Last September, in the aisles at the Big Iron farm show in West Fargo, N.D., I heard rumors of financial troubles for Ron McMartin, Jr., a famously large farmer at St. Thomas, N.D.
I'd previously interviewed McMartin, founder of McM Inc. - one of the most significant farming entities in the region. In the 1990s, he and a brother gained a reputation when they peaked at 11,000 acres of sugar beets - before the era of Roundup Ready beets.
More than once I left messages for McMartin at his McM Inc., farming headquarters. No response. In October, I physically stopped at the farm and was told that he was around but unavailable. I handed my business card to his colleague.
A week later, I phoned the colleague, who told me he'd passed along my message. I told him that if McMartin wanted to decline an interview, I would like to hear that directly. "He's right here, do you want to talk to him?" the colleague said.
McMartin was cordial, but initially - politely - declined to do any interview. Through the course of our phone conversation he changed his mind about talking to Agweek. The rumors were getting under his skin. Competing farmers were contacting his landlords - some elderly and absentee - to tell them he was finished. The last straw was when a friend in the potato industry told him he was relieved to hear his voice: The friend had heard McMartin had taken his own life.
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Agweek published the story on Nov. 10, 2016, McMartin said he was fine. Yes - it was tough to be farming today, but - no - he had no plans to quit. He had no plans to quit, but didn't guarantee anything.
Three short months later, Agweek reported that on Feb. 10, 2017, McM Inc. filed for Chapter 7 bankruptcy: not reorganization, but total liquidation. On March 10, 2017, McM Inc. listed debts of $49.7 million against assets of just $10.2 million. One "secured" creditor is BMO Harris Bank of the Chicago, Ill. BMO is a subsidiary of the Bank of Montreal in Canada.
At a creditor's meeting in Grand Forks, N.D., on March 16, McMartin answered questions about 55,000 hundredweights of seed potatoes in storage at a Crystal, N.D., warehouse. It seems apparent he planned to farm in 2017. He is now an employee of a farm at Walhalla, N.D., a business owned by one of his creditors, Kenny Johnson.
In February 2007, McMartin was a successful bidder in the region's first large-scale land rent auction, picking up about half of a 10,000-acre farm, based at Kindred, N.D.
Predictably, McMartin isn't answering many questions for Agweek these days. Readers tell me they want to learn more about McMartin because he's cut a historic swath in the region. The ag boom allowed him to support many workers and bulk up his farm and be generous to his family and causes in an impressive fashion.
On May 1, 2008, McM bought a historic Becker County, Minn., lake property for $1.3 million - 40 acres with 1,300 feet of pristine shoreline. On May 1, 2015, ownership shifted to Island Lake Irrevocable Trust. On April 12, 2016, the trust approached the Becker County Planning Commission to change its zoning from agricultural to residential, which would allow for subdivision to construct future dwellings and subdivide them for the children. In 2015, McMartin was listed as a $1 million donor for the North Dakota Cowboy Hall of Fame.
One well-placed source tells me the Wall Street Journal wants to learn more about McMartin. I think the bankruptcy means we'll learn more than he'd like.
