Supreme Court Suspends Attorney For Mismanaging Funds

first_imgSupreme Court Suspends Attorney For Mismanaging FundsIL for www.theindianalawyer.comAn Indianapolis attorney accused of mismanaging trust funds for both himself and other attorneys and clients has been suspended from the practice of law in Indiana for 180 days.According to the disciplinary order handed down Wednesday, Tarek E. Mercho of Indianapolis law firm Mercho Caughey “misappropriate funds from his attorney trust account over a period of several years, making dozens of disbursements of client funds for purely personal purposes.” On at least two occasions, Mercho disbursed funds that were held in trust for another attorney and that attorney’s client.After the Indiana Supreme Court Disciplinary Commission began an investigation into Mercho’s conduct, the attorney made false statements to the commission and submitted a client ledger with false entries to extricate himself from the disciplinary process, the order says. Both the commission and the hearing officer found that Mercho had violated Professional Conduct Rules 1.15(a) and 8.1(a) and Admission and Discipline Rules 23(29)(a)(4)(2016) and 23(29)(1)(5)(2016) in connection with the funds mismanagement and his dishonesty during the investigation.The commission also alleged that Mercho violated Professional Conduct Rule 8.4(b) and 8.4(c) on the basis that his financial mismanagement was criminal in nature. However, both the hearing officer and the court, with Justice Robert Rucker acting as chief justice, found that the commission did not sustain its burden of proof on those charges.The hearing officer recommended a 90-day suspension followed by a one-year probationary period, while the commission recommended a one-year suspension without automatic reinstatement. The court ultimately chose to impose a 180-day suspension effective May 10, with 90 days actively served and the remaining time stayed subject to completion of at least one year of probation, including trust account monitoring by a certified public accounting.Mercho’s probation will remain in effect until it is terminated pursuant to a petition filed under Admission and Discipline Rule 23(16), the court wrote in its order.  Additionally, Mercho may not undertake any new legal matters between now and May 10, and the costs of the proceeding are assessed against him.FacebookTwitterCopy LinkEmailSharelast_img read more

Contemporary entertainer on offer in Fitzgibbon

first_imgInside 15 Watarrka Ave, FitzgibbonMrs Strbac said this allowed them to create the ideal family home.“We took everything into consideration – the light, the layout, the size of the land,” Mrs Strbac said.“It’s got a luxurious feel, thanks to the quality features, but we made sure to keep it functional and liveable with young children.” 15 Watarrka Ave, FitzgibbonThis stylish family home has been excellently maintained.Owners Davour and Elisa Strbac bought the land at 15 Watarrka Ave, Fitzgibbon, in 2015, and immediately started building. Inside 15 Watarrka Ave, FitzgibbonMore from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019The home features four bedrooms, including the master suite with a walk-in robe and an ensuite, plus a study or office space and additional bathroom.There is also an open-plan living and dining area, kitchen and covered deck, as well as a laundry and garage. Inside 15 Watarrka Ave, Fitzgibbon“It’s suitable for families, but also young professionals,” she said.“The house has good separation between the living areas and the bedrooms, which will suit young families, but the office space and low-maintenance deck and garden will appeal to busy professionals.center_img The home at 15 Watarrka Ave, FitzgibbonMrs Strbac said the living area was her favourite part of the home.“The ceilings are higher, and the room is north facing, so there is always plenty of natural light. We spend most of our time as a family in this part of the home,” she said.Mrs Strbac said the home would suit a number of buyers. Inside 15 Watarrka Ave, Fitzgibbon“It’s a very versatile, easy-to-live-in home.”Mrs Strbac said Fitzgibbon was a community-oriented suburb.“Aside from the home, buyers will really enjoy the location. There are plenty of parks, shops and transport nearby,” she said.“It’s really come along in the last few years. It’s an enjoyable suburb to be a part of.”last_img read more

Kerry ace hails Tipp’s ‘remarkable’ year

first_imgThat’s the verdict of Kerry star Kieran Donaghy, who lined out against the Premier County in the Munster final in July.Although Liam Kearns’ side lost that encounter against the Kingdom they recovered to reach the All-Ireland semi-finals for the first time in 81 years.The Austin Stacks club man says Tipp’s enhanced status in the game is well deserved.last_img

