Michigan Farms Owned By Midwest AG To Be Sold At Auctions Overseen By Amicus Management
More than 780 acres of farmland in Michigan listed as assets of Midwest AG Investments LLC, a subsidiary of Vreba-Hoff Dairy, are scheduled to be sold at public auction in late September to help repay more than $9 million owed to creditors.
Online, September 7, 2011 (Newswire.com) - More than 780 acres of farmland at the southern border of Michigan that are connected with Midwest AG Investments LLC are scheduled to be sold at public auction in late September to help repay more than $9 million owed to creditors.
Daniel Yeomans, president of Amicus Management Inc. in Grand Rapids, said high crop prices have stoked demand for prime farmland, making it advantageous to hold a public auction for the four properties to achieve maximum return for creditors. Amicus Management was named court-appointed receiver for three properties in Lenawee County and one property in St. Joseph County.
"Experts have told us that Michigan farmland is going for a premium right now, " Yeomans said. "Some are estimating that farmland at this level of quality is selling for perhaps 30 percent more than it was a few years ago."
Halderman Real Estate Services in Wabash, Ind. will be holding the auction of the properties on Sept. 20. The realty company will be hosting an open house of the properties in Lenawee County on Sept. 10 and an open house of the St. Joseph property on Sept. 13. For more information, reference reference the website at http://www.halderman.com/real-estate/view-farm.php?id=87.
Yeomans said the properties in Lenawee County to be auctioned off will include 138 acres on U.S. 127 and 80 acres on Packard Road in Medina Township and 199 acres on Treat Highway in Ogden Township. A 370-acre parcel to be auctioned in St. Joseph County is to be located on Longnecker Road in Leonidas Township.
Lenawee County Circuit Judge Timothy P. Pickard signed a court order in July to have the properties sold free and clear of liens to satisfy debts to First Merchants Bank of Muncie, Ind. and other entities.
Midwest AG Investments of Wauseon, Ohio is a real-estate subsidiary of Vreba-Hoff Dairy Development LLC, which has recruited dozens of farmers from the Netherlands, Germany and other countries to begin operations in Michigan, Indiana and Ohio. Midwest Ag acted as a facilitator for the farmers on how to organize concentrated animal feeding operations that often exceeded 1,000 head of cattle each.
In a Chapter 11 reorganization filing last year, Midwest AG Investments listed $5.3 million in assets and nearly $9.8 million in liabilities.
Founded by Daniel J. Yeomans, Amicus Management is one of the largest and oldest workout and court-appointed receivership firms in Michigan. For more information on Amicus Management, please visit the company's website at http://www.amicusmanagement.com or call 616.954.2000.
For more information about this news release or to contact Yeomans, please write Matthew Gryczan at SciTech Communications LLC at mgryczan@scitechcommuncations.net or call 616.916.8158.