By Glory Ann Kurtz and Steve Warren
Oct. 3, 2010
According to the latest legal documents filed as of Sept. 30, the Fellowship of Christian Upreach Services, Inc. (FOCUS), an Oklahoma non-for-profit corporation, remains the high bidder for over 200 horses and ranch equipment from Babcock Quarter Horses, Inc.
Christopher J. Moser, the Chapter 11 Trustee of Babcock Quarter Horses, Inc., filed a motion authorizing the sale of certain assets free and clear of liens, claims and encumbrances and other assets subject to liens, claims and encumbrances, if no higher bids are received. The bankruptcy court finalized the sale immediately in an order granting the expedited motion of the trustee, because over 200 horses were living on the Gainesville Valley View Ranches, formerly owned by Jim Babcock. The expedited motion to sell by the trustee stated that the horses needed immediate care, medical attention and feeding; therefore the trustee requested authorization to sell the horses and equipment for $325,000.
On July 13, 2009 Babcock Quarter Horses, Inc., filed Chapter 11 bankruptcy in the Eastern District of Texas and on Aug. 3, 2009 Jim Babcock filed an individual Chapter 11 case. Babcock is represented by Bill Payne, a Paris, Texas, lawyer. On Aug. 4, 2010, the U.S. Trustee moved to convert the Chapter 11 bankruptcy (which protected Babcock from creditors) to a Chapter 7.
FOCUS, headquartered in Oklahoma City, Okla., the lone bidder on Sept. 23, and according to legal documents, "probably" the new owner of the Valley View Ranch, offered to purchase the horses for $225,000, but refused to purchase the horses without purchasing the equipment on the two ranches. Therefore, the Trustee and FOCUS reached an agreement whereby FOCUS would pay $100,000 for the equipment, subject to any liens. FOCUS would pay a 20 percent deposit of $65,000 and would receive its deposit back should there be another winning bidder at the Sept. 30 hearing.
The estate also possesses frozen semen and while the stallions (Captain Nice, Trashadeous, Cowboy Smarts, Lucky Little Lena, 25% ownership in Leitachic – but not including Smart Chic Olena) will ultimately be transferred to FOCUS or the winning bidder, such winning bidder will have to wait for the ultimate delivery of the title on these stallions until the Trustee has disposed of the semen or otherwise made arrangements thereto. Currently the frozen semen and embryos are not part of this sale.
The principal of FOCUS is James Bond, who has known Jim Babcock for years. Over the last six years, he has engaged in several transactions with Babcock, but states he has never been a partner of Babcock in any dealings. A search on the Internet found no company by the name of "Fellowship" of Christian Upreach Services, Inc.; however, a company called "Foundation" of Christian Upreach Services, Inc., was found, with James Bond as the contact.
According to http://www.guidestar.org, the last time that the non-profit "Foundation" of Christian Upreach Services Inc., filed a tax return was in 2003 for their fiscal year 10/1/2002 through 9/30/2003. According to their mission statement, they provide "education for prison inmates." Board members include Bond and Mary Carider. During that fiscal year, they said, "Numerous current and former prison inmates served through teaching programs and assistance to integrate back into society post incarceration."
Some of the mares and their offspring were taken out of the sale, due to the fact that the mares were leased by Babcock and not owned by him. The Babcock Quarter Horses Inc trustee agreed, rejected the mare leases and abandoned interest in the mares.
To date, no legal documents have been filed regarding if another entity made a higher bid.
Click below to see the Original Bid By Focus and Check out the list of assets you can buy for $100,000.00
http://www.allaboutcutting.com/images/g ... US-bid.pdf
Oct. 3, 2010
According to the latest legal documents filed as of Sept. 30, the Fellowship of Christian Upreach Services, Inc. (FOCUS), an Oklahoma non-for-profit corporation, remains the high bidder for over 200 horses and ranch equipment from Babcock Quarter Horses, Inc.
Christopher J. Moser, the Chapter 11 Trustee of Babcock Quarter Horses, Inc., filed a motion authorizing the sale of certain assets free and clear of liens, claims and encumbrances and other assets subject to liens, claims and encumbrances, if no higher bids are received. The bankruptcy court finalized the sale immediately in an order granting the expedited motion of the trustee, because over 200 horses were living on the Gainesville Valley View Ranches, formerly owned by Jim Babcock. The expedited motion to sell by the trustee stated that the horses needed immediate care, medical attention and feeding; therefore the trustee requested authorization to sell the horses and equipment for $325,000.
On July 13, 2009 Babcock Quarter Horses, Inc., filed Chapter 11 bankruptcy in the Eastern District of Texas and on Aug. 3, 2009 Jim Babcock filed an individual Chapter 11 case. Babcock is represented by Bill Payne, a Paris, Texas, lawyer. On Aug. 4, 2010, the U.S. Trustee moved to convert the Chapter 11 bankruptcy (which protected Babcock from creditors) to a Chapter 7.
FOCUS, headquartered in Oklahoma City, Okla., the lone bidder on Sept. 23, and according to legal documents, "probably" the new owner of the Valley View Ranch, offered to purchase the horses for $225,000, but refused to purchase the horses without purchasing the equipment on the two ranches. Therefore, the Trustee and FOCUS reached an agreement whereby FOCUS would pay $100,000 for the equipment, subject to any liens. FOCUS would pay a 20 percent deposit of $65,000 and would receive its deposit back should there be another winning bidder at the Sept. 30 hearing.
The estate also possesses frozen semen and while the stallions (Captain Nice, Trashadeous, Cowboy Smarts, Lucky Little Lena, 25% ownership in Leitachic – but not including Smart Chic Olena) will ultimately be transferred to FOCUS or the winning bidder, such winning bidder will have to wait for the ultimate delivery of the title on these stallions until the Trustee has disposed of the semen or otherwise made arrangements thereto. Currently the frozen semen and embryos are not part of this sale.
The principal of FOCUS is James Bond, who has known Jim Babcock for years. Over the last six years, he has engaged in several transactions with Babcock, but states he has never been a partner of Babcock in any dealings. A search on the Internet found no company by the name of "Fellowship" of Christian Upreach Services, Inc.; however, a company called "Foundation" of Christian Upreach Services, Inc., was found, with James Bond as the contact.
According to http://www.guidestar.org, the last time that the non-profit "Foundation" of Christian Upreach Services Inc., filed a tax return was in 2003 for their fiscal year 10/1/2002 through 9/30/2003. According to their mission statement, they provide "education for prison inmates." Board members include Bond and Mary Carider. During that fiscal year, they said, "Numerous current and former prison inmates served through teaching programs and assistance to integrate back into society post incarceration."
Some of the mares and their offspring were taken out of the sale, due to the fact that the mares were leased by Babcock and not owned by him. The Babcock Quarter Horses Inc trustee agreed, rejected the mare leases and abandoned interest in the mares.
To date, no legal documents have been filed regarding if another entity made a higher bid.
Click below to see the Original Bid By Focus and Check out the list of assets you can buy for $100,000.00
http://www.allaboutcutting.com/images/g ... US-bid.pdf