This Week’s Summary – Remembering Coach Todd McDougall

first_imgBy Tom RohrerOver the course of his life, Todd McDougall filled a lot of roles in the Olympia community – husband, father, coach, teacher, mentor, friend and inspirational figure.After a seven month battle with brain cancer, McDougall passed away this past week with his loving and strong-willed wife, Julie, by his side.The longtime baseball coach at Olympia High School, McDougall also was an English teacher at the school, crossing over the line between sports and academics very easily.This past spring, with McDougall unable to coach, the OHS baseball team used his inspiration to rally for another Narrows League title and a deep run in the 4A tournament.“We can’t fill Todd’s shoes, and we’re not Todd unfortunately,” said Greg Creighton, an assistant for McDougall before taking over head coaching duty, during the early portion of the Bears season. “One of the things we talk about is what Coach McDougall would do in this situation, because he knows what he wanted and the kids always responded to that.”The kids certainly did respond, and so did the surrounding community.  Fundraisers and support were offered by the citizens of Olympia to the McDougall family.  One of those fundraisers was the “Miles For McDougall” event held near Capitol Lake in April.“The family has been so strong,” said Karen Steen, who organized the fundraiser. “The fact that the community has come together like this is great, because that’s what the McDougalls deserve.”Certainly, the legacy of Todd McDougall, whether he’s remembered as a coach, a friend, a dad, or a husband, will last a lifetime.For additional reading about Coach McDougall’s impact on the community, select one of these stories:Olympia High School Baseball Primed for Big Season to Support Coach McDougallMiles for McDougall – Olympia Community Runs Together to Support Coach Todd McDougallCommunity Cheers for Olympia’s Todd McDougallA memorial service for Todd McDougall is scheduled for August 9 at 4:00 pm at Saint Martin’s University.  A reception will follow at the Olympia High School commons. Facebook20Tweet0Pin0last_img read more

Hunger in America Discussed in Red Bank

first_imgBy John BurtonRED BANK – The face of hunger is the face of your neighbor, a family member, of children and seniors.It’s a growing problem that needs to be addressed, those combating the issue want people to realize.“All of us together need to work to end hunger in New Jersey,” Kathleen DiChiara, president and CEO of the Community FoodBank of New Jersey, told a large crowd gathered at Count Basie Theatre on Monday, Sept. 30, for Soul of Hunger, a daylong forum on the issue of hunger.The event, sponsored by rocker Jon Bon Jovi’s Soul Foundation and the FoodBank of Monmouth and Ocean Counties, featured panel discussions with Gov. Chris Christie and celebrity chef and restaurateur Tom Collicchio, who has been active with antihunger campaigns, and moderated by NBC’s Willie Geist. The event also featured a group of women who offered their own stories about dealing with food and financial insecurities. Earlier in the day, there was a viewing of A Place at the Table, filmmaker Lori Silverbush’s documentary that explores hunger in the U.S.One-in-6 Americans goes to bed hungry; about 863,642 New Jersey residents receive and rely on the Supplemental Nutrition Assistance Program (SNAP), commonly called food stamps, to put food on the table. That’s an increase of 50,000 from a year ago. One-in-10 Monmouth County residents are being served by the Food Bank of Monmouth and Ocean Counties, participants noted.“Statistics about hunger are only numbers with the tears wiped away,” said DiChiara, as the panel of women told their stories.Martha, who didn’t give her last name and lives in the Port Monmouth section of Middletown, works part-time. She said she was told by case workers that owning a 10-year-old car, valued at $2,000, put her at risk of losing her SNAP benefits and thereby putting her and her children at risk of going hungry.Chris, a 47-year-old single mother of five boys, works as an emergency-department nurse, but is unable to work as much as she would like because of family obligations. She has had to apply for food stamps. “I never thought I would be in the position” with a home in foreclosure, she said.Amelia, a U.S. Army veteran suffering from a seizure condition, has a 6-year-old son diagnosed with kidney disease who is awaiting a transplant. The family is straining to just get by, she said.“I didn’t think it would end this way, that’s for sure,” Amelia said of her life as a military veteran.“Nobody ever thinks they would be in this position,” Chris added, “including me.”Since the 2008 recession and with Super Storm Sandy last year compounding the situation, “it has become personalized” with people struggling and people becoming more aware as they begin to see those they know in this difficult position, Christie told Geist.“It’s not that the programs aren’t available,” the governor said. “It’s people aren’t accessing them,” either unaware of their availability or unwilling for a variety of reasons to seek them out.The best strategy, Christie said, is for public and private sectors to work together on “parallel tracks” to help those in need.Prior to Tuesday’s federal government shutdown, some at the conference suspected that a shutdown would have a real impact on programs such as the U.S. Department of Health’s Special Supplemental Nutrition Program for Women, Infants and Children (WIC).“This goes far beyond our knee-jerk, liberal wanting to help each other,” Collicchio said, adding that it is a problem that has economic, educational and societal ramifications and requires federal and state officials to make it a priority.“Food is an apolitical issue,” said Bon Jovi, via a videotaped message, agreeing that government needs to play a more active role and not just expect private sector charities to take the lead. “Food pantries should be a safety net and not a replacement for programs.”Bon Jovi has established his own private program to help feed the hungry. His Soul Foundation and Soul Kitchen, a Monmouth Street nonprofit restaurant where diners offer donations for their meals, supports the operation and antihunger programs.last_img read more

