Stamp Farms: No other bids received; Boersen high with $22.2 million

By Jim Witters

Wilmington, Del., Feb. 7 - Stamp Farms, LLC received no new bids at the auction for its bulk assets, leaving Boersen Farms, Inc.'s $22.5 million stalking horse bid as the successful bid, according to documents filed Feb. 7 with the U.S. Bankruptcy Court for the Western District of Michigan.

The assets include Stamp Farms' commercial grain farming business in southwestern Michigan.

Included in the sale assets are some items that may ultimately be withdrawn from the bulk sale due to:

• The inability of the debtor to obtain approval for an assumption and assignment of a farm lease and the consequent inability of the debtor to then sell the irrigation on the leased farm land to the winning bidder; and

• The inability of the debtor to obtain the necessary third-party approval to sell certain assets to the winning bidder, which would result in further adjustments to the purchase price and the allocations of the purchase price.

Stamp Farms has been preparing a second revised proposed allocation of the sale proceeds, but was unable to produce a final proposal "due to unresolved issues relating to the terms and conditions under the stalking horse APA that will impact adjustments to the purchaser price," the court filing states.

The attorneys for Stamp Farms said they hoped to have the allocation proposal finished and incorporated into a sale order before the Feb. 7 sale hearing.

The results of the sale hearing were unavailable.

Stamp Farms, a Decatur, Mich., commercial grain farming business, filed for bankruptcy on Nov. 30. Its Chapter 11 case number is 12-10410.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.