There is actually 3 different things in play here that everyone is confusing. The sale of the salvage inventory, the sale of the real estate that it was on and the bankruptcy filing. There was a court trial and a number of appeals concerning the payment for the goodwill clause given by the Phillips and a non compete clause in the contract.. Those court filings show that the inventory was paid for at the time of closing of the deal. It doesn't say where that money came from but that was not ever in dispute. Also at the time of the closing, the buyer paid $350,000 cash for the land the inventory was on. There is no dispute of this either. The deal DID NOT include the tractors the Phillips had at the time of the sale in 1998. These facts are in the court records from the trial. The trial was over the fact the buyer felt the Phillips didn't honor the goodwill clause and the non compete clause and therefore he did not feel he owed those payments resulting in the lawsuit by the Phillips. After the trials and appeals the buyer sold the business to Bridgeport Tractor Parts and they then filed bankruptcy. It appeared to the court that it was a manuever to streach the payments out over 20 years and they denied the bankruptcy. When the buyer sold to Bridgeport Tractor Parts, the Phillips claimed a clause in the contract that said if he sold the real estate, the balance of the contract was due. This would have been the balance of the goodwill and non compete clauses plus any interest. Thats where the court documents stop (in 2004). The lawsuit may have been settled for the amount due or what ever they decided. But the court documents definetly say the inventory and land was paid for but not the good will and non compete clause. The tractors were never part of the deal, in fact the court documents mention the fact that the Phillips retained the collection and intended to retore and sell them. Bridgewater Tractor Parts owned the inventory and land it is on. The Phillips owned the tractors and parts collected after 1998 and the land they are on. The bankruptcy didn't include any of the tractors. This is all according to the court documents on record up to 2004. You have to read the court documents before the bankrutcy filing to get the whole picture of what happened. The court documents are 37 pages long by the way. Whatever took place since 2004, I don't know, but it appears the tractor sale should not be in dispute. Now the lawsuits over the auction listing will be an other issue for sure.
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Today's Featured Article - A Belt Pulley? Really Doing Something? - by Chris Pratt. Belt Pulleys! Most of us conjure up a picture of a massive thresher with a wide belt lazily arching to a tractor 35 feet away throwing a cloud of dust, straw and grain, and while nostalgic, not too practical a method of using our tractors. While this may have been the bread and butter of the belt work in the past (since this is what made the money on many farms), the smaller tasks may have been and still can be its real claim to fame. The thresher would bring in the harvest (and income) once a y
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