-17- conveyed certain assets and used OMCC’s ongoing business operations to conceal Bob’s and Byron’s interests in OMCC. The Government filed a second amended complaint requesting that the District Court enter a judgment against petitioner and OMCC, jointly and severally, for all of the farm loan debt. The Government claimed that petitioner was conspiring with Bob and Byron to use OMCC’s farming operations to hide assets that otherwise would have been available to the Government to offset Cook Farms’s delinquent farm loans. The Government challenged petitioner’s title to real estate that she had acquired with her distributive share of OMCC’s earnings. In addition, the Government viewed OMCC’s assets as potential sources to repay the farm loans. The settlement agreement that ended the farm loan litigation reveals that OMCC’s interests were taken into account when that action was settled. In particular, the settlement agreement stated that OMCC and the Government released each other from all civil claims related to the subject of the action and that the Government would release claims for suspension or debarment by the Agriculture Department against the defendants and OMCC. The settlement agreement also stated that the settlement payment was intended solely to buy peaceful continued business operation for petitioner and to avoid further litigation.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011