. I just wish the rest of the company was as good as Hardy is.

 

[redneckford]

Longtrman I agree it will be tuff but not impossible and once other tractor owners find out where and who really builds their tractors they will have a different attitude. Right now perception is the problem---- but I agree that with good hard working people in charge of the "decision making process " good things will come from bad situations. cause very one knows that those tractors are good product......WHERE THERE IS A WILL(IS THERE ANY OTHER CHOICE) THERE IS A WAY. Move the rocks and trim the trees build that trail to SUCCESS!!!!! Heck with a trail build a highway--------------

 

[SESS]

It is running good. This motor is right and starts with out any problems. I had to replace a power steering line they sent me. The one from the parts house in NC was dry rotted. Rubber does that after a bit. I am real impressed with the job the guys done. Cost me $2,000.00 in labor to get it fixed. I am happy with the tractor. It sounds crazy, but I would purchase another one. I am very pleased with it. The folks in the parts house in NC went out of there way. I just wish the rest of the company was as good as Hardy is.

Rascoil-

That is what we want to hear! A happy customer, happy with his tractor, happy with the parts company, and happy enough to buy another one! Thank you for keeping us posted with the positive results.

While the management of Farmtrac absolutely stuck to high heaven-the product is good. Farmtrac tractors are a good piece of equipment and these days you can get a good price on them! I hope everyone needing a tractor will consider the blue ones! Don't count them out yet. With a good dealer and a good piece of equipment, you won't be disappointed!

 

[SESS]

Searching the Better Business Bureau website today to see if any complaints had been filed against Farmtrac because of this mess they created and yes there were some. What caught my eye was the President/CEO was listed as Antonio Alvarez, III. That name is new to me. Haven't heard of him. The report is as of July 11, 2008-I just wonder if that is old news. I am sure that it is since a receiver was appointed, but just never knew he was part of Farmtrac. Here is the link: Raleigh, NC: Check Out a Business or Charity

Anyone know who he is or when he was with Farmtrac? Thanks

 

[taxpayer]

Searching the Better Business Bureau website today to see if any complaints had been filed against Farmtrac because of this mess they created and yes there were some. What caught my eye was the President/CEO was listed as Antonio Alvarez, III. That name is new to me. Haven't heard of him. The report is as of July 11, 2008-I just wonder if that is old news. I am sure that it is since a receiver was appointed, but just never knew he was part of Farmtrac. Here is the link: Raleigh, NC: Check Out a Business or Charity

Anyone know who he is or when he was with Farmtrac? Thanks

Antonio M. Alverez III is the son of one of the pardners in the firm of Alverez & Marsal( a real story in it self for anyone who wants to GOOGLE them)He was sent in to restructure an ailing Long MFG INC. he bought controling interesting in Long and changed the name to Longagribusiness, he and Alton cobb CFO filed papers with the NC SEC OF STATE forming Beaver Creek Holding co LLC, Alverez was CEO and Cobb CFO according to papers on file.he and/or Cobb later brokered a deal withthe indians to give Escorts control(sure would like to know what was pocketed on that deal and by who)Alverez is now in charge of the London office according to company info. Cobb at last report was still sitting in Farmtrac's office. these two guys could really shed some light on things if they would.(fat chance)---------Taxpayer

 

[redneckford]

