Mills family company sees assets sold off in second auction - The Packer

Mills family company sees assets sold off in second auction

12/16/2009 12:23:03 PM
Dawn Withers

Farming equipment used to harvest lettuce and other items marketed by Mills Family Farms has been sold following the company’s closure due to real estate losses.
 
The equipment, sold in a Dec. 15 auction belonged to defunct Boss Farms, a company owned by the Mills family. Proceeds from the auction went to cover debt owed to Union Security Bank, Fresno, Calif., which had another equipment selloff in August to cover $3 million in notes. Equipment in the August auction sold for $878,000.
 
According to The Salinas Californian, 58 tractors, irrigations pipes, and more than a dozen other items were sold. Calls to Union Security Bank were not returned Dec. 15.
 
Mills Family Farms stopped operations July 2008 and is faces lawsuits from many creditors. The company got into financial trouble after investing heavily in Monterey County’s once booming real estate market by building residential subdivisions. After the housing market crashed last year, those subdivisions, including the luxury Monterey, Calif., development Monterra, entered foreclosure late last year.



Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left

Feedback Form
Leads to Insight