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True Ranches operated on 350,000 acres of owned and leased
land in Wyoming. It is a vertically integrated cattle operation,
running herds of cows and their offspring from conception through
finishing ready for slaughter. True Ranches also operated
feedlots and farmed to produce feed for its own cattle, including
grass hay, alfalfa hay, and corn.
True Ranches maintained a year-round breeding herd on eight
operational units and cross-bred three breeds of cattle, Angus,
Charolais, and Hereford. The weaned, heavier steer calves went
into one of the feedlots for finishing, while the lighter steers
were wintered on hay and energy feeds and were subsequently sent
to feedlots at heavier weights. When finished cattle were ready
for slaughter, True Ranches would sell them to the packers
directly, without using auctions or third parties. Besides
finishing all its own raised cattle, True Ranches also purchased
outside cattle to maximize the use of its feedlot capacity.
7. White Stallion Ranch, Inc.
White Stallion Ranch, Inc. (White Stallion), an Arizona S
corporation, was formed in 1965 to operate a dude ranch.
Initially, the stock was owned by Dave True (47.5 percent) and
Jean True (2.5 percent), and by Dave True’s brother, Allen True
(25 percent), and his wife, Cynthia True (25 percent).
The shareholders contracted to restrict the transfer of
White Stallion stock outside the families of Allen True
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