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Archive for Tuesday, October 13, 2009

Iwig Family Dairy offering shares in company to avoid foreclosure

October 13, 2009

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Iwig Family Dairy began offering shares to its customers at $1,000 a share in an effort to save the business from foreclosure.

Tim Iwig, owner, said they have a couple of interested parties for several thousand dollars and a number of people interested in simply purchasing one share for $1,000.

But, they still have a way to go to meet Thursday’s deadline. That’s when Iwig needs about $40,000 or the bank will begin to foreclose his business.

Iwig intends to be able to begin paying dividends to shareholders in at least two years.

“An investment in Iwig Family Dairy will help to keep us operating and will be a beginning step to move our debt from the bank to private hands,” he said.

Iwig is hoping to keep the business open and move it into a new phase where the dairy farm will offer milk in glass bottles and plastic containers.

“We believe the plastic will capture the customers that have not been buying our milk due to the added cost of the bottle deposit,” Iwig said.

To contact Iwig, call the store at 785-379-9514.

Comments

Steve Jacob 5 years, 2 months ago

Just on the outside looking in, if banks do not believe you can pay off a loan, and they study all the records, why should we. Also, what in the world is the LJW doing running this article?

costello 5 years, 2 months ago

Has the Kansas Securities Commission approved this? I don't think you can just start selling stock to the public without jumping through a bunch of regulatory hoops.

Bruce Bertsch 5 years, 2 months ago

Likely a private placement, but still a risky way to do business.

Karrey Britt 5 years, 2 months ago

Tim Iwig said he is taking names and numbers. The farm is in the midst of working out the details with the securities commission. He is hoping a show of financial support will allow him to stay in business this week. We are doing the story because he is one — if not the only — local farmer that supplies milk to Lawrence stores.

costello 5 years, 2 months ago

It looks like a public offering to me. There's an article in the newspaper with a phone number to contact the business owner and the statement: “An investment in Iwig Family Dairy will help to keep us operating and will be a beginning step to move our debt from the bank to private hands.”

It looks to me like I could call the man up and buy a share of stock in his company.

costello 5 years, 2 months ago

Thanks for clarifying, Ms. Britt. I wish Mr. Iwig luck. (I've even bought his milk! I prefer glass bottles.) I'd just hate to see him get crosswise with the securites people. I'm glad he's working it out.

Is he allowed to advertise before the details have been worked out with the KSC?

KEITHMILES05 5 years, 2 months ago

This article has run several times the last week in Topeka paper. The guy is going public to drum up support him.

Karrey Britt 5 years, 2 months ago

I think Iwig is doing everything he can to hold on to his farm. During the past two years, he has sought help from business experts in the region and elsewhere and has used their advice. The shareholder idea is something he has considered in the past and now he is seeing how much interest is out there. If he didn't throw out a price, I am sure people would be asking. I posted the blog to let the community know that he is seeking support.

Paul Geisler 5 years, 2 months ago

I'm not sure what kind of restrictions there are about advertising before announcing a public stock offering, but an article in the local paper commenting about this offer isn't the same as Iwig paying for an advertisement in that paper.

woodenfleaeater 5 years, 2 months ago

Why doesn't he just ask Jesus? He'll know how to save the farm!

nobody1793 5 years, 2 months ago

I'm sure this is more of a LLP partnership than a "stock IPO" listed on an exchange. Then again I'm no big city lawyer...

vilduhellerblogspotcom 5 years, 2 months ago

wish one had the money as their milk is wonderful and great as it is local. milk! milk!

best of luck iwig.

cantbelievemyeyes 5 years, 2 months ago

Wish I could afford to buy their milk. At over $6 a gallon it is out of my budget.

SearchingForTruth 5 years, 2 months ago

Iwig milk is the best around. I visited the dairy last week and there is more to this story. About a half a year or so ago there was a fight between Monsanto and small Kansas dairies concerning the labeling of rbGH (SB 595). Reporters, please contact the Iwig’s and ask them to explain the connection between the Monsanto employee that recently got a job at some state department/agency and the Iwig’s bank loan.

Boston_Corbett 5 years, 2 months ago

searching for truth..... I would like to hear that story too. Don't count on the reporters. What can you tell us?

Karrey Britt 5 years, 2 months ago

I was raised on a small wheat and cattle farm. There are many, many people who can determine the fate of a farming business — family members, bankers, landlords and of course, the government. Iwig had to go through a bunch of red tape to get the bottling business going. I know Iwig has frustrations and I don't think he wants everyone to know about them.

nml 5 years, 2 months ago

I hope it all works out for Iwig. Even though the milk is expensive...I buy it all of the time. It's very good.

roosmom 5 years, 2 months ago

Monsanto is the devil and would like every small farmer to go out of business so it can buy the farm land and take over all farming! The devil I say!!!

Nikki May 5 years, 2 months ago

I would love to have the money to help out. I love their milk!

GardenMomma 5 years, 2 months ago

I love their milk. About all I can do though is to continue to purchase their milk. I haven't got $1,000 to pitch in, though I wish I could.

