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Major player in ethanol network in bankruptcy

By ASSOCIATED PRESS   Tuesday, February 17, 2009 - 8:25 a.m.
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MADISON, Wis. (AP) — State agriculture auditors are monitoring the bankruptcy of a major player in the state's ethanol production.

Olsen's Mill has scores of grain contracts with Wisconsin farmers. A Green Lake County judge has appointed a receiver to manage the company's assets. The president of the family owned business, Paul Olsen, has resigned as president.

Jeremy McPherson is director of the Bureau of Business Trade Practices in the state Department of Agriculture, Trade and Consumer Protection. McPherson says auditors are making sure farmers are getting paid for their grain.

A European bank, BNP Paribas, has filed suit in Green Lake County claiming Olsen's Mill is insolvent and cannot pay back more than $55 million it borrowed from the bank in 2007.




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(21)
tater
Feb 17, 2009 at 6:49 p.m.
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the kid: Last night some guy was on the Tonight Show taking about just that - he claims that the oil baron Rockefeller used his influence at the beginning of prohibition to get a ban on ethanol, effectively making his oil/gas more sought after and valuable. The rest is history. He said that Henry Ford had envisioned farmers being able to supply the fule supply for America's cars with ethanol. Just think what might have been!

JohnDoe
Feb 17, 2009 at 6:45 p.m.
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farmdude...just curious...what is your solution to todays problems?

Keeping in mind that the "solution" has to accomodate all...the city dweller..farmer...businessman..etc..(including the unemployed)

stricnyne
Feb 17, 2009 at 6:11 p.m.
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My comment has nothing to do with this article...but I am so ticked right now with Alliant Energy and I know the gazette or "news" for that matter won't investigate. Just want to know how many people out there think they are getting ripped off by these "SOB's"...and think something needs to be done.

rooster
Feb 17, 2009 at 3:37 p.m.
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gasoline alternatives looked like a sure fire thing in our fuel guzzeling market. who saw this coming?

gixxer
Feb 17, 2009 at 3:20 p.m.
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No but it did have an inpact on the deadzone in the gulf of mexico because of the larger amount of fertalizer and pesticide run-off comming out of the mississippi river, This was do to the larger amount of farmers switching to corn growing for the all mighty dollar. It now creates the trade off for our enviroment (contaminate our waters or put more money in some farmers pocket)?

farmdude
Feb 17, 2009 at 2:07 p.m.
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Have you seen the price of corn lately? With the still-high prices for what it takes to grow corn (diesel, seed, fertilizer), you can't afford to grow it at $2.50. The corn price fell dramatically in late 2008...but did food? No. I can't believe there are still people that cling to this food vs. fuel debate. The events of the last few months should be clear evidence that ethanol (and corn for that matter) had no great impact on food prices.

chainsawchuckie
Feb 17, 2009 at 1:43 p.m.
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I Smell A Rat.......

dqandhallie
Feb 17, 2009 at 1:09 p.m.
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corn has no good reason the be at $4 it should be down around 2.75 and every body would be in good shape even the farmers. corn is only high cause of the ethanol

farmdude
Feb 17, 2009 at 12:19 p.m.
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What a bunch of brain surgeons on this discussion. Which do you folks work for, Big Oil or the Grocers Association?

dqandhallie
Feb 17, 2009 at 12:04 p.m.
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thank God that these plants are starting to fall apart they use more fuel (natural gas) to produce a gal. of useabale etahnol that could be used to head our homes at a lower price. we the consumer are the loosers in this scam that the tree huggers set on us!

werpknarly
Feb 17, 2009 at 12:02 p.m.
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btw...pre tractors and trucks, i think i'v read horses ate up 40% of the agricultural production in this country.

http://www.hudson.org/index.cfm?fuseacti...

werpknarly
Feb 17, 2009 at 11:55 a.m.
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Mr Diesel (for real) build the first diesel to run on peanut oil. My guess is that the future of diesel is in algae. Dirty water and/or coal plant exhaust + algae = diesel + protein feedstock + cleaner air and/or water AND it cycles or reuses carbon. Someone may have to process it to deal with cold winters

thekid3477
Feb 17, 2009 at 10:57 a.m.
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thanx for the answer timbo:) i read in willie nelsons book 'on the clean road again' that at one time about 25% of our fuel consumed was ethanol. then prohibition happened and since ethanol was technically alcohol...it could no longer be manufactured. we lost the start of the infrastructure. i wonder if oil lobbyist were behind alcohol prohibition??;) willie also made an EXCELLENT point in that ethanol CAN work...but it has to be done LOCALLY. the bio-mass should be GROWN LOCALLY. the bio-fuel should be PRODUCED LOCALLY. and BURNED LOCALLY. idaho doesnt need corn ethanol. they need potato ethanol. use what grows LOCALLy.

janesvillean
Feb 17, 2009 at 10:47 a.m.
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Ethanol subsidies were always intended as farm subsidies. Look at the history of legislation and support.

timbo66
Feb 17, 2009 at 10:06 a.m.
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"I wanna know who the genius was that came up witht the idea of using our food for fuel anyways."

In 1826, Samuel Morey uses alcohol in the first American internal combustion engine prototype.

In the 1890s, alcohol fueled engines were used in farm machinery, train locomotives, and cars in the U.S. and Europe, making countries more fuel independent. Ethanol was the first fuel used by American cars before gasoline.

In 1908, the Ford Model T is introduced. It can run on ethanol or gasoline.

kinsohn
Feb 17, 2009 at 9:27 a.m.
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"I wanna know who the genius was that came up witht the idea of using our food for fuel anyways."

The government. The same government that found it necessary to involve itself heavily in mortgage loans several years back and now wants to run healthcare.

chainsawchuckie
Feb 17, 2009 at 9:11 a.m.
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I like fiber......makes things move so much soooooother....STAY SAFE!!!!

partarican1
Feb 17, 2009 at 8:33 a.m.
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I agree, kid. Lift the ban on hemp and provide food, fuel, pharmeceuticals, and fiber for everyone.

thekid3477
Feb 17, 2009 at 8:31 a.m.
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i wanna know who the genius was that came up witht the idea of using our food for fuel anyways. duh. www.hemp4fuel.com

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