Meteor Mine Hill Climb goes Sunday

first_imgThe event is set for Meteor Mine locate in the Slocan Valley. Competitors are fans can access the site through Lemon Creek, Springer Creek or Six Mile Lakes roads.The event begins at 10 a.m. with registration. Races begin at 11 a.m.There is a $10 charge for a single poker hand with $25 getting three hands.The Sno Goers will be donating a portion of the proceeds to the Nelson Friends of the Family charity.For more information call Playmor Power Products at [email protected] By The Nelson Daily StaffThe hills around Lemon and Springer Creeks will be alive with snowmobiles as goers flock to the Meteor Mine Hill Climb Sunday.last_img read more

HEAVILY FAVORED GLORY ROLLS TO IMPRESSIVE 2 ¼ LENGTH WIN IN $53,000 SANTA ANITA ALLOWANCE FEATURE; SMITH, HOLLENDORFER TEAM FOR VICTORY

first_img–30– ARCADIA, Calif. (Oct. 1, 2015)–In her first-ever try on grass, heavily favored Glory stalked the leaders going 6 ½ furlongs down Santa Anita’s hillside turf course and rolled to an impressive 2 ¼ length win in Thursday’s $53,000 allowance feature for fillies and mares three and up.Ridden by Mike Smith and trained by Jerry Hollendorfer, the 3-year-old filly by Tapit wheeled three wide crossing the dirt at the top of the stretch, took command inside the furlong pole and leveled nicely late to win going away. Off at 2-1 in a field of 10, she paid $6.20, $3.80 and $3.00.Owned by Fox Hill Farms, Inc., Glory improved her overall record to 7-2-2-1 and with the winner’s share of $31,800, increased her bankroll to $100,370.“Jerry had me come out one morning (at Del Mar) to work her on the grass and see what she thought of it,” said Smith. “She was so happy on it…I was hoping she’d run like this because she worked that way. I think we’ve found a new place for her.”Ridden by Alonso Quinonez, lightly raced No Comparison broke sharply leaving the gate and proved tenacious on the lead, finishing second by a nose over a fast finishing Queenofthepalace. The second choice at 5-1 in her fourth career start, No Comparison paid $5.80 and $4.20.Eighth crossing the dirt back onto the turf, Queenofthepalace mounted a furious outside rally under Victor Espinoza and just overhauled Little Emma by a head for the show. Off at 9-1, she paid $5.20.Fractions on the race were 21.81, 44.13 and 1:07.24.First post time for an eight-race card at Santa Anita on Friday is at 1 p.m. The track offers free General Admission and parking on all Thursdays and Fridays.last_img read more

Budget airlines break the billion-passenger barrier.

