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Court can also see no good reason or justification for the Hoyt
organization’s preparing these annual herd recap sheets and other
cattle records in this highly deficient manner–-if each cattle-
breeding partnership, as petitioners maintain, indeed “owned”
anywhere near the number of specific breeding cattle stated in
its “bill of sale”.24 Indeed, the Court finds that the herd
recap sheets and other records were prepared in this manner
because the requisite numbers of specific breeding cattle did not
exist and could not, in fact, be assigned to each partnership.25
C. The Court’s Evaluation of the Cattle Counts Conducted by
Mr. Daily and Mr. Favre
Mr. Daily and Mr. Favre counted the cattle over essentially
the same time period from fall 1992 through spring 1993.26
24As discussed previously, the record does not contain any
of the alleged bills of sale for years after 1987 that Jay Hoyt
claimed were issued by the Hoyt organization to cattle-breeding
partnerships.
25The record contains a handwritten note of Jay Hoyt to one
of the Hoyt organization’s cattle managers. This note states, in
pertinent part:
The cattle numbers we used in the loan application are
the numbers in the computer and balance to the books.
They are the numbers. Any difference between them and
yours are assigned to location ‘Ric’. It’s his job to
get them accounted for. Not yours or mine. This is to
be ‘fixed’ with the equity in his place. Don’t say
they don’t exist, say they are not in the herd I’m
responsible for. Ric has failed to account for almost
2,000 head. Might explain why he acts so nervous-
spooky.
26See supra note 16, describing how they wound up
(continued...)
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