River City Ranches #4 - Page 98

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               the rancher, as a purchaser of registered sheep be more                
               interested in how the animal was characterized in the                  
               previous transaction's Schedule A, or would the rancher                
               want to see the registration certificate for the animal                
               being purchased?  The answer is obvious, the only real                 
               paper of worth in the industry is the registration                     
               certificate.  How accurately the animal is                             
               characterized in a Schedule A is not nearly as                         
               important as whether there is a registration                           
               certificate for that animal.  The petitioners have                     
               studied the data base in detail and will show the Court                
               * * *  there were easily enough sheep for these                        
               partnerships to purchase.                                              
                    The Petitioners again note that there is no reason                
               to respond to the analysis of obvious errors in the                    
               Schedules A's, and will not take up valuable time and                  
               space doing so                                                         
          B.  Bills of Sale                                                           
               As indicated in the Court's findings of fact, certain bills            
          of sale are the only transactional documentation in evidence                
          identifying and listing the individual breeding sheep that eight            
          of the nine sheep partnerships, including RCR #4 and RCR #6, each           
          purportedly acquired pursuant to a sheep sale agreement with                
          Barnes Ranches.  No similar bill of sale or other documentary               
          evidence for OGT 90 was offered.                                            
               Petitioners additionally offered extensive testimony from              
          Mr. Barnes and Mr. Hoyt concerning (1) their negotiations as to             
          (a) the specific breeding sheep that Barnes Ranches allegedly               
          sold to each partnership and (b) each partnership's stated                  
          purchase price for those sheep; and (2) the preparation and                 
          issuance by Barnes Ranches to a partnership of the bill of sale             
          listing that partnership's specific breeding sheep.  Mr. Barnes             

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Last modified: May 25, 2011