Texas/New Mexico Stateline | Jim - 12/17/2010 09:33
What started this? I am not at all familiar with Eastern nor how they operate. These things don't happen overnight... Jim at Dawn
Buy thousands of cattle every month from auctions, video and otherwise, and from the country. Mark up the price, or mark it down to make a sale. Mix a few loads up to try to get more for them. Lease yards and pasture. In the meantime come up a little ($millions) short from time to time. Fabricate about $10 million in sales to borrow more money. Banker can't find the cattle if he wanted to. After a few years of this you have $130 million borrowed, and nothing for collateral. Banker finally finds out you have lied to him to the tune of $2.5 billion over the past few years and "everything" hits the fan. |
Eastern cattle co.
