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<blockquote data-quote="Isomade" data-source="post: 853810" data-attributes="member: 13135"><p>Camp Cooley Ranch loses assets in bankruptcy ruling</p><p> </p><p></p><p>By MATTHEW WATKINS</p><p><a href="mailto:matthew.watkins@theeagle.com">matthew.watkins@theeagle.com</a></p><p></p><p>A Franklin ranch and cattle genetics company will have its assets turned over to its creditors after losing bankruptcy proceedings in federal court this week.</p><p></p><p>Camp Cooley Ranch announced the loss in a letter to customers dated Tuesday.</p><p></p><p>"It is with a saddened heart that I notify you that all Camp Cooley cattle and genetic materials are now the property of the Lone Star Production Credit Association," said Klaus Birkel, owner of the ranch, in the letter. "They will announce a dispersal sale for November."</p><p></p><p>A woman who answered the phone at the ranch Wednesday said no one was available to comment.</p><p></p><p>The ranch has faced difficult times for more than two years.</p><p></p><p>The 40-employee company was the subject of a U.S. Department of Agriculture investigation in 2008 after one of its cows was confirmed to be infected with malignant catarrhal fever, a contagious disease that is fatal for cattle.</p><p></p><p>The cow was infected by a wildebeest from an exotic herd on the ranch, USDA officials said at the time. The company had to halt two cattle sales and eventually was forced to sell its entire registered herd of 3,000 cows.</p><p></p><p>In 2009, the company filed for bankruptcy. Birkel told business associates then that the filing was caused by unrelated losses of its parent company, Birkel Investment Holdings.</p><p></p><p>In court filings, Camp Cooley's creditors argued that the company didn't have a sufficient plan to return to sustainability or repay its debts.</p><p></p><p>The ranch argued, however, that it had returned to profitability and had a bright future.</p><p></p><p>"We here at Camp Cooley Ranch have spent the last two years, since the fiasco with the wildebeest, rebuilding our credibility, our reputation, our profitability and our herd," Birkel said in his letter. "I have to thank, from the bottom of my heart, my employees, my loyal customers and my suppliers who have stood by me and believed in our program."</p></blockquote><p></p>
[QUOTE="Isomade, post: 853810, member: 13135"] Camp Cooley Ranch loses assets in bankruptcy ruling By MATTHEW WATKINS [email=matthew.watkins@theeagle.com]matthew.watkins@theeagle.com[/email] A Franklin ranch and cattle genetics company will have its assets turned over to its creditors after losing bankruptcy proceedings in federal court this week. Camp Cooley Ranch announced the loss in a letter to customers dated Tuesday. "It is with a saddened heart that I notify you that all Camp Cooley cattle and genetic materials are now the property of the Lone Star Production Credit Association," said Klaus Birkel, owner of the ranch, in the letter. "They will announce a dispersal sale for November." A woman who answered the phone at the ranch Wednesday said no one was available to comment. The ranch has faced difficult times for more than two years. The 40-employee company was the subject of a U.S. Department of Agriculture investigation in 2008 after one of its cows was confirmed to be infected with malignant catarrhal fever, a contagious disease that is fatal for cattle. The cow was infected by a wildebeest from an exotic herd on the ranch, USDA officials said at the time. The company had to halt two cattle sales and eventually was forced to sell its entire registered herd of 3,000 cows. In 2009, the company filed for bankruptcy. Birkel told business associates then that the filing was caused by unrelated losses of its parent company, Birkel Investment Holdings. In court filings, Camp Cooley's creditors argued that the company didn't have a sufficient plan to return to sustainability or repay its debts. The ranch argued, however, that it had returned to profitability and had a bright future. "We here at Camp Cooley Ranch have spent the last two years, since the fiasco with the wildebeest, rebuilding our credibility, our reputation, our profitability and our herd," Birkel said in his letter. "I have to thank, from the bottom of my heart, my employees, my loyal customers and my suppliers who have stood by me and believed in our program." [/QUOTE]
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