Pilgrim's Pride gets reprieve

Full story: Baltimore Sun

Troubled chicken processor Pilgrim's Pride Corp. said yesterday that it reached an agreement with its lenders to extend its credit lines until Monday.

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Broken down chicken woman

Lewisville, AR

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#487
Apr 13, 2012
 
AMEN BROTHER!!!!!!! If you don't wear the shoes you have no ideal what PP is doing to the farmers!!!!!
Another Old Grower

United States

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#488
Apr 13, 2012
 
Another Amen, but some of these people will never understand and they don't want to. Just know that some do and we will make it somehow. But I know that I have a clear concience whether Bo or any of the others do or not.
Broken down chicken woman

Lewisville, AR

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#489
Apr 15, 2012
 
well I hear that pp will close all 300ft house south of 29 and close the feed mill !!!! Has anyone
know about this?
Another Old Grower

United States

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#490
Apr 16, 2012
 
Are those the ones they are paying $3 a square foot? I would just like to know how they can do that when they are still fighting the lawsuit on the others. Most of the ones in the lawsuit would have been glad to have taken the buy out several years ago. But now Pilgrims has spent millions more than that would have cost fighting those growers. I'm sorry, I just don't see how anyone associated with the company can sleep at night. I guess I just don't understand "business". There must be a big difference in "business" and what is "right".
old chicken farmer

United States

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#491
Apr 16, 2012
 
I have talked with several growers that recently had their contracts bought out and growers that have been approached about the possibility of their contracts being bought out. From the conversation I have had with those growers there are currently 34 farms on the cutting block now with more possible in the future. Those farms being shut down are supposedly all 300ft houses and the offer being made has nothing to do with the performace of those individual farms. Those farmers are being offered $3 per square foot as "another old grower" posted. Considering the effort to buy out those growers' contract should be a clear indication that Pilgrim's Pride is aware of the cost of litigation and know they are not going to be able to overturn their appeal that the El Dorado growers were awarded.
old chicken farmer

United States

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#492
Apr 16, 2012
 

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Talking with growers that were in the El Dorado, Ark. facality lawsuit something interesting came to light. Pilgrim's Pride first begin to encounter trouble due to Bo Pilgrim's over zealous quest to overtake Don Tyson and bought Gold Kist for $1.1 billion financed with borrowed money and over-leveraged this company which eventually led to this company becoming unprofitable. They then hired Bain & Company in efforts to curb their financial losses. The El Dorado growers' lawyers tried to get PPC to produce certain relevant documents from Bain without success and finally the court ordered them to produce the documents. This is where the scheme came from to shut down farms in order to raise prices. It came from Bain & Company and Mitt Romney was the CEO this company.
Chicken and Dumplins

Mount Pleasant, TX

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#493
Aug 9, 2012
 

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So where are all the millions the chicken farmers were going to collect? They all talked big, but I have not see anything on the tv or in the newspapers. Guess Bo Pilgrim won again?
mailman

United States

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#494
Aug 10, 2012
 
www.katv.com/story/15599295/update-poultry-gr... ... it was on all the local tv news and papers.
Bob

Russellville, AR

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#495
Aug 10, 2012
 
I hear there is another trial going on now. I'm not sure which group this is. There is 4 different groups. The last of the 4 trials is scheduled for October, I think it is. It's a little funny to me that they are now giving a buy out to growers in Arkansas instead of just cutting them off. Why didn't they do that before? Seems like that would have been cheaper for the company than paying those enormous fees to the lawyers.
old chicken farmer

United States

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#496
Aug 10, 2012
 
Chicken and Dumplins wrote:
So where are all the millions the chicken farmers were going to collect? They all talked big, but I have not see anything on the tv or in the newspapers. Guess Bo Pilgrim won again?
I feel sorry for Bo Pilgim leaving behind such a terrible legacy of greed and corruption after doing so many other good works. It's kind of like Moses wandering around in the desert for 40 years only to be denied entry into the Promise Land. Is he even still alive? I figure he would be dead by now. It's a legacy of entire communities suffering, farms lost, and lives disrupted which was a direct result of Bo Pilgrim's over zealous desire for a brief moment of fame. His entire labor of love, Pilgrim's Pride, went bankrupt and threw so many hard working people out of homes and off their farms because of the decisions he made. Eventually losing control of his company to a corporation in Brazil, JBS. What was he thinking? I bet he would like to go back in time a change alot of things he did. Surely, Bo Pilgrim must feel some remorse for his actions.
Concerned citizen

