The Changing Financial Styles of American Agriculture
by Richard Alan Miller ©2002

In a normal capitalistic system it would work this way. The farmer has two cows. He sells one cow and buys a bull.His herd multiplies, and his economy grows. The end picture is that he sell his herd and retires on the income.
However, in light of the Enron Venture Capitalism Style, Farm Agriculture would work this way. The Texas Farmer has two cows. He sells three of them to his publicly listed company, using letters of credit opened by his brother-in-law at the bank.
Then he executes a debt/equity swap with an associated general offer so that he now gets all four cows back, with a tax exemption for five cows. The milk rights of the six cows are transferred via an intermediary to a Cayman Island company.
The Cayman Island company is secretly owned by the majority shareholder who sells the rights to all seven cows back to the farmer's original listed company. The annual report says the company owns eight cows, with an option on one more.

This is how a company
with $62 billion in assets
is declaring bankruptcy.

update (05/12/03) by Mahalah Arts


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