Thursday, December 09, 2010

Cattle firm may face unplanned bankruptcy

An Indiana-based firm, which is under federal investigation for bad checks on cattle purchases, could be forced into an involuntary bankruptcy following a judge's ruling. In a U.S. bankruptcy court this week, Southeast Livestock Exchange, Moseley Cattle Auction and David Rings were among the companies looking to file a bankruptcy motion on behalf of Eastern Livestock Company, one of the largest cattle brokerages in the nation. The companies claim Eastern Livestock paid them nearly $1.5 million for purchases for which they were never reimbursed, The Associated Press reports. Federal officials estimate that the company owes more than $130 million to more than 700 independent ranchers in nearly 30 states...more

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