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<blockquote data-quote="john250" data-source="post: 796914" data-attributes="member: 4406"><p>Larry, I remember the Producers deal too. I thought Producers had loaned money against phantom cattle? </p><p>In the Eastern case, aren't there a lot of cattle in feedlots or backgrounding operations? The current holders of those cattle paid good money--but they can't be sure they own clear title to them because the broker didn't pay the farmer. I've seen speculation in print about it. What about the cattle that were on the truck when an auction market managed to get the truck turned around? I've read there were some cases of this. Did the market get those calves back to the sellers? Or what happened to them? </p><p>My impression, with no "inside" knowledge, is that this is not really a case of phantom cattle. Only the receiver could know for sure, and she isn't talking yet. </p><p>I'd say a 400 lb steer, bought by Eastern and sold to a feedlot will be T-bones and ribeyes long before this case is finished in the courts.</p></blockquote><p></p>
[QUOTE="john250, post: 796914, member: 4406"] Larry, I remember the Producers deal too. I thought Producers had loaned money against phantom cattle? In the Eastern case, aren't there a lot of cattle in feedlots or backgrounding operations? The current holders of those cattle paid good money--but they can't be sure they own clear title to them because the broker didn't pay the farmer. I've seen speculation in print about it. What about the cattle that were on the truck when an auction market managed to get the truck turned around? I've read there were some cases of this. Did the market get those calves back to the sellers? Or what happened to them? My impression, with no "inside" knowledge, is that this is not really a case of phantom cattle. Only the receiver could know for sure, and she isn't talking yet. I'd say a 400 lb steer, bought by Eastern and sold to a feedlot will be T-bones and ribeyes long before this case is finished in the courts. [/QUOTE]
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