Friday, March 07, 2008

Court document alleges Lamar Grain and Feed owners transferred property to keep it out of bankruptcy

The trustee in the Chapter 7 bankruptcy filed by Lamar Grain and Feed has charged the company's owners, Ron and Carolyn Ellis, with shifting assets to keep them out of the bankruptcy procedures.
In a complaint filed today in U. S. Bankruptcy Court for the Western District of Missouri, bankruptcy trustee Patricia Brown said, "Ronald Ellis and Carolyn Ellis owned and operated the Lamar Grain & Feed LLC and Lamar Feed & Grain Incorporated and freely transferred assets between the two entities. Additional, Mr. and Mrs. Ellis moved assets from both Lamar Grain & Feed LLC and Lamar Feed & Grain Incorporated to themselves personally." Those transfers were fraudulent, Ms. Brown said, and included grain testing equipment and a 1996 Merritt Grain Trailer.
Ms. Brown asked the judge to require the Ellises to pay $89,500, court costs, and attorney fees.
Information on the bankruptcy can be found in the July 20, 2007, Turner Report.

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