Richard Millner's dairy empire continues to crumble. In March, his giant, polluting Veblen East Dairy was placed in receivership under Agstar. Now its sister CAFO, Veblen West Dairy, is filing for Chapter 11 bankruptcy. The papers hit the court the same week that Mayor Lavonne Jacobson claimed that the Veblen Dairy is one of the community's biggest assets.
When your biggest asset is a bankrupt dairy that violates state environmental regulations, you've got trouble. (Mayor Jacobson nonetheless won another two-year term, beating challenger Ralph Parsons 35 votes to 30.)
Of course, Chapter 11 doesn't mean the end of business (that's Chapter 7). Chapter 11 allows the debtor to reorganize and keep control of the business. It may also allow the debtor to dodge litigation... and that concerns me, since action by the courts and government seem to be the only way to make Millner fulfill his obligations to his neighbors and business partners.
I wonder: what if we had not subsidized Millner's Veblen operations by funneling to it money from Korean investors jumping the green card queue? Might domestic shareholders with a sincere market interest in the operation have held the dairy more accountable for operating honestly and legally and turning a profit?
Winter wheat looks better in May 22 report - The South Dakota Wheat Commission distributed its latest report Monday evening on the condition of winter wheat throughout the state: 2 percent very poor; ...
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