- 3 - land which they leased to Fultz Farms. Fultz Farms was involved in growing crops, such as corn and soybeans, and hog farming. The corn and grain grown on the farm also provided feed for livestock. During the years in issue, Dennis Fultz, Mr. Fultz’s brother, was president of Fultz Farms, and Mr. Fultz was vice president, secretary, and treasurer of Fultz Farms. Dennis Fultz and Mr. Fultz were also directors.3 During 1994 and 1995, Mr. Fultz owned 33 percent of Fultz Farms. 2. Minnesota Corn Processors In approximately 1982, Minnesota Corn Processors (MCP), an agricultural cooperative, was formed under the laws of the State of Minnesota, by a group of Minnesota farmers. MCP’s goal was to collectively provide a corn processing capability to its members and to realize profits for the members based upon the increased values of that processed corn. Had MCP not been created, petitioners and other farmers would have been limited to selling their corn as raw corn, and the processing profits would have been realized by others. MCP’s articles of incorporation authorized it to issue 30,000 shares of common stock at $50 per share and 100,000 shares of nonvoting preferred stock at $50 per share. The shares of such stock could be held only by producers of agricultural 3Bernard Fultz resigned as vice president of Fultz Farms in January 1992 and as a director of Fultz Farms sometime between January 1993 and January 1994.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011