In another sign that the bad guys are winning in South Dakota, the bankruptcy auction of the Veblen West Dairy in northeastern South Dakota has been delayed again. Last week Friday, bankruptcy trustee Forrest C. Allred moved and Judge Charles C. Nail agreed to postpone the auction until November 18. Allred moved on behalf of the contending parties, the Veblen West equity owners and financier AgStar, which apparently "have requested and agreed to further time to discuss possible settlement of the matters in question, and consent to this motion" (says Document 461 in the Veblen West bankruptcy case, Allred's motion filed 2010.10.29).
So the main force behind Veblen West, Richard Millner, may be pulling out a victory after all, cobbling together just enough investors and financial tricks to keep the dairy and thousands of head of cattle in his hands. But that also means there's time for anyother investors interested in acquiring a giant feedlot and a few thousand head of cattle at rock-bottom prices still have a chance to make AgStar and the court an offer.
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