
Oct 23: Matanuska Maid Update
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The word from Matanuska Maid has been quiet since they announced combined losses of over $400,000 for July and August.
I received an update this afternoon from a very reliable source.
The last milk pick up from Valley milk producers is scheduled for December 10th with Mat Maid plant closure scheduled for December 14th.
They have not settled pay issues with two of their top former executives subsequently the Department of Labor is now involved.
Accounts payables are mounting with a local trucking firm owed over $860,000.
The second largest dairy farmer left the state last weekend and left the Feds holding over $1 million in loans. The prior agriculture boards refused to loan them any money because the state would have had to try to sell their cows or milk cows to recoup their losses.
The predictions of the prior agriculture board are starting to play out. If Palin would have closed it when it was recommended, it would have paid itself out and the asset would have been free and clear to sell and deposit the proceeds in the ARLF.
That would have been the right decision.
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