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And the bills keep coming. Easterday Ranches filed for bankruptcy protection Feb. 1, followed by Easterday Farms one week later. The two Chapter 11 cases in U.S. Bankruptcy Court are being jointly administered âfor procedural purposes only,â with court staff maintaining one file. Documents recently filed in the main case detail how much the three law firms hired by the Easterdays are seeking in compensation and reimbursement for Feb. 1 through May 31. They are the most recent fee applications on file. The total for four months is $4.67 million. That does not include the $1.4 million requested by attorneys who are tasked with making sure the unsecured creditors for both companies are represented. ....
Washington rancher pleads guilty to stealing $244M in ‘ghost cattle’ scam By Kristin M. Kraemer, Tri-City Herald Published: March 31, 2021, 7:15pm Share: PASCO – The president of one of the largest agricultural operations in Washington state has admitted concocting a scheme to defraud Tyson Foods and another company out of more than $244 million. Cody A. Easterday, 49, pleaded guilty Wednesday in U.S. District Court in a case that federal prosecutors are calling a “ghost-cattle scam.” Easterday, who’s also chief executive officer of Easterday Ranches Inc., charged the two companies under various agreements for the costs of buying and feeding 200,000 cattle, when those cattle did not actually exist, according to a U.S. Department of Justice news release. ....
For Tri-State Livestock News At the end of January, Tyson Fresh Meats filed a lawsuit against one of the largest farming and ranching families in Washington, Easterday Ranches, in an effort to recover losses from fictitious fed cattle sales and feed costs. Additionally, Tyson was hoping to recover 54,000 head of cattle still standing in an Easterday feedlot north of Pasco, Wash. The lawsuit was filed in Franklin County Superior Court in Pasco. On Feb. 1, days after Tyson sued Easterday Ranches, the ranching operation filed for chapter 11 bankruptcy in federal court. Official Form 204 in Easterday Ranches’ bankruptcy filings lists 20 of their largest unsecured claims. The top unsecured claim comes from Tyson Fresh Meats with at least $225 million. The second largest unsecured claim comes from Segale Properties at $8,647,408.57. All 20 unsecured claims add up to $236,671,645. ....