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Court believes that the Hoyt organization failed to provide such
a full and proper accounting because the requisite numbers of
individual breeding cattle it purportedly sold to and managed on
behalf of these partnerships never existed. See infra note 38.
Moreover, there is evidence in the record indicating that a large
number of breeding cattle previously assigned to many of the
partnerships may have been sold off by the Hoyt organization to
meet its financial obligations.30 In addition, as indicated
earlier, the Hoyt organization had claimed that large numbers of
cattle it managed on behalf of the partnerships died as a result
of drought and disease during the 1987 through 1992 period–-a
claim the Court finds dubious.31
30Included in materials the Hoyt organization prepared for a
special meeting in early 1990 of Hoyt & Sons Ranch Properties
(another Hoyt organization entity) unit holders are statements
that the Hoyt “combined herd” was now one-third its former size
because of (1) the Hoyt organization’s repayment of loans
received from institutional lenders and (2) reductions due to the
drought from 1987 through 1988. See infra note 31.
31In his written statement submitted to the District Court
in the summons enforcement proceeding in early 1993, Jay Hoyt
stated that “In 1987, 1988 and 1989, because of drought, we were
forced to sell at beef prices, a substantial portion of our
purebred cow herd.” Similarly, a Combined Report, Analysis, And
Conclusion Of Experts, dated Feb. 19, 1994 (written by Mr. Favre
and several of the Hoyt organization’s cattle people), asserts
that, because of the drought that occurred in California, Oregon,
and other western States from 1988 through 1992, the Hoyt
organization was unable to determine and record the deaths of
thousands of cattle. This report relates that, in 1988, the Hoyt
organization decided not to sell some cows and bulls and,
instead, to use the drought as part of a natural selection
process that would eliminate cattle unable to forage well in poor
(continued...)
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