High Springs, FL

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#497
Aug 18, 2012
 
Greedy corporation executives never show remorse because greed is what they live for. It's a power thing. Bo Pilgrim will never admit to any mistakes on how he ran Pilgrims Pride business. In Bo s mentality he did everything right for his own gain and could care less what happends anybody under him. It's a world of what is in it for me. Corporate greed is exactly what is wrong with the U.S. economy. Spread the wealth is not the moto of large corporations. Corporations do not realize their biggest share holders are their employees who show up to work everyday with benefits being continually reduced. Big companies like PP, tyson, sanderson, should be busted down so they cannot control market share. The trade commissn should not let the sale of Goldkist to PP happen, does too big to fail come to mind?
old chicken farmer

United States

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#498
Aug 22, 2012
 
There is beginning to be more and more farms being shut down and contracts being bought out under Pilgrim's Pride in south Arkansas. The latest farm I am aware of was paid $4 per sq. ft. and it is only a further indication that these integrators have finally come to the conclusion that they can't simply shut down farms without some sort of compensation after farmers obligate themself to a heavy financial burden in order to raise their birds. The victory in court by the El Dorado, Ark. growers demostrated that independent contract growers have some recourse to lessen the impact of decisions made by the large integrators to improve their profit margins.
Broken down chicken women

Lewisville, AR

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#499
Aug 22, 2012
 
Are the farms in the south of Hope area? This what it would take to cover reto cost for me!
old chicken farmer

United States

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#500
Aug 23, 2012
 
Yes, these farms are out of of Hope area.
Old Grower

United States

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#501
Aug 23, 2012
 
Why do they keep on fighting in court? If they are paying off these now, it just seems to me to be an admission of guilt in the court cases. They could pay those growers the $4 a square foot and it not be as much as they are paying in legal fees. It just does not make sense to me. Pay the growers and forget it. There is no telling how much the lawyers in these cases has made. Lawyers on both sides. All the while the growers are losing their farms and suffering because they are broke. I know I am not too smart but this just does not make sense to me.
Broken down chicken women

Lewisville, AR

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#502
Sep 3, 2012
 
Has anyone heard anymore about the buy out?
Heard that in Corp.meeting that there not sure what they are going to do about the last 20farms that are still growing birds
old chicken farmer

United States

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#503
Sep 4, 2012
 
I'm not directly involved with any of the litigations or the buy-out offers that are being offered. However, I've heard things through growers that are involved. It is my understanding from the conversations I've had that if the buy out offers made to growers aren't accepted by those growers, the offer would be taken off the table and not offered in the future. In other words, take it now or take the risk of not getting anything later if they decide to pull your contract. As for why Pilgrim doesn't just go ahead and pay the growers is a industry concern. The litigation from the El Dorado, Ark. growers set a precedent in that it took the entire poultry industry to task over the notion that a large integrator can just suddenly without any repercussion shut down farms to increase or manipulate the market value of their product. It isn't only Pilgrim that is fighting this tooth and nail, the entire poultry industry is fighting along side of Pilgrim.
4Mer Grower

Lebanon, TN

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#504
Sep 4, 2012
 
Dennis wrote:
25 million in interest - what was the loan. Does this company make any money at all?
They owe all that interest due in part on loans they take out against the farm without the knowledge of the farm owner. Neither the lender nor the poultry company tell the farm owner...its a BIG secret...the lender gives the poultry company "third party rights".. I mean, do u really think the poultry company can legally tell the lender to accelerate your debt when its not delinquent??? Heck no!! They accelerate their own debt they secretly took out against your property. Their third party rights are written in the lenders internal policy and procedure.They have third party rights cause they connived with your lender to take out a loan holding YOUR property as collateral...then they have their debt accelerated when u dont work in the barns like u r supposed to...and to keep the SECRET the lender accelerates YOUR nondelinquent debt!!Their loan is under your identity and holds your property as collateral..
Broken down chicken women

Lewisville, AR

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#505
Sep 5, 2012
 
Has anyone heard anything more about the last buy out@ $4.00sq ft.
Lou

United States

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#506
Sep 18, 2012
 
There is another trial going on right now. It is the trial for the Nacogdoches, Tx growers. Talked to a man who was there and was told that he could not believe some of the things that were coming out in the trial. You need to find out more about this trial. Can't believe that there is not a daily report in the paper out here. Has Pilgrim got control of the newspapers too. Pilgrim is spending millions to fight this and are now buying out. They would have been a lot better off to buy out in the first place.

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