Foster Swift Attorney Discusses Creditors' Rights In Stamp Farms Case
When a large farming operation seeks bankruptcy protection, the effects can be far-reaching. A bankruptcy filing can leave creditors – including lenders, suppliers, and farmland lessors – in limbo for months while a plan of reorganization is negotiated or while assets are liquidated.
Such uncertainty resulted when Decatur-based Stamp Farms filed for Chapter 11 bankruptcy protection on November 30, 2012. Stamp Farms leases over 27,000 acres of land from southwest Michigan farmers, and its bankruptcy filing left landowners questioning the future of those leases and the important income stream they generate.
To address those concerns, Foster Swift attorney Laura Genovich spoke to about 50 farmers on December 21, 2012, at an informational session in Van Buren County hosted by the Michigan Farm Bureau. Laura, an experienced bankruptcy attorney and trustee, explained general bankruptcy law concepts and spoke in detail about how farmland leases are treated in Chapter 11 bankruptcy cases. She also provided an update about the current status of the Stamp Farms bankruptcy case and gave farmers pointers as to when they might need legal representation in connection with the bankruptcy.
The Kalamazoo Gazette covered Laura’s presentation
Farmers with questions about the Stamp Farms bankruptcy or other bankruptcy law issues can contact Laura Genovich