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Illinois Family Farms Bankruptcy Update….
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Killam
Posted 12/23/2011 09:23 (#2120287)
Subject: Illinois Family Farms Bankruptcy Update….



Carlinville

 

Illinois Family Farms Update….

As most of you know, In October Tricky Ricky filed chapter 11 on his leasing company. Then in November he filed chapter 11 with the main company. Here is a link to all of the court documents to date for both cases.

 http://dl.dropbox.com/u/54219650/ILLFF/ILLFF%20Bankrupcy.zip

I will try to keep this link updated anytime there are any documents worth updating. The best ones as of now are in the ILLFF folder Item #’s 29 &30. There are lots of claims against all kinds of companies on Delhi road. This is the same road as Agrisolutions & Family Farms. It looks like it costs a lot to be a member of a family farms team. Item #27 is the bank requesting to foreclose on all real estate that was pledged as collateral for this company. (Only 10 acres of it was Ricky’s) The sad thing is that is father passed away in 2009 and he has lost everything his dad work his entire life for in just three years.

The records show 1.7 million in assets (of that 800k in unknown A/R) and over 31 million liabilities.

Is it even possible to lose that much in three years? There are many questions I have on the numbers that he is showing on these documents. He could have gone to Vegas and blew 30k every day for the last three years and not lost that much. Maybe Carlinville National Bank would have loaned him money for that also if it had been on his business plan……

 

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