- 10 -
the Hoyt organization answered to him.
At some point, W.J. Hoyt Sons Ranches (Ranches) (which
originally in the 1960's had been an oral partnership of Jay
Hoyt, his two brothers Ric Hoyt and Seth Hoyt, and their father)
was reformed and became the seller of the cattle to the cattle-
breeding partnerships that Jay Hoyt and the Hoyt family organized
and operated. After it was reformed, Ranches’ partners included
Betty Hoyt (Jay Hoyt’s wife), Ric Hoyt, and Steve Hoyt (another
of Jay Hoyt’s brothers). Ranches operated until about the late
1980's, as the process of its liquidation was begun around 1987
or 1988. During Ranches’ liquidation, some of Ranches’ former
operations continued to be carried out by Ranches Trust. After
Ranches was liquidated, around 1992 W.J. Hoyt Sons Ranches MLP
became the seller of more cattle to certain of the cattle-
breeding partnerships. The promissory notes many of the cattle-
breeding partnerships previously had issued to Ranches were
transferred to W.J. Hoyt Sons Ranches MLP.
In addition, during 1976, Management (a Nevada limited
partnership that is one of the eight partnerships involved in the
instant cases) was formed to manage all of the cattle
collectively owned by a group of 17 cattle-breeding partnerships
that the Hoyt family had previously organized. Jay Hoyt was
Management’s general partner, and its other limited partners
included the cattle-breeding partnerships whose cattle Management
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011