FarmTrac Troubles

[rascoil]

An early post in this thread said lenders had claims near $15 million and Farmtrac's present assets are $12 million. Rough numbers, but it gives us something to talk about.

Before Lewpack website took off the 900+ tractors they had listed for sale, it totaled little over $12 million. As we all know about equipment auctions, there is no telling what the price will bring for the stuff. BUT look at the economy right now, I don't think things will go high. I certainly don't see the people who live in Tarboro to run out and spend, spend, spend. That town is small and probably 3/4 of them know people that work at Farmtrac or dealers who have been effected by all this. It will be an interesting couple weeks leading up the auction.

You hit that on the head, There is about 2000 folks in that town and most of them lost there textile jobs and money is thin from what I could tell. I cant even post the stuff I found out at the local waffle house. LOL

 

[case1570]

I think something that should be researched is Doug Gurkins and Country Boys Auction & Realty. The size of this mess sure warrants more than a small auction company. We as creditors need to get the maximum dollar amount from the remaining assets. He may be up to the task but from the professionalism, or lack there of, so far makes me wonder who owed who a favor. I am not sure he can do Farmtac justice. Two auctioneers and a couple of ring men are not going to get top dollar. Lets see what we can find.

Case

 

[country69]

You hit that on the head, There is about 2000 folks in that town and most of them lost there textile jobs and money is thin from what I could tell. I cant even post the stuff I found out at the local waffle house. LOL

lol there aint nothing like going to the waffle house in tarboro..here the daily town news lol

 

[sseelhoff]

You are absolutly right about the lawsuits.but we need to stay focused on gathering info and exploring every angle,Don't get tunnelvision because we are angry,and it,s hard not to be.I know I would like to see these characters talked to by hand until we come to agreement. I said this to someone recently,"before we can win this battle in a court of law,we need to win the battle of public opinion", and I believe we are winning that battle.----Taxpayer

Different perspectives. I'm looking at the forest, you're looking at the trees. Just different angles on the whole situation. I've always been a big picture/theories/analysis/wild a** speculation guy. I admire the work you have done on this. You clearly are a top notch detective!

 

[rascoil]

This is what I am getting out of Pack

Hi Paul,
I need to know where these are being shipped.
Thanks
Bobby Pack
Email: bobbypack@lewpackinternational.com


Hi Paul,
I am trying to find a Farmtrac Dealer who has this model and can help you. Maybe in the morning before I get back with you.
Thanks
Bobby Pack



I doubt he will respond to me again. Just a thought

He don't have any tractors he is just trying to play middle man. I would think he is talking to you dealers under a different name and company wanting to help you out. So he can help himself out also.

 

[rascoil]

Well I could of been wrong about that one, he did contact me again. Maybe this is who he is working for or I guess he is just trying to play broker now and collect a commission now. Hope he is not too pissed at me.

Hi Paul,

Someone from Rockwood Tractor Sales in Vidor Texas Should be contacting you tomorrow morning. I just spoke with the sales dept and gave them your email address.

Their phone number is 409-786-****.

Please contact me if I can be of any further assistance.

Thanks
Bobby Pack

 

[case1570]

Can we give LewPak a chance. He will be listing my tractors and wants them to go out of country. He stated to me if he has an in country buyer he would rather put them in touch with a dealer in that area. He seems to have the background in overseas shipping. Get a wire transfer before you ship, pay him a fair fee and let him move some tractors into Escorts back yard. Any other avenues that sound better?

Case

I am begining to think some people want these tractors to sit around?

 

[longtrman]

To All:

I think that a good part of Textron's lost 14Million is sitting on our lots. In other words they knew when the mess started that the tractors would be worthless or nearly so and accounted for what we owe them as though it was owed by FARMTRAC. The only other senario I see is maybe Textron funded the 10Million expansion at FARMTRAC. We all know all that what is owed to LS, Same and Escorts is perhaps a parts bill. Textron funded the purchase as Tim said on the water. Next thing to consider is Textron will be suing all 300 of us individually. 300 consumers can sue a company as a class but one company cannot sue 300 dealers as a class. When they decide enough is enough they won't accept the tractors in lieu of part of the money we owe them unless a judge orders it and that is not likely. Why do they not have to take the tractors as part payment? Simple -we all signed personal guarantees that we would pay regardless of what our dealerships paid.

Speaking of a new name for FARMTRAC, did any of you actually get the name FARMTRAC established? I still get people calling saying they know the tractor is Farm Pro and want nothing to do with any Chinese tractor. If I'm lucky they have never heard of Farmtrac or Farm Pro.

 

[Tim C.]

I want to go on record here about LewPack.

They deserve a chance to tell their side of the story. I am sure it is interesting.

Everyone that hurts you is not automatically the enemy, and everyone that helps you is not automatically your friend. Motive is the defining force in that determination.

Tim

 

[rascoil]

Can we give LewPak a chance. He will be listing my tractors and wants them to go out of country. He stated to me if he has an in country buyer he would rather put them in touch with a dealer in that area. He seems to have the background in overseas shipping. Get a wire transfer before you ship, pay him a fair fee and let him move some tractors into Escorts back yard. Any other avenues that sound better?

Case

I am begining to think some people want these tractors to sit around?

It looks more to me that Farmtrac in NC and Mr. Pack are trying to flood the market to kill any chance of dealers getting a fair price for there stock. Why would any one in There so called back yard want to purchase something that they can buy with out any terriffs that has not been to the US yet. Plus the with having to pay from 3 to 5 grand per container to get them shipped. That leaves little to what can be paid for the product for resale. Even if our so called Dollar is weak??? That Greed is a pain in the but eh.