Top Producer learned today that Stamp Farms LLC filed for Chapter 11 bankruptcy on Friday, Nov. 30, along with affiliate companies Stamp Farms Custom Ag LLC and Stamp Farms Trucking LLC. Estimated liabilities exceed $50 million, with more than 200 total creditors cited in the bankruptcy filings. Monsanto was the largest creditor listed, with a $3.9 million claim.
Mike Stamp received 2012 Top Producer of the Year Finalist honors, and Stamp Farms and Northstar Grain were featured on the cover of Top Producer’s November issue
. The staff at Top Producer learned Nov. 9 that audits had revealed some irregularities and big changes were occurring at Stamp’s operations.
Were the qualities that made Stamp unique and interesting to profile, such as the rail expansion and the rapid growth, contributors to the problem? Time will tell, but Top Producer is committed to analyzing and learning from this situation and passing on to our readers what we learn.
To that end, look for reporting in the January 2013 issue on some best practices for farmers to approach growth responsibly on their own operation. Top Producer will provide additional updates as the situation continues to unfold.
You can see the following public-record legal documents for:
Stamp Farms LLC
Stamp Farms Trucking LLC
Stamp Farms Custom Ag LLC
Read the article about Stamp, Full-Circle Farming