By Lynda Waddington – Iowa Independent
A potential buyer has made a pitch for Agriprocessors, the beleaguered kosher meatpacking plant in Postville, but stipulations associated with the sale make the deal seem unlikely.
Quantum Partners Inc., a Florida-based equity investments company, has made an offer that would include payoff of the $35 million Agriprocessors owes to First Bank Business Capital. The offer was detailed in a Dec. 11 letter to the court by Quantum principal Marxx Theresias. The deal stipulated the Chapter 11 bankruptcy, filed by Agriprocessors’ current owners in early November, staying in New York courts, as well as the Rubashkin family retaining part ownership.
It was reported last week the New York judge hearing the bankruptcy case has granted a change of venue. The case will now be heard in the Northern District of Iowa — along with the multitude of criminal cases that have been filed in conjunction with the May 12 immigration raid at the plant.
Quantum has not made formal comment as to the extent the change of venue will affect its offer, but Theresias did tell the Cedar Rapids Gazette that he is aware the various situations surrounding Agriprocessors could turn into “a media nightmare.” Joseph Sarachek, bankruptcy trustee, while not dropping names, but has stated that other investors are interested in Agriprocessors. Sarachek, according to The Des Moines Register, called Quantum’s offerings “a half-baked proposal.”
WHO-TV in Des Moines is reporting that state officials have said they do not want to see the Rubashkin family retain any ownership interest in the company. If true, the statement might partially explain the reason federal authorities have modified the criminal complaint against the plant and members of the mangement team to include property, trademarks and the corporate name. The trademarks would include such well-known brands as Iowa Best Beef, Shor Habor, Aaron’s Best and Rubashkin.
Not only will the parties face the penalties originally outlined in a Nov. 21 indictment, but they may have to forfeit a host of items that have been defined as proceeds of criminal activity, such as believed offenses of harboring undocumented aliens for profit and conspiracy to harbor undocumented aliens for profit. In addition, the modified complaint also seeks the forfeiture of all property used to facilitate the alleged offenses.
on this yom tov of chof kislev may Hashem grant him an immediate release from jail and from all charges against him and his family. when one yid is in trouble we are all in trouble. this case has been dealt with in a completely unprecendented and anti-semitic manner from day 1
The government has applied a law, usually reserved for illegal activity such as drug dealing, money laundering, or prostitution, and has, for the first time, applied it to a legal business, meat packing, and claimed that since they hired illegal aliens the entire proiceeds of the business are now ill gotten gains. 1) The law was never applied in this manner. 2) Agriprocessors has not yet stood trial and there has been no formal determination that they in fact knowingly hired illegal aliens and such as a seizure is way premature prior to such a determination. The government’s own complaint… Read more »
The prosecutor and the goverment want to “bury” the Rubashkins and not allow them to havce anything with doing business ever again
you can tell from all of the legal menuvers that whom ever is behind it is motivated by more then just justice and the law!! it is time to start investigating the investigators