Glasgow Daily Times, Glasgow, KY

Local News

February 9, 2011

Morning update: Efforts continue to reimburse livestock suppliers

GLASGOW — Efforts to compensate for losses from the bounced checks and bankruptcy litigation of Eastern Livestock, Inc., are continuing. This time, hopefully with the help of new legislation in the Kentucky legislature.

The Kentucky Senate Agriculture Committee is scheduled to vote Thursday on proposals written by committee chairman David Givens, R-Greensburg, and others trying to help farmers get back the money they lost in the Eastern Livestock fallout that cost ranchers as much as $130 million. Part of the money was lost locally, at Edmonton Cattle Co., LLC., which was owned by Eastern.

Givens said the proposals also put into play other market players in the livestock industry, including buying stations like the Edmonton market and market groups. He also got input from farmers and livestock markets before the bill was drafted.

Eastern Livestock, formerly of Louisville but now based in New Albany, Ind., has operations in 11 states across the Mid-South, Midwest and West, including Kentucky. GIPSA estimates that Eastern Livestock owes money to more than 750 sellers in Kentucky and 29 other states.

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