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Bankruptcy Keyed to Epstein 6th Ed.
In re Arts Dairy, LLC
Citation:
417 B.R. 495 (Bankr. N.D. Ohio 2009)Facts
Arts Dairy, LLC operated a dairy farm with approximately 1,250 cows when it filed for Chapter 11 bankruptcy on April 14, 2009. Robert McComber was listed as an unsecured creditor with a claim of $95,889.90 for “Corn Silage.” This claim arose from an agreement executed on August 29, 2008, where McComber agreed to deliver 300 acres of corn silage to Arts Dairy, with payment to be made in 12 monthly installments beginning in September 2008. McComber delivered the silage shortly after the agreement was signed, but Arts Dairy had not fully paid for it when filing bankruptcy. The parties also had a separate agreement for “Manure application” with its own payment schedule. AgStar Financial Services had loaned Arts Dairy $7,050,000 in December 2005 and claimed to hold valid and perfected first priority liens on substantially all of the debtor’s assets.
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