Stamp Farms trustee seeks OK of settlement with Michael Stamp estate

By Jim Witters

Wilmington, Del., July 3 - The Chapter 7 trustee for Stamp Farms, LLC is seeking approval of an agreement with the bankruptcy estate of Michael D. Stamp to settle a dispute over the allocation of proceeds from the sale of assets held by the two estates, according to a July 3 filing with the U.S. Bankruptcy Court for the Western District of Michigan.

As previously reported, Stamp Farms received court approval in February for the $22.5 million sale of its assets to Boersen Farms, Inc.

Stamp Farms asserted that it was to receive 15.3% of the gross sale proceeds - excluding the buyer's premium - from properties on which Stamp Farms equipment was located. That amount would have been $2.5 million.

The Michael Stamp estate said it agreed to reserve the 15.3% and to determine the amount due Stamp Farms at a later date.

Trustee Kelly M. Hagan said a transcript from the sale hearing appears to support the Michael Stamp version of events.

Hagan has agreed to accept $1.2 million from the Michael Stamp estate.

No hearing has been scheduled to consider the settlement.

Stamp Farms, a Decatur, Mich., commercial grain farming business, filed for bankruptcy on Nov. 30, 2012. Its Chapter 11 case number is 12-10410.

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