FYI - Camp Cooley Genetics

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Avalon

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WAXAHACHIE, TEXAS
I just recieved this thismorning.

"To our Business Partners, Customers & Friends:

On Sunday, November 8th, 2009 Camp Cooley Ltd and its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Chapter 11 is the reorganization chapter of the Bankruptcy Code.

The filing was the result of unrelated losses by the parent company Birkel Investment Holdings in various real estate ventures where Camp Cooley Ltd and its assets were vulnerable to those lenders. Because of those unrelated business losses, the primary Camp Cooley lenders were unwilling or unable to work with Camp Cooley and me on a reasonable repayment plan of the company's loans. Therefore, I had no choice but had to file in order to protect Camp Cooley Ltd's assets. This filing protects the ranch, the cattle, the breeding program, the employees, the customers and the vendors.

I intend to reorganize and restructure Camp Cooley's finances through the bankruptcy process. Camp Cooley Ltd is not insolvent and is profitable. Chapter 11 will allow Camp Cooley to continue to do business much as usual. Vendors, customers, and employees are protected under Chapter 11, and all creditors will be paid in full as part of this bankruptcy process.

This process does not change the schedule for our sale, which will be held November 20-21, 2009. The Sale will take place, as planned. We will sell all of the cattle offered in our catalog (which is available on our website). All consignor cattle sold through this sale will be paid for by Camp Cooley immediately after the sale. We will also ask the court to allow us to ay all the outstanding previous consignment payables so that all of our customers will be paid in full by the end of the year.

Camp Cooley and I ask for your cooperation and your understanding. We will remain successful, profitable company and we fully intend to remain one of the premier beef cattle genetics and breeding companies in this country. I look forward to seeing each of you at the sale. If you have any questions in the meantime, please give me a call; if you cannot reach me, please ask for Rick Warneke."




Klaus Birkel
 
I was browsing their online catalogue the other day. I thought the WW's were pretty light on a lot of their Charolais bulls. Any thoughts?

Walt
 
Birkel has been more involved in the construction and real estate business for years than with the cattle and I'm sure this real estate market and ripped his pants bigtime. Sounds like the ranch is sound tho.
 
but it also sounds like the ranch is gonna take a big hitt as well.TB do you think the bankruptcy will affect their sale an cattle prices.
 
bigbull338":278az1ss said:
but it also sounds like the ranch is gonna take a big hitt as well.TB do you think the bankruptcy will affect their sale an cattle prices.

Not at all. The genetics are there as are the buyers.
 

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