- 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
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