first_imgLow-cost carriers for the first time carried more than a billion passengers in 2016,  with new figures showing they accounted  for 28 per cent of the 3.7 billion passengers who boarded scheduled services worldwide.Budget airlines helped fuel a global passenger growth of 6 per cent — slightly slower than the previous year’s 7.1 per cent —  and in some markets are now carrying almost a third of all passengers.Figures released by the United Nations-backed International Civil Aviation Organisation show that LCC’s now account for 32 per cent of all passengers carried in Europe, 31 per cent in the Asia-Pacific and 25 per cent in North America.The figures underscore the rising importance of budget carriers over the past decade and their impact on the industry as a whole. “The increasing presence of low-cost carriers notably in emerging economies (has)  contributed to the overall growth of passenger traffic,’’ ICAO said.The number of global scheduled airline departures rose to 35 million in 2016 as more than half the world’s international tourists travelled across borders by air and the industry accounted for 35 per cent of world trade.Sluggish growth in advanced economies, low commodity prices, weak global trade and diminishing capital growth contributed to a lower than expected global gross domestic product (GDP) of 2.4 per cent. GDP and aviation growth are closely linked but despite the weak economic conditions, ICAO said global passenger traffic continued to grow “helped by the lower air fares owing to the fall in oil prices’’.International scheduled passenger traffic expressed in the standard airline format of revenue passenger kilometres (RPKs) rose 6.3 per cent down from growth of 7 per cent the previous year.The report said that all regions, except for Africa and the Middle East, posted slower growth than 2015. Europe accounted for the biggest share of RPKs with 36 per cent and posted an increase of 4.3 per cent. The Middle East posted the strongest growth in RPKs of 11.2 per cent, followed by the Asia-Pacific (8 per cent), Latin America and the Caribbean (6.5 per cent), Africa (5.7 per cent) and North America (3.5 per cent).Domestic scheduled services grew by 6.2 percent in 2016, down from 7.3 per cent the previous year. North America, the world’s biggest domestic market accounting for 43 per cent of all RPKs in this category, grew by 4.9 per cent.“Owing to the strong demand in India and China, the Asia-Pacific region grew strongly by 10 per cent in 2016 and accounted for 40 per cent of world domestic scheduled traffic,’’ ICAO  said.Total capacity in available seat kilometres (ASKs) increased globally by around 6.4 per cent and outpaced the increase in passenger traffic. As a result, the overall load factor dropped slightly from 80.4 per cent in 2015 to 80.3 per cent this year. The load factor varied by region and ranged from 68 per cent for Africa to 83.3 per cent for North America. Strong capacity expansion in the Middle east continued to put the region’s load factor under pressure and it was expected to fall to 74.7 per cent in 2016 from 76.3 per cent the previous year.World air freight grew at a slightly quicker rate of 2.6 per cent in 2016 but “remained challenging’’ while low fuel prices helped maintain airline profitability.The industry was expected to end 2016 with a record operating profit of $US60 billion, up $US2 billion on 2015, with a third of all profits coming from North American carriers buoyed by their domestic markets.“Improving economic conditions forecast by the World Bank will see traffic growth and air carrier profitability momentum continuing in 2017,’’ the report said.last_img read more

