The kikes at Agriprocessors are not making loan payments on their "kosher" meat plant:

Lender lowers boom on Agriprocessors

A lender seeking control of Agriprocessors Inc. says the meatpacker’s finances are so dire that “millions of chicks and chickens (are) in danger of starving to death.”

Chief U.S. District Judge Linda Reade, after a telephone hearing Friday, gave Atec Liquidations of St. Louis limited powers to oversee Agriprocessors in Postville and a sister plant in Gordon, Neb., to make sure that assets are not diminished before an action filed Thursday in Cedar Rapids can be settled.

First Bank Business Capital of St. Louis sued Agriprocessors, Local Pride LLC and two members of the family that owns them — Abraham Rubashkin and his son and former CEO Sholom Rubashkin — saying the bank should be allowed to sell its collateral because Agriprocessors had defaulted on a $35 million loan by the bank’s branch in Decorah, Decorah Bank & Trust Co.

It was a stunning conclusion to a week that saw the company fined $10 million for violating Iowa wage laws and the arrest of Sholom Rubashkin on federal charges including conspiracy to harbor illegal immigrants for financial gain.

The lender’s lawsuit said the bank has been told that Agriprocessors’ electricity will be cut off if it doesn’t pay $188,000 that is past due and a $88,000 deposit Monday.

“The termination of electric service could result in the spoilage of millions of dollars in fresh and frozen meat products in the borrowers’ inventory,” the lawsuit says. “In addition, First Bank is informed and believes that millions of chicks and chickens in borrowers’ inventory are in danger of starving to death if they are not provided with appropriate feed and water.”

The judge’s order allows Atec to inspect Agriprocessors’ facilities to preserve the status quo, including the maintenance of refrigeration equipment so meat does not spoil, keeping animals watered and fed and paying necessary bills.

The Rubashkins were ordered to provide funds to pay the electric bill no later than noon Monday.

A spokesman for Agriprocessors, Chaim Abrahams, said Friday afternoon that it was not clear how the company would be affected by Friday’s events.

Agriprocessors was the nation’s largest kosher meatpacker before federal immigration officials found that about 390 of its employees were working in this country illegally in May.

Agriprocessors halted its beef kills earlier this week, while continuing to operate some other processes. A staffing company that had provided more than 300 temporary workers to Agriprocessors confirmed Friday that it had terminated its services.

The lawsuit seeks even more power for the liquidation company, which is acting as a court-appointed receiver in the case. It asks that Atec be given authority to sell the bank’s collateral. A hearing will be held at 9 a.m. Wednesday in District Court in Cedar Rapids on that motion.

Without a receiver in charge, the lender says, the collateral could be encumbered by liens and other legal claims, making it impossible to have a foreclosure sale.

Receivers are companies or individuals that manage or oversee a business or other asset. They act on the authority of the court, often in a legal dispute between two parties with a legal interest in that asset. In such cases, they can ensure that one party’s actions do not diminish the assets’ value or unfairly siphon away its profits.

The lender claimed in the lawsuit that Agriprocessors admitted diverting funds constituting its collateral to a bank in Luana, Iowa, and expressed concern about more misappropriation. It said employees of First Bank Business Capital employees who went to Agriprocessors’ premises on Thursday to verify its collection and deposit of accounts receivable were told to leave.

at it's finest.:hflol
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