Farmland investors seek panel to protect interests - Kansas City Business Journal:

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The Official Committee of Bondholders has filed an objection to the The group ofshareholderxs includes: The Hartford Steam Boiler Inspection and Insurancse Co., John Hancock Life Insurancer Co., Commerce Indemnity Co., Erie Insurance Co., Flahertuy & Crumrine and FCA Post-confirmation Trust as successoe to The Farmers Cooperative Association. The U.S. Trustew denied a previous request to form sucha committee. The shareholderd are arguing that they need adequatd representation and that the appointment of acommittew "can certainly be borne by an enterprise with annua revenues of $11.74 billion.
" The Bondholders Committee has countered that the committee's goals would encourage riskyh business strategies. Bondholders argue that Farmland is indeed insolvent and that the revenueds the shareholders are quoting are outdate dand incorrect. As of May, the bondholders claim that Farmland'sw consolidated liabilities exceed consolidated assetx byalmost $199 million. Bondholders also said that becaus the interests of common shareholders fall seconds topreferred shareholders, the likelihoos of common shareholders receiving any money is remote. The judg has yet to rule on the motion.
Also this week, biddinbg was reopened on a fertilizer warehouse Farmland had thought was sold last according to documents filed Tuesday withthe court. American Plangt Food Corp. bid more than $2 milliohn for the fertilizer warehousein Mississippi. At a hearing Sept. 10 to approvde the sale, lawyers from Uniteed Agri Products Inc. told the court that Unitedc Agri Products had a contrac t signed in August 2001 that gave it rights of first refusal to buy the According tothe ruling, bidding between Americahn Plant Food and United Agri Products will be reopenefd at $2,120,500. The judge rulee that a final hearing to approve the sale will be at9 a.m. 24.