Margin call in volatile markets

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Jon Scheve, Superior Feed Ingredients, LLCEveryone I spoke with this week wants to know how high the corn market will go.The problem is that the market needs to know how many acres won’t get planted and a better idea about what the July/August weather will be like.Corn may have hit it’s high this week, or prices may go up several more dollars. No one knows, because last week’s 58% planting progress has NEVER been seen this late in the year. The country has never planted less than 90% of the intended acres from the March USDA intentions report.This uncertainty has sparked the market rally and started rationing demand. This is also encouraging farmers to plant well beyond prevent plant dates and squeeze production from every possible acre.Three weeks ago, there was widespread fear $4 would never come for 2019 corn. It seemed $4.50 December corn was out of the reach for farmers for another year. But here we are, 90 cents off the lows and wondering where the top will be. The dreaded margin call and why I don’t fear itSome of my trade targets hit during this rally. These sales will make me short futures, and if the rally continues, I’ll face margin call. That may sound scary to some, but there is a lot of unwarranted fear and misconceptions about margin calls. Margin call misconceptionsI’ve heard some in the industry say they would never short the market because if the market rallies significantly, the seller would face unlimited margin call. They say farmers can’t protect themselves against these types of situations, and that they’ll go broke placing these types of trades.That could occur if a farmer is chasing a speculative position trade, and it would be why I would not place trades that require me to chase a market rally. I’m fine limiting my upside potential on some of my production in exchange for guaranteed prices at targets I set before a rally. Do you ever trade out of your positions if the market moves against you?I have said many times before, when I place a trade, I’m comfortable with all outcomes. If I’m not comfortable with an outcome, then I don’t place the trade. I hope I’m forced to sell some of my grain at prices I thought would have been profitable during the winter. I don’t need to worry if the market goes higher, because I always have more of my crop to sell at some point. Aren’t you afraid of margin call if the market rallies?Margin call makes a lot of farmers wince and keeps many from selling options or making forward sales using futures.Sadly, these farmers, don’t realize they are removing an important marketing tool out of their grain marketing tool box. Eliminating margin call is like telling a baseball player to not swing at anything IN the strike zone. A player may do alright swinging at questionable pitches, but they increase their odds to miss and striking out. Just as it sounds silly to tell a baseball player to not swing at strikes, it sounds silly to me to tell farmers not to hedge their grain using futures or selling calls because they don’t want to pay margin call.The chance the market would rally 90 cents in the last 15 days was an EXTREME long shot. While maybe a handful of people bet it would happen and put positions on to take advantage of it, most of the time this would have been a losing bet. There is a lot of risk betting on something that’s never happened before. As a farmer my job is to reduce my risk and plan for normal, but I do leave myself some room for the market to move higher by not selling everything I produce at one time. Why should farmers and their bankers not fear margin call?As a true hedger, I don’t like calling it a “margin call,” because that term is most often associated with speculators. A speculator making a margin call is in a bad financial situation because a trade has gone against them. I’m not a speculator because I have the underlying commodity to cover any sale I’m making. That’s why hedgers look at grain marketing and risk management decisions differently than speculators. For true hedgers, making a “margin call” is more accurately just making a finance decision. It’s not a bad thing. Let me explain. Margin calls for hedgers are typically a net neutral (Neither a gain or loss)When using the futures market to hedge or sell grain, it doesn’t really matter if I have to make a margin call. Following is an example:Let’s say in May, December futures are $4 per bushel, so I sell some corn because that seems like a good value. Then in June there is a weather scare and December corn rallies to $6 per bushel. Margin call means I need the difference between what I have my grain sold for in futures ($4), and the new higher CBOT futures price ($6). So, in this example I would need to make a $2 per bushel margin call to my futures trading account.This part frightens farmers, because that can be a lot of money. But there is no reason to be worried, because I’m not losing that money. Why?Let’s assume I will harvest my grain in October and take it to the elevator. For simplicity, let’s also assume the price in October is still the same as it was in June at $6. (Note: the actual price in October would not really matter because the final outcome will be the same at any price level). So, I sell my grain for $6 per bushel cash to the elevator and they hand me a check for $6 per bushel. At the same time, I sell to the elevator, I buy futures back in my hedge account for $6 per bushel. This buy back keeps me net neutral on my hedged position that I had already sold in May when I picked a price for my grain of $4.