Deborah L. Petersen, Trustee in the bankruptcy case for G & R Feed and Grain Co., Inc., in Portsmouth, reports that since the business filed Chapter 7 bankruptcy on January 1st, 2013, she has taken action to collect all funds on deposit, collect all accounts receivable, sell all assets and collect grain proceeds. Petersen says for the most part, that has been completed, but she is still seeking recovery of several post-petition transfers and will be analyzing several possible preferential transfers.

Petersen has entered into a settlement agreement with Cargill that was also approved by the Court. To make a payment now to creditors, she has filed an Interim Report with the Court. The report proposes a payout of 60% of all allowed claims as reported to the Court or compromised. Absent objections or other delays, Petersen anticipates approval of the Report in mid February.

Once approved by the Court, checks could be mailed by late February, 2014 for the initial distribution. After that process, there will be tax returns and reports to file, fee applications to be approved and paid and other detail work to conclude the case before a final distribution will be made. The timing and amount of any further distribution is unknown at this time.

There will be several fee applications for professionals to be made, tax returns to file and other reports to made before the case will be concluded. Petersen has a recorded message that will be updated regularly. You can hear this message at 712-328-8808, option 8. If you have legal questions, Petersen advises that you should contact an attorney of your choice.