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 ...
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