Tuesday, October 30, 2012


  Saw another show, in which CGA, Citrus Growers Association, holder of majority dividend earning shares in the new factory operation, were playing spoiler, with spurious arguments of why they should RENEGE on their LEGAL AGREEMENT with Banks Holdings Ltd.

   I'm reminded of the young man who stabbed another man, who was acting as peacemaker between two fellows who were quarreling.  Took out a knife and fatally stabbed the Good Samaritan peace maker.  Now he goes up for MURDER ONE.  Kind of like the CGA.  They get millions to pay off their debts, millions invested in new product lines and factory rejuvenation expansion and like the murderer with the knife, is pleading innocent, or extenuating circumstances, of why he should not be sentenced for murder.  Lost his temper, it was an accident, I didn't mean it, etc., etc., etc.   When you take actions there are CONSEQUENCES.  The CGA need to take the CONSEQUENCES.  You cannot welch out of your committments.  They got their loans covered and saved themselves from bankruptcy and loss of it all.  Now the factory is turning profitable, they want the government to muscle the financial rescuers out of their millions, and refuse to be a man and take the CONSEQUENCES.  Change your CGA leadership, maybe you will get someplace again, rebuild your organization?

  What I don't see mentioned, is that the majority PRODUCERS of citrus, of the CGA, the media say; is that they left the CGA over the bad leadership.  They formed their own CITRUS ASSOCIATION.  Now if these losers that are the old time CGA relics, want to show integrity, they should hand over to their former members, their share in the factory of shares,  based on production, of the FACTORY shares, to the new ASSOCIATION. Or is it all gimmee, gimmee, gimmee and screw you other citrus producers?

  They did raise a technical point about the CITRUS ACT, done to give a MONOPOLY and political control in the past, and the price rate and starting date legislation.  To me that is no longer valid and should be deleted from the LAWS OF BELIZE.  Court cases have changed the dynamics of the citrus producers and the CGA no longer represents ALL the citrus growers.  There are OTHER citrus growers in another CITRUS ASSOCIATION with rights too, ( the media say they also produce more fruit ) also if you wish to press the point, also have RIGHTS to some of those SHARES held by the former CGA.
 From:  Francis Gegg           ( the other side of the argument )

It is one thing to speak from a position of knowledge and authority, than to speak from a position of a complete lack of knowledge or understanding of what is happening in the Citrus Industry and at CPBL.  Before writing such dogmatic perspectives and opinions, any wise person would familiarize themselves with the truth and the details of what is happening in the industry and not make claims or statements which are patently untrue.  

Henry Canton and Banks Holdings and the previous Directors of CGA and CPBL have breached their Fiduciary Duties, Obligations and Responsibilities to the majority share holders CGA, and are liable for all of the accumulated losses which they have racked up as a result of their intransigence and obnoxious behavior, and lack of competence to operate the company profitably.  A factory with the capacity to process 10 million boxes of fruit is barely processing 5 million.  The CPBL groves have been poorly managed, and average less than a box per tree.  The global average is 2.5 boxes per tree.  Get the drift Ray? This has all happened with prices of these commodities at historic highs.  You make sense out of this one, or maybe of the back handed sweetheart deals which have been made with the major buyers of the company's products at hugely discounted prices to the detriment of the producer.

Maybe now you will understand why he and they don't want to give up control.

*************  I would like to know WHEN or even IF, the CGA will share the shares with their other previous members in the CGA who formed another ASSOCIATION, or Company, because they could not countenance the reckless management clique of the CGA and accumulated losses they kept racking up for their own benefits.  If the CGA is still holding 51% of the shares they have in the factory, then WHEN WILL they give 10.2% of those shares to the members who were forced out of the CGA, by their reckless management actions? ( based on formula of CGA 80% small producers produce 20% of the fruit, while they next Association produce 80% ) That would show the rest of the nation, that the CGA is an HONEST partner, and not greedy self serving crooks.  Also when will the CGA change from an ASSOCIATION to a COOPERATIVE?  If they wish to own and manage; production, processing and marketing of citrus fruit. Like the Fishing Cooperatives.  Associations are no good for business in my opinion.  Too many opinions and no rules or regulations.  Just too loose. ******************

Ray's argument for the majority shareholders to give up their controlling interest doesn't make him a "fucking capitalist."  His argument is not at all reflective of a traditional capitalist point-of-view or mindset.  Ray is ignorant about a lot of the dynamics in the industry and he likes to try to be provocative by making rash uninformed statements that appear to be outside the box thinking.   As the majority shareholders, I would think that the CGA are the ones who would want to engage by the rules of capitalism.  Nothing wrong with that.  Belize needs more capitalists and fewer opportunists.


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