Beef Over DNA Drives Wagyu Cattle Company Into Bankruptcy

 

    Jury awarded verdict to creditor in cattle-related contract, fraud dispute

    Company claims assets greater than $50 million, debts under $50 million

 

Daniel Gill, Bloomberg Law

Aug. 2, 2022

 

Texas beef company HeartBrand Holdings Inc. and its subsidiary American Akaushi Association Inc. filed Chapter 11 after a creditor won a multimillion-dollar judgment against them for fraud and breach of contract.

 

The bankruptcy, filed Monday, came after Twinwood Cattle Company Inc. obtained a judgment on its claim that American Akaushi Association failed to provide “access to genetic testing data” on Twinwood’s Akaushi cattle, according to a statement filed Tuesday by HeartBrand.

 

HeartBrand filed bankruptcy because it was unable to come up with the cash bond required to prevent Twinwood from collecting on its judgment while the company appeals it, according ...

 

more, with subscription

https://news.bloomberglaw.com/bankruptcy-law/beef-over-dna-drives-wagyu-cattle-company-into-bankruptcy