Grant Family Farms debts include payroll taxes - The Packer

Grant Family Farms debts include payroll taxes

01/17/2013 04:16:00 PM
Coral Beach

Bankrupt Grant Family Farms filed financial statements showing almost $10 million in debts, including a $1.2 million loan from the Small Business Administration and almost $300,000 in deferred wages to farm owner Andy Grant.

Grant filed for the Chapter 7 liquidation Dec. 28. He is the second-generation owner of the 61-year-old farm that Community Supported Agriculture officials have said is the second largest such operation in the U.S. with 4,500 members.

In financial statements, Grant reported the farm’s gross income for 2012 was $11.6 million. For 2011 and 2010 it was $10.5 million and $11.3 million, respectively.

The Colorado Department of Revenue is listed as a creditor, with a claim of $176,400 in unpaid payroll taxes. Michael Bartolementi, listed as secretary for the farm, claims “business debts” of $558,300.

Produce companies with large claims include $403,700 to S&C Organics, Fort Atkinson, Iowa; $657,000 to JR Produce Supply, Edinburg, Texas; and $113,000 to Valley Farms, Arvada, Colo.

Another Wellington, Colo., produce company, Fattoria Accaparano is owed $187,900, according to court documents. Andy Grant is president of that company.

A meeting of creditors is scheduled for Jan. 22.



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