G&R Feed & Grain Bankruptcy case update

Ag/Outdoor, News

April 12th, 2013 by Ric Hanson

The Trustee in the bankruptcy case for G&R Feed and Grain Co., Inc., in Portsmouth, has provided a status update on the disposition of proceeds and sale of the property. Trustee Deborah L. Petersen says she has selected Del Peterson & Associates to auction the real estate, fixtures, machinery and equipment. Del Peterson & Associates is not related to the Trustee. The Bankruptcy Court must approve the employment of the auctioneer.

The Trustee has also filed the Notice of Intent to auction the property by public online auction to be held on June 11, 2013, subject to Court approval. Details are in the Notice which will be sent out by the Bankruptcy Court. Peterson says she has also accepted an offer to purchase the feed inventory and soybean meal on site. The property is intended to be sold to Fred Roane, (doing business as) “Your Feed Ingredients,”  for the price of $20,550.00. The sale is without warranty and the buyer will have to remove all items at Buyer’s expense. Again, this sale is subject to Court approval.

Peterson reports that she is also in the final stages of collecting accounts receivable that were due to G & R. She has filed an adversary proceeding against Cargill for the proceeds for the grain delivered in December. Peterson will begin claims review in May and still anticipates an interim distribution to creditors in late summer/early fall, again subject to the Court’s approval. The analysis of pre-petition preference claims and post-petition transfers will be done after the claims are reviewed.

The deadline for filing claims in the Bankruptcy is May 20, 2013. If you have a claim for a deferred price contract, or any other amount due you, you should take action to timely file a claim with the Bankruptcy Court. The U.S. Department of Agriculture has sent out all checks for warehouse receipt holders. The Iowa Department of Agriculture is still processing claims.

If you have legal questions, including how to file a claim, the Trustee advises that you should contact an attorney of your choice.

(9-a.m. News)