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Superior Livestock Auction taken over

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Superior transferred to Farm Credit West



(11/18/2009)
Rod Smith

Superior Livestock Auction, which pioneered the concept of satellite video marketing of cattle and is the largest seller of cattle in the U.S., has been transferred to Farm Credit West as a means for its owners to settle debt matters, according to an announcement.

The auction continues to operate normally and to perform well, according to the announcement. It also has called back co-founder Jim Odle as general manager, the announcement said.

Farm Credit West, a member of the Farm Credit System, said it plans to sell Superior soon, perhaps yet this year. The bank did not put a value on the company.
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there seems to be a different tone to the situation on Superior's website. saying how proud they are to be the new owners :roll: it will be interesting to see what happens. personally, i wouldn't sell on Superior if owned by Farm Credit.
 
Believe there is a lot more to this story than is being told. Really doubt it is as rosy as the press release implies. That's the kind of business you cannot foreclose on and liquidate and get your money back. There is too much blue sky that can't be liqiidated. By having the deed and appointing the top gun Farm Credit can be in control and keep it operating to generate cash flow to reduce debt. I could be wrong but it wouldn't be the first time.
 
There has been scuttlebutt of problems since the new owners took over...

I know one of Superiors long time Reps quite well- that dropped them last year- and said the reason was they were having management problems- and problems getting people settled up with rapidly like the "old Superior" bunch did...
 
We've never had any problems with Superior, our rep hands us a check as soon as the liner is weighed, and that happens about 10 minutes after it pulls out of the yard
 
What I read is that it was used as collateral for some other business ventures that didn't work out, not that Superior was in trouble. Farm Credit West has Jim Odle back in the managers position.
 
Cedarcreek said:
What I read is that it was used as collateral for some other business ventures that didn't work out, not that Superior was in trouble. Farm Credit West has Jim Odle back in the managers position.
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Thats what is being commented on some of the other sites-- that they took a big loss in a feeding venture...
 
i got this email from Superior, i'm sure some of you did aswell.......

Superior Livestock Auction
November 23, 2009

To Our Valued Customers and Friends:
First and foremost, we want you to know that Superior Livestock Auction and
Superior Productions are still in business and are as strong financially as they
have ever been. You have most likely heard various rumors regarding Superior
Livestock Auction, and we would like to take the time to inform you of the truth.
In June of 2007, Jim Odle, the late Buddy Jeffers and John McKinley sold the
company to Dwight and Helen Mebane. The Mebanes hired Richard Stober to
serve as General Manager and the company continued with operations as they
had always been and moved forward with new "value added" programs.
Recently, the Mebanes have experienced financial hardship, and they
relinquished their stock to Farm Credit West. Therefore, Superior Livestock
Auction is now owned by SLAI, Inc. which is a wholly owned entity of Farm Credit
West, ACA.
The new owners have asked Jim Odle to come back and serve as our General
Manager. Jim was one of the co-founders of Superior and his vision was
instrumental in taking it from its infancy to the nation's largest livestock auction
and the leader in video and internet marketing. We are truly honored that Jim
has agreed to come back and lead our great company.
Superior Livestock Auction was founded on the principles of honesty, integrity,
innovation and service, and those principles have not changed. We are here to
serve you, the American cattlemen, either as sellers or buyers, and we take pride
in our company and its values. Superior has led the way in video and internet
marketing in the past and we intend to lead the way in the future.
We truly thank you for your business in the past and we assure you that you can
trust us with your business in the future. If you have any questions, please feel
free to call Jim Odle, General Manager at 800-523-6610 or 970-380-5566.
Sincerely,
The Representatives and Employees of Superior Livestock Auction and Superior
Productions
 

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