taxpayer----I keep hearing how the Indians took all the money back to India-----I have been studying the Brennen Woods angle and very thing else involved in international trade. I am beginning to wonder if there was "any" money skimmed off. I wish that Alverez, Cobb or Beaver Creek would have some of their surrogates respond to where the money (Profit????) really went. If after they got the Indians to take it over it (The LONG Company) were they ever able to reverse the negative cash flow position that they were in when the Indians took over the company. If,for fact, they ever generated any profit after paying those high price salaries to those territory personnel and high interest rates to the Floor plan company. It takes alot of cash flow to run a far flung operation that FarmTrac had become. It is easy to blame mismanagement when we do not know the true facts over how and "why" Escorts took over the Company. (How much was owed to LG,UTB,and Same at that time)Some of the talk on the street is how the "Dealers" made all the profit on the US side of the pond and that the Factory was losing money shipping tractors to the US because of the change in the Dollar value versus foreign currency.(They are still shipping tractors to Europe, High Euro) Also that many foreign companies and manufactures do not understand US laws in regards to warranty payments and work. Did FarmTrac generate positive revenues at any time in the last five years or was it just a pyramid scheme that has played out since 1988 or so. How did they determine their sales price of tractors, was it based on a profit model or a production schedule model. Look at how K----- is trying to buy the market share at this time. Do you really think they are making alot of money per unit or trying to build a large share so that they can make a little on a large share like the oil company's are doing with each barrel of oil. $2 times a big enough number equals a large profit. What do you thunk????.-------- WHO KNEW WHAT WHEN!!!!!!----THAT IS THE ANSWER!!!!!----CAUSE IT IS OBVIOUS THAT THE DEALERS WITH ALL THIS INVENTORY DIDN'T KNOW WHAT WAS GOING ON!!!!!!!!!!!!!!!!!!!!!!

 

[taxpayer]

taxpayer----I keep hearing how the Indians took all the money back to India-----I have been studying the Brennen Woods angle and very thing else involved in international trade. I am beginning to wonder if there was "any" money skimmed off. I wish that Alverez, Cobb or Beaver Creek would have some of their surrogates respond to where the money (Profit????) really went. If after they got the Indians to take it over it (The LONG Company) were they ever able to reverse the negative cash flow position that they were in when the Indians took over the company. If,for fact, they ever generated any profit after paying those high price salaries to those territory personnel and high interest rates to the Floor plan company. It takes alot of cash flow to run a far flung operation that FarmTrac had become. It is easy to blame mismanagement when we do not know the true facts over how and "why" Escorts took over the Company. (How much was owed to LG,UTB,and Same at that time)Some of the talk on the street is how the "Dealers" made all the profit on the US side of the pond and that the Factory was losing money shipping tractors to the US because of the change in the Dollar value versus foreign currency.(They are still shipping tractors to Europe, High Euro) Also that many foreign companies and manufactures do not understand US laws in regards to warranty payments and work. Did FarmTrac generate positive revenues at any time in the last five years or was it just a pyramid scheme that has played out since 1988 or so. How did they determine their sales price of tractors, was it based on a profit model or a production schedule model. Look at how K----- is trying to buy the market share at this time. Do you really think they are making alot of money per unit or trying to build a large share so that they can make a little on a large share like the oil company's are doing with each barrel of oil. $2 times a big enough number equals a large profit. What do you thunk????.-------- WHO KNEW WHAT WHEN!!!!!!----THAT IS THE ANSWER!!!!!----CAUSE IT IS OBVIOUS THAT THE DEALERS WITH ALL THIS INVENTORY DIDN'T KNOW WHAT WAS GOING ON!!!!!!!!!!!!!!!!!!!!!!

Redneckford, you bring up some very good points, it appears from my research that Alverez did in fact ,do the job his company was hired to do.I met him once in a dealers meeting in sealy tex. when he became CEO,and I can tell you , he was very aggressive and efficent in his approach.he expanded the dealer network, put in place service training and sales programs that were very effective during his tenure.there were many improvements to the company.most dealers and very few workers were aware of his true role at Longagribusiness,as a result of his work at Longagribusiness, sales increased along with company profits, but it must be remembered that his stay at the company was intended to be temporary.I believe he was instrumental in helping Escorts with a floorplanning program when they purchased controling interest. the floorplanning program was good for the company and the dealers as long as it was properly managed.his purchasing of controling interest when he first came in was Not in line with the published policy of Alverez & Marsal. but I would rather not discuss details on a open forum,Red,I do not believe market factors brought Farmtrac down entirely. I think a thorough investigation will reveal a scheme spanning several years,masterminded by one person, the indians were not the culprits, however their poor business practices was definately a contributing factor. enough said for now.-----Taxpayer