Folks looking to buy one slightly used, poorly built beef plant won't be able to drop in, kick the tires, and make a bid the day of sale... not without some fast driving. The auction of Aberdeen's Northern Beef Packers facility will take place Thursday, December 5, at 1:15 p.m. Central Standard Time... in Sioux Falls, 206 miles down the road.
Scott Waltman reports that the minimum opening bid is still $12.75 million. Bidders must evidently show they have at least 10% of that amount in hand before the day of the sale. Bankruptcy Judge Charles Nail will conduct the bidding at the federal courthouse on Phillips Avenue.
Bidders interested in knowing what they're getting can try calling CEO David Palmer at the plant in Aberdeen. I hear his car is still parked out front of NBP. He may not be eager to chat and give tours, but hey, he should do something to earn one of the few paychecks NBP is still writing.
If Palmer doesn't answer, bidders will have to settle for reviewing NBP's record of assets submitted by CEO Palmer to Judge Nail on August 2. The short list:
- Land and buildings: $59.9 million.
- Furniture, fixtures, and equipment: $16.5 million.
- Payments receivable: $1.9 million.
- Cash in the bank: $942K.
- Five vehicles (three vans, two pickups): $17,800.
Hey, there really are some tires to kick!
So make it a day in downtown in Sioux Falls! Browse the Cliffhangers Gallery. Keep your ears tuned for pre-bid chatter at Minerva's mighty salad bar over the lunch hour. Then stroll down the block and buy your true love an Aberdeen beef packing plant for Christmas for pennies on the dollar.
wonder if they will pick up the phone.......they didn't yesterday
I'm $20.00 short. Could you help me out?
Bob Klein
Maybe you can get $20,000 from that EB-5 program
Or you could bid for a contract from the state to recruit EB-5 investors and get $5,000 to $15,000 per successful recruit!
Maybe it's time to explore a career change. What are the knowledge, skills, and abilities one must have to be an EB-5 recruiter?
Mark, to be a successful recruiter, if you take these potential investors out to lunch, my advice?...don't go Dutch.
I wonder if Pat Powers will drive down to Sioux Falls to shoot some video and finally provide some "coverage" of this important political story. This investigation has emasculated him, Just now he copied a Stace Nelson announcement to his blog so he could make Bart Simpson-like comments about it. Way to contribute to the public discourse, Pat!
Let's see. 1.275 million down, I would only have to recruit 23 EB-5 investors and it will be mine, unless of course some of you other folks know a lot of people with 500k looking to immigrate to the US.
A real journalist, that young Mr. Montgomery fellow from the Argus, posted a blogging about how the South Dakota EB-5 program was a model program and run exactly like the federal government intended. Mocking it about this beef place seems useless.
No, he said it was "completely standard." Everyone was doing it.
The feds intended the program to make foreign capital available to new businesses. It does that, here and in other states. But it also seems to attract scammers who think the foreign investors won't watch their money as closely.
Kevin, shame on you. Let's not let Joop put all of his countrymen in Dutch.
maybe the Rubashkins will show up, again.
CAH:
I think, more accurately, that the point of the program is to attract new capital to highly risky businesses that can't otherwise borrow capital. This is an important distinction since it basically circumvents the free market (i.e. basically a government subsidy for any business that partakes).
Did the investor in the EB-5 program actually expect a return on their "investment" or did they just kiss their money goodbye, trading it for life in western civilization?
This eb5 recruiter speaks of his "safer" than SD type of investments. His are well known Franchises and the like. http://www.linkedin.com/groups/EB-5-Visa-Direct-Investment-4520692