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The failure of that syndication
effort led our family to a Chapter 11 bankruptcy and reorganization.
We needed to find a way to repay 100 percent to all creditors,
with interest, as well as pay all state and local taxes without
adversely impacting the viability of the farm.
In short, the reorganization requires us to sell parcels of the
farm to repay the debts and we need to do so without destroying the
farm. Leon Haller was
appointed trustee to oversee the selling of portions of the property
to implement the reorganization plan, at which time the bankruptcy
proceeding was closed.
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Copyright © 2004-2006 Lauxmont Farms Inc. All rights reserved