Their milk is the best around. I hope they continue to produce milk. I'd hate to see them go under.

Boston_Corbett 5 years, 2 months ago

Marion (Marion Lynn) says…"As the cyberpimps promote “Slow Money” anad “investment” in “local” food"


That would include your cyber-pimp architect friend from Aspen, now wouldn't it. Maybe you ought to work on him, before saving everyone else. One looney lefty at a time, Marion.

Maybe post some photos on a blog to show us how you saved him. You know, posting his photos like you normally do.

maxcrabb 5 years, 2 months ago

Marion, you are just getting weirder by the day.

Alexander Neighbors 5 years, 2 months ago

does Iwig qualify for emergency assistance ? From the usda .

farm bailout sounds a lot better than insurance company bailouts.... Cant eat insurance

Iwig please use the link below to see if you qualify

http://www.fsa.usda.gov/FSA/webapp?area=home&subject=fmlp&topic=efl

Sigmund 5 years, 2 months ago

So what is the business plan? 1. Buy shares in a failing farm that sells full fat milk. 2. Farm goes bankrupt and customers have high cholesterol. 3. Farm gets Obama money and free health care. 4. Profit!

Sigmund 5 years, 2 months ago

If they are really going to offer shares to the public, this article and representation made in it by the owners probably violates various Kansas Securities Laws. Those laws are there to protect the public. BTW, the bank is foreclosing because their depositors money is being lost, you would be better off taking the $1000 and buy 1 ounce of gold.

Alexander Neighbors 5 years, 2 months ago

Sigmund. you would be better off taking the $1000 and buy 1 ounce of gold.


try eating that ounce of gold.... yumm

TopJayhawk 5 years, 2 months ago

I live about half a mile from his farm. Nice people, and good products. You should check out his ice cream. And his chocolate milk is just decadent. I hope he makes it.

Flap Doodle 5 years, 2 months ago

Calm

yourself

,

girlfriend

.

You'll

rupture

something

.

BTW

,

still

having

a

wonderful

internet

life

,

which

has

not

gone

unnoticed

.

Sigmund 5 years, 2 months ago

was_freashpowder2 (Alexander Neighbors) says… "try eating that ounce of gold…. yumm"

Pretty difficult I'll admit, but apparently so is selling milk in glass jugs at $6.00/gallon. Bet I have better luck trading the gold for food than you have trading milk for loan payments.

Marion (Marion Lynn) says… "Sigmund, there are laws and there are laws."

True enough but just wait till you have to file with the EPA to use disposable plastic jugs made from foreign oil that will end up in a landfill. Those guys make the Securities Commission look like school kids. Even Bernie Madoff is scared of them!

Here is an idea. Maybe they can start a local yogurt growing operation, call it Activator Supply Company, Inc" or "Culture Farms." http://en.wikipedia.org/wiki/Kubus_sc...

239 Kan. 610, 722 P.2d 1081 ACTIVATOR SUPPLY COMPANY, INC., and Culture Farms, Inc., Appellants, v. John R. Wurth, Securities Commissioner, Appellee.

ACTIVATOR SUPPLY COMPANY, INC., and Culture Farms, Inc., Appellees, v. John R. Wurth, Securities Commissioner, Appellant.

Supreme Court of Kansas. July 18, 1986.

Prager, Justice: http://www.mlmlaw.com/library/cases/mlm/state/ksactivator.htm

But please dear reader, don't let any of legal "mumbo jumbo" discourage any you from giving Marion, Alex, Sven, Bozo, and Merrill your life savings. They're local and "As Seen In The LJWorld" so it must be a "yummy" investment! And if it doesn't work out I am sure there will be plenty of Obama money available to bail your stupid ass out.

Sigmund 5 years, 2 months ago

Marion (Marion Lynn) says… "Maybe they should just do it up as a co-op, kinda like The Merc does. Or do the securities and banking officials need to take a look at The Merc, Sigmund?"

That wouldn't upset me a bit. Anyway Marion, here is a "tweet" for all the "twits", or "twats", or whatever you call them. "If Tim was as good milking the system as he is milking cows he wouldn't need any help. Between 1995-2006 he only received Government subsidies totalling $90,417." http://farm.ewg.org/farm/persondetail.php?custnumber=008042920

Alexander Neighbors 5 years, 2 months ago

farms dont make much... true because we can semi truck in most of our food from mexico where they get paid less than 3 dirt cookies a day to produce food. (and its warm all year round)

but when gas goes back above 5 bucks a gallon you'll be looking for local answers to your milk problem....

Sigmund 5 years, 2 months ago

was_freashpowder2 (Alexander Neighbors) says… "farms dont make much…"

The reason the bank wants its $40,000 in loan money back. Still you and Marion should invest your thousands, but don't encourage others to do the same. Gas would have to double in price before the cost per gallon matches what milk sells for all over town. BTW, do you really think your milk comes from Mexico? All that I know of is made and processed in the US.

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