- 53 - 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...)Page: Previous 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 Next
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