Agricultural News
Court Documents Show Superior Livestock is Owed Over $19 Million by Eastern Livestock
Fri, 10 Dec 2010 7:02:23 CST
DTN is reporting today that Court Documents show that Eastern Livestock defaulted on approximately 500 contracts with Superior Livestock Auction and owes the online and satellite video cattle auction service $19,270,617 on cattle delivered between Oct. 22 and Nov. 13, according to a list of unpaid sales in the court documents.
Superior is just one of many markets and individual producers who have been left standing with no chair available to them after the music stopped for Eastern Livestock this past month. This latest filing has several other folks included- pushing the total tab to over twenty million dollars with these half dozen plaintiffs alone.
DTN also reports that this whole mess with Eastern Livestock and $130 million dollars of bad deals may be a whole lot bigger than first thought. They report that "Eastern Livestock's main bank, Third Fifth Bank of Cincinnati, Ohio, alleges in a separate state court case that Eastern may have had as much as $2.5 billion in fictitious transactions in fiscal 2010 from sales between Eastern Livestock and its affiliates. The bank states the cattle brokerage was not able to produce documents showing that the sales were real."
Meanwhile, this legal mess may extend to feedlots or others who may have cattle connected in some way to Eastern. The Livestock Marketing Association is saying on their website that LMA "Members are reminded to use caution in dealing with cattle connected with Eastern, and not to accept or move any such cattle without the benefit of legal counsel." Click here for the front page of the LMA website- where they have late breaking news updates- and may offer new details on the Eastern Livestock situation later today.
WebReadyTM Powered by WireReady® NSI
Top Agricultural News
More Headlines...
