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Any ranchers here affected by the bankruptcy of Sam Kane?

9,332 Views | 15 Replies | Last: 5 yr ago by SMM48
kdub94
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We have a substantial amount of money tied up because our feedlot (the one where we send our calves to be fed out) has not received payment for the cattle sent to be processed. Wondering if anyone else is caught up in this mess.
AgySkeet06
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I saw on the news last week that JDH Capital won the bankruptcy auction bid so there is a future for the processing facility which many operations along the Gulf Coast and South Texas rely on.

I havent seen the details of what that means to those who where owed money.
AgySkeet06
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Here was a good article i saw on FB a while back that listed the significant debts...
http://www.southernlivestock.com/articles/industry_news/sam_kane_beef_files_for_bankruptcy-13383-sls?fbclid=IwAR0pDUPUseTFtEPWi4wvaFGmqjn-_UKkQ8gPmmtkEE0mebhCl6gGE8MRREQ

Quote:

Marquette Commercial Finance, Minneapolis $47.6 million
Luckey Custom Feedlot, Devine $5.8 million
Carrizo Feeders, Carrizo Springs $4.17 million
Texana Feeders, Floresville $3.37 million
Runnells Peters Feedyards, Quemado $3.1 million
Morales Feedlot, Devine $2.7 million
Bar G Feedyard, Hereford $1.92 million
Lubbock Feeders, Wichita, Kansas $1.88 million
Amigo's Beef Cattle, Corpus Christi $1.83 million
MGM Cattle, Kingsbury $1.79 million
City of Corpus Christi $1.15 million
Graham Land & Cattle, Gonzales $1.11 million
Starr Feedyard, Rio Grande City $1.11 million
Santa Fe Feeders, Encino $1 million
Cal-Tex Feed Yard, Trent $928,933.03
Immel Feed Yard, Fredricksburg $887,885.22
McDonald Bar 6, Mathis $791,205.33
J.B. Hunt Transport Inc., Dallas $725,740.98
Live Oak Feedyard, Batesville $709,860.42
Gateway Cattle Co., Knippa $660,853.09
Source: U.S. Bankruptcy Court, Southern District of Texas



Blanco Jimenez
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AgySkeet06 said:

Here was a good article i saw on FB a while back that listed the significant debts...
http://www.southernlivestock.com/articles/industry_news/sam_kane_beef_files_for_bankruptcy-13383-sls?fbclid=IwAR0pDUPUseTFtEPWi4wvaFGmqjn-_UKkQ8gPmmtkEE0mebhCl6gGE8MRREQ

Quote:

Marquette Commercial Finance, Minneapolis $47.6 million
Luckey Custom Feedlot, Devine $5.8 million
Carrizo Feeders, Carrizo Springs $4.17 million
Texana Feeders, Floresville $3.37 million
Runnells Peters Feedyards, Quemado $3.1 million
Morales Feedlot, Devine $2.7 million
Bar G Feedyard, Hereford $1.92 million
Lubbock Feeders, Wichita, Kansas $1.88 million
Amigo's Beef Cattle, Corpus Christi $1.83 million
MGM Cattle, Kingsbury $1.79 million
City of Corpus Christi $1.15 million
Graham Land & Cattle, Gonzales $1.11 million
Starr Feedyard, Rio Grande City $1.11 million
Santa Fe Feeders, Encino $1 million
Cal-Tex Feed Yard, Trent $928,933.03
Immel Feed Yard, Fredricksburg $887,885.22
McDonald Bar 6, Mathis $791,205.33
J.B. Hunt Transport Inc., Dallas $725,740.98
Live Oak Feedyard, Batesville $709,860.42
Gateway Cattle Co., Knippa $660,853.09
Source: U.S. Bankruptcy Court, Southern District of Texas




I know a couple of names on that list. I'm hoping they get something back.
LEJ
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Brings back memories of warm, moist gulf breezes and the delightful mixed aroma of bird sht, blood and offal.

cavjock88
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Didn't see the King Ranch Feedyard on the list. Not hard to figure why.
jtp01
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Some good people on that list. Hoping they can get a portion of what they are owed.
nonameag99
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cavjock88 said:

Didn't see the King Ranch Feedyard on the list. Not hard to figure why.
why is that for us uninformed?
The Aggie number specified has already been linked with another TexAgs account.
Emotional Support Cobra
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Probably got paid first because they don't not get paid.
SWCBonfire
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jtp01 said:

Some good people on that list. Hoping they can get a portion of what they are owed.


Yeah... Ouch.
LEJ
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https://www.drovers.com/article/stx-beef-opens-south-texas?fbclid=IwAR0BoWPNCqPIJpD83UA2PJW4ys7IOGvuQ8RkTtYqTjpwUcjoXdwmh4uiAHs
aggiepaintrain
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#1 probably has the most security
Centerpole90
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Slightly off topic, since all of this was since his passing... but for those who haven't read it - the story of the Kane's is worth a few minutes...

in case you ever think you're having a bad day.

Quote:

In 1939, Adolf Hitler rolled his armies into Poland, and it wasn't long until they took over Czechoslovakia, segregating the Jews. Mr. Kane joined the Slovakian army in 1942 along with his brother, Bernard, and was placed in a segregated unit of 1,000 Jews. He deserted a few months before his two-year enlistment ended, escaping to Hungary for three months and making a living selling porcelain and glass items.

When the Germans invaded Hungary, Mr. Kane returned to Czechoslovakia and sent a message to his brother to join him. Bernard deserted in July 1944 and the brothers joined the Czech resistance, disrupting German army communications and logistics. Surviving was not easy. Hungry, desperate, down to 98 pounds, Mr. Kane once ate a cowhide he found under the snow.

In April 1945, he and his brother were among 57 partisans who descended into a valley, driven partly by hunger, and ran into the German lines. Six survived, including the two brothers.

Not long after, the brothers discovered their family had been killed in concentration camps. Only Sam Kane's wife, Aranka, and her sister, Irene, had survived Auschwitz.


https://www.dallasnews.com/obituaries/obituaries/2010/01/06/Sam-Kane-who-founded-meatpacking-6201
Mas89
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Not sure but did the Kane family still own the business when it went under?
PrimeSATX
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No they sold it several years ago
Viper41028
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Let me know if any producers that lost money with the Kane bankruptcy want to join in a class action lawsuit against the the feedyards that were selling cattle to Kane in violation of the P&S act. scotthall444@man.com
SMM48
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No. Kane family sold it long ago. By long ago I mean 5-10 years ago. Don't quote me in that. But it was a while back. New owners left the name on. Recently changed it to stx or something to that effect.

I hated seeing the Kane name still on the business. 10-10 don't know they sold it years ago.
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