The sale of a once huge farming operation in Decatur should soon become official. Stamp Farms filed for bankruptcy in November, a bid of $22.8-million by Boersen Farms Incorporated of Zeeland is being award the purchase. On Friday a federal bankruptcy court in Grand Rapids approved the sale. Michael McElwee, the lawyer representing Stamp Farms says the nearly $23-million received from the sale will cover specific creditors.
Wells Fargo Bank is the largest secured creditor in the case, with a claim of $60-million. Before bankruptcy Stamp Farms held roughly 27,000 tillable acres in Berrien, Cass and Van Buren counties.
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Wells Fargo Bank is the largest secured creditor in the case, with a claim of $60-million. Before bankruptcy Stamp Farms held roughly 27,000 tillable acres in Berrien, Cass and Van Buren counties.
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