- 4 -
Mr. Mitchell was raised on a farm in Dallas
County, Texas, close to Lancaster, Texas, where his
family grew wheat, cotton, corn and alfalfa, which is a
hay crop similar to Coastal Bermuda, and raised dairy
and beef cattle. The Mitchells live on 113.205 acres
of land in Boerne, Texas, which they purchased in 1986
to begin farming operations. Although Mr. Mitchell had
not been an active farmer for 35 years, he believes he
has and can make a profit at farming operations.
Mr. Mitchell planted Coastal Bermuda in 1990 on 97
acres and expects to generate from this crop cash flow
of $17,640.00 a month during April to September and a
profit of $52,380.00 a year, although a profit was not
made in 1990. A market exists for Coastal Bermuda for
horses and cattle in the hill country area which has
been enhanced by the race tracks now in operation in
Frederickburg, twenty-two miles from the Mitchells’
home and in Bandera, fifteen miles from the Mitchells.
The Mitchells plan to plant oats or wheat over the
Coastal Bermuda in winter and graze the cattle on the
oats rather than buying feed, thus saving $10,000.00 a
year in fee [sic] bills. The Mitchells are attempting
to obtain a FMHA loan to purchase 100 head of cattle
and operating expenses for hay/Coastal Bermuda
production, including drilling a well and installing an
irrigation system for the Coastal Bermuda acreage.
Mr. Mitchell expects to make a yearly profit of
$16,400.00 from the cattle. If the [sic] the loan is
not obtained, Mr. Mitchell believes he will still be
able to meet the expenses, buy the cattle and make the
projected profit.
As of the date of the statement, however, no farming operation
had commenced. On schedules filed in the bankruptcy proceeding,
petitioners stated that they owned no farm animals, farm
supplies, or farm equipment. Operating statements filed with the
bankruptcy court showed no cash receipts or cash disbursements
for any farming activity. The bankruptcy proceeding was closed
by final decree filed July 13, 1992.
Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011