(Note: Basis values can change slightly during the summer from what an end user is bidding for harvest delivery. But overall, they are usually about the same. If you’re in an area with -30 basis now, it’s likely it will still be around -30 at the beginning of harvest.) Keeping my position net neutralThe important part of this example was when I sold the corn for a cash contract, and then immediately bought back the same number of bushels in my hedge account. If I hadn’t done this, I would have become a speculator. To remain a hedger, I must keep my position net neutral when I have a futures position and sell for cash, even if I think futures can move up or down. Not doing so crosses the line from being a hedger to a speculator instantly. Where does the $2 difference go?When I combine my hedge account and the check for the physical grain from the elevator, I lose $2 per bushel in my futures account. But I still sold the corn for $6 per bushel cash. This is where I net out $4 per bushel between the hedge account, and my original sale.This is also when I get back all of my margin call money ($2). The check from the physical grain ($6) less my original sale ($4). That premium offsets the loss in the hedge account and fully pays down the margin call amount in the account.Most farmers don’t have a lot of cash on hand. Farmers hedging grain need to work with their bankers ahead of time. When I work with farmers, I work with their bankers first to make sure the banker understands the long-term plan and help set up a path for margin calls as a part of a hedging position. This is a low risk loan for bankers, so they are usually extremely supportive. Many bankers will set up what is called a hedging line that is related, but separate from the operating note.In the above example I sold futures in May and delivered at harvest (5 months later). If the rally didn’t start until June, it would mean a $2 per bushel loan for 5 months (June to October). With a typical interest rate of 6% on a hedging or operating loan, this means only 5 cents per bushel interest for the margin call for those 5 months (math = $2/bu. x 6% interest / 12 months for a monthly rate x 5 months).Bankers must constantly update their clients balance sheets to recognize that the asset growing in the field or that is in the bin is now worth much more than before. As margin call goes up so does the value of grain on the balance sheet penny for penny. This is also why banks don’t mind margin call because the farmer has an asset that increases with the margin call. Banks should be supportive of farmers making margin call for hedging purposes. So why would I do this?If corn rallies due to a major weather pattern, you can’t take advantage of increasing basis levels and other premium opportunities unless you use futures contracts or Hedge To Arrive contracts (HTAs). For instance, in 2012 (a drought year), I received 50 cents per bushel more for my corn from basis increase using futures than farmers who sold corn for a flat price to an end user the same day as me and took the cash price quoted on presells before harvest. Why not use an HTA and let someone else make my margin call?There are several reasons:Benefit 1 – HTA costs are about the same or worse than doing it myselfHTA costs vary by end users, but they range from 0-8 cents with most in the 3- to 5-cent range. In the above trade example, I would have 5 cents of interest and 1 cent in commissions to my broker for the trade. However, elevator charges to handle an HTA are comparable. And that’s assuming a huge $2/bu. margin call, which are rare. With a 50-cent margin call, I would only have 1.25 cents of interest ($.50 x 6% / 12 months x 5 months = about 1.25 cents) and be ahead of HTA costs. In the long run over several years I’m going to be more profitable doing my own hedging. Benefit 2 – I’m not locked into any one end userDoing my own hedging allows me to select the end user paying the most at harvest and certainly any time after. Often end users will have 10- to 20-cent basis pushes when they have localized production issues. However, these “bumps” are not available to those locked into an HTA or have grain stored at the end user’s facility. I want to be able to take advantage of this premium in the market.Plus, I can’t guarantee where the best bid will be in 3 to 6 months, so I don’t want to lock my grain up with an end user now. Last year farmers shipping corn in late November directly from their fields because of the wet weather were getting much better basis opportunities with different end user than was available earlier in the summer for harvest delivery.I’ve seen farmers switch destinations at harvest based upon long lines at their preferred end user or elevator. Some have told me they feel taking 1 to 2 cents less in basis price to keep the combine running is a better use of their assets and time. I’ve seen farmers who think they will take certain fields of production to certain end users only to have problems at harvest with the quality of the grain in that field and need to change destinations for that grain.The market is always changing, so having complete control over my own bushels allows me to take advantage of every available opportunity. Having a futures positions on makes this process very easy. Benefit 3 – It’s easier to get out of sales if I’m short on productionIf I am unable to produce corn (ex. due to weather), it’s easier to get out of sales by moving them forward with futures to the next year. Plus, in most years I can usually capture a market carry profit doing this.If I have to ask an end user to be let out of contracts, for cash trades or HTAs, there will probably be a cost penalty. Even if the end user offers to move the sales to the following year for free, that could be a huge loss, because I would miss out on all of the market carry profits available from one year to the next.Last year there was a 40-cent premium to move sales from ’18 to ’19. In the