Beef company involved in Ponzi scheme sells

Link and Wood had raised $191 million from more than 2,100 investors in at least 15 states by offering and selling investments related to the supposed purchase and sale of cattle. The Securities and Exchange Commission (SEC) alleged Link and Wood used at least $58 million of new investor funds to make Ponzi payments to prior investors and more than $11 million to pay undisclosed sales commissions to Wood, Link, Link’s wife, and other Agridime sales representatives.

An update in late February reported that Agridime owned approximately 6,500 head of cattle. Court-appointed receiver Steve Fahey also noted that the company’s inventory of meat was the company’s single most valuable asset at approximately $15-20 million.

Wholesale meat sales continued strong after the SEC’s actions, and retail meat sales were restarted on the American Grazed Beef website. The first mention of a sale came in early July, but it was confirmed this week in an update on the Agridime website.

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The assets selling include the remaining frozen meat supply, the company's equipment, and nine parcels of land in Kansas and Illinois. The final purchase price will be set at closing but is currently estimated to be $15.7 million.

According to an update on the Agridime website, Bice intends to continue operating American Grazed Beef and has also agreed to pay 20% of any future profits to the receivership for a period of five years to benefit the investor victims.

Objections to the sale can be made until October 2, 2024. A hearing will take place on Oct. 7 to consider approving the sale. If the sale is approved, it is anticipated the transaction will close shortly afterwards.