Feedlot seeks final liquidation of defunct Oregon beef packer

 

By Mateusz Perkowski, Capital Press

Oct 7, 2019

 

A Washington feedlot alleges that a receiver who’s overseeing the dissolution of a defunct Oregon beef packing company isn’t cost effective and should be terminated.

 

When Bartels Packing of Eugene, Ore., shut down in March 2018, a court-appointed receiver took over the orderly settling of the company’s finances.

 

The Maughan Feedlot of Mattawa, Wash., is now seeking an order for the receiver, Pivotal Solutions, to “show cause” why the packer’s remaining assets should not be abandoned and its cash distributed to creditors.

 

“In the present case, the continued administration of the estate seems unlikely to produce positive results for the creditors,” according to Maughan’s motion.

 

Maughan claims to be owed nearly $1.7 million by Bartels Packing and notes the receiver has had more than 18 months to liquidate the company’s assets.

 

In that time, Pivotal Solution’s administrative expenses have topped $940,000, with the costs decreasing the amount of proceeds eventually received by the Maughan Feedlot, the motion said.

 

Since February, the amount of cash, inventory and accounts receivable has dropped by more than $1 million, the feedlot said. “It appears the receivership is not cost effective in accumulating increased assets for distribution to creditors.”

 

The receivership’s “continued operations” would negatively impact the creditors and so it should be terminated to “protect a maximum distribution” of the proceeds from selling Bartels’ assets, the motion said.

 

Richard Hooper, president of Pivotal Solutions, said his company will file...

 

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https://www.capitalpress.com/state/oregon/feedlot-seeks-final-liquidation-of-defunct-oregon-beef-packer/article_15cc961a-e94d-11e9-8e88-633c4fc67359.html