April appears to be a big month for bankruptcy cases involving Tom and Mari Grabanski, a Grafton, N.D., farm couple who farmed in Texas and Colorado under various names and entities. There are three separate, Chapter 11 bankruptcies, some involving strong charges of improprieties regarding the Grabanski handling of funds and commodities Each of the main cases has its own schedule. The related adversary actions are separate suits, but have their own schedules.
CASE I (NO. 10-30902 ) –Thomas and Mari Grabanksi and Mari Grabanski, individually, aka MTM Farms, a partnerships, and G&K Farms, a partnership. Grabanski has proposed a stipulation agreement, to sell some Walsh County land in an attempt to satisfy loans and guarantees of $5.2 million. The Grabanski families propose that some land that had been in the Grabanski family for 100 years will be transferred to Merlyn and Dolores Grabanski “save for AgCountry’s first priority mortgage and Choice Financial’s second priority morgate interest,” and that Merlyn and Dolores would exchange their ownership in other land. The John and Dawn Keeley, partners with the Grabanskis in some of their farming, have objected, saying there’s no evidence the traded land has equal value.
In a Feb. 2 proposal, Merlyn and Dolores Grabanski said they’ve made a deal with AgCountry Farm Credit Services to have Steve Eckman of Grafton, sell auction some of their mortgaged land to satisfy debt, in order to keep some land that has been in the family for 100 years. The Keeleys have objected, arguing there is no verification that the land being traded is of equal value. That’s the issue for the hearing, set Feb. 9, 10 a.m., in Fargo.
More details on hearing schedules in the Feb. 14 issue of Agweek.