Fifty years ago Americans were giving their lives to protect the people in South Korea, over what I haven’t figured out yet. Like other countries we have destroyed during war and rebuilt with American dollars they have come to the front while America has fallen behind.
They are lending us money, practically own us, are buying our companies because their dollar buys more in this country than ours, or what companies we have left are closing down their U.S. plants having their goods made in these poor 3rd world countries, then shipping them back to the states and selling for huge profits, while our people spend their days in the unemployment lines.
Yesterday the foreign influence hit close to home when a bankruptcy judge approved the sale of bankrupt Allen Family Foots to South Korea’s Harim Holdings which will pay $48 million plus the cost of inventory, out bidding Mountaire Farms $30 million plus inventory costs offer.
Allen’s owes under $83 million in debt, filing for bankruptcy blaming the surging price for corn, operational mistakes and Wilmington Trust’s decision to slash its credit line from $20 million to $2.5 million this putting to an end the company founded 92 years ago.
The good news is Harim will keep for now, all of Allen’s plants operating and saves chicken growers from having to look for a new poultry company.
The sad news, although they still have jobs, they shouldn’t be looking for any raises in the near future and God forbid they think of unionizing.
Maybe it’s a good thing the United Nations Building is in this country; we’ll soon be flying their flags on our government buildings.