last 30 years, only 3 years didn’t eventually have carry in the corn market (95/96, 11/12, and 12/13). Even in those years end users wouldn’t likely move the sales forward at the same price, and would have charged the spread difference between the crop years anyway.Right now, there is a 30-cent inverse from Dec ’19 to Dec ’20, so it will cost producers 30 cents to move any sales forward to next year on crops they might not produce regardless if one was using cash sales, HTA’s or hedging their own position with futures. Benefit 4 – Risk with end usersIn 2012, when the market rallied above $7, some elevators refused to place more HTAs, and a few elevators made farmers with HTAs set basis near their lowest/widest value. These elevators were scrambling because they didn’t secure large enough lines of credit from their banks and were forced to liquidate their position.I don’t want my profits reduced because of someone else’s failure to plan ahead. I want to be in control of my money, my bushels, and my profits. This is also why I have conversations with my bank before margin calls begin so that everyone is on the same page and what happened to these elevators doesn’t happen to me. Myth – Making a margin call is badMany farmers and bankers may be shocked by this, but making a margin call can be a GOOD thing. Here’s why….Typically, I don’t price all of my corn at one time, and I doubt most farmers do either. I usually hold some back for potential market rallies. As described above, I have to pay margin call on all of my priced or sold grain with every rally. But this means the corn I haven’t priced or sold yet is now worth more. ALL future unsold grain is now worth more. Since I plan to farm well into the future, I have more corn to sell, maybe not this year, but next year I will. Margin call means corn I haven’t priced or sold is worth more. I embrace it. I understand that the math makes sense, but I’m still too scared of the margin call.Many of the farmers I have worked with expressed reservations and fear the first year they cut several $20,000 margin call checks during the months of June and July (despite knowing they will eventually get it ALL back). It can be a lot of money. However, once they saw that not only did they get the money back later, but they also had more opportunity at improved basis levels than their neighbor, who didn’t use futures, they were happy with their decision.If I feared margin calls it would keep me from using the biggest marketing tool there is to hedge my grain and take advantage of market opportunities. Savvy farmers understand it and use the tools that are available to increase profits and minimize risk. The most important thing I have seen to guarantee success is to make sure that a farmer is working with a bank that fully understands margin call. As long as the bank understands what will happen if corn goes up $2 per bushel or more and there are plans in place for both parties to be successful and reduce risk, there shouldn’t be any problems and everyone will be more profitable in the end. Please email [email protected] with any questions or to learn more. Jon grew up raising corn and soybeans on a farm near Beatrice, NE. Upon graduation from The University of Nebraska in Lincoln, he became a grain merchandiser and has been trading corn, soybeans and other grains for the last 18 years, building relationships with end-users in the process. After successfully marketing his father’s grain and getting his MBA, 10 years ago he started helping farmer clients market their grain based upon his principals of farmer education, reducing risk, understanding storage potential and using basis strategy to maximize individual farm operation profits. A big believer in farmer education of futures trading, Jon writes a weekly commentary to farmers interested in learning more and growing their farm operations.Trading of futures, options, swaps and other derivatives is risky and is not suitable for all persons. All of these investment products are leveraged, and you can lose more than your initial deposit. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. The information provided here should not be relied upon as a substitute for independent research before making your investment decisions. Superior Feed Ingredients, LLC is merely providing this information for your general information and the information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision. The contents of this communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to buy or sell, or a solicitation to buy or sell any future, option, swap or other derivative. The sources for the information and any opinions in this communication are believed to be reliable, but Superior Feed Ingredients, LLC does not warrant or guarantee the accuracy of such information or opinions. Superior Feed Ingredients, LLC and its principals and employees may take positions different from any positions described in this communication. Past results are not necessarily indicative of future results.last_img read more

Geocoin – Geocaching.com’s Lost & Found Video

first_imgMeet the man behind one of the most engaging evolutions in geocaching… the geocoin. Jon Stanley, alias Moun10bike, is now a Lackey.  But almost ten years ago he forged his way as a pioneer in geocaching.  Go along with Jon as he retraces his steps in placing the first geocoin.See all the Lost & Found videos, from a geocache in space to an 88 year old geocacher, here.Share with your Friends:More SharePrint RelatedAn Open Letter to Groundspeak – from an 11-Year-Old GeocacherJanuary 21, 2011In “Community””Hammy” a Groundspeak Hamster Finds a New HomeJune 22, 2011In “Community”Geocoinfest 2011 – Europa: Travels with the World’s First GeocoinSeptember 14, 2011In “Community”last_img read more