Critical Point Advisors, LLC v. Gray Land & Farming, LLC

CourtUnited States Bankruptcy Court, E.D. Washington
DecidedNovember 10, 2022
Docket22-80021
StatusUnknown

This text of Critical Point Advisors, LLC v. Gray Land & Farming, LLC (Critical Point Advisors, LLC v. Gray Land & Farming, LLC) is published on Counsel Stack Legal Research, covering United States Bankruptcy Court, E.D. Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Critical Point Advisors, LLC v. Gray Land & Farming, LLC, (Wash. 2022).

Opinion

November 10th, 2022 1 | ewe Qe vs Frederick P. Corbit Bankruptcy Judge

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WASHINGTON

In re: GRAY LAND & LIVESTOCK, LLC, | Main Case No. 19-00467-FPC11 Debtors.

CRITICAL POINT ADVISORS, LLC, | Adversary Case No. 22-80021 a Washington Limited Liability Company, Plaintiff, v. COLUMBIA STATE BANK, a FINDINGS OF FACT AND Washington state chartered bank, CONCLUSIONS OF LAW IN SUPPORT OF ORDER Rick T. Gray, a resident of Washington, | DETERMINING INTEREST AND AUTHORIZING PLAN AGENT’S and AUCTION OF EQUIPMENT GRAY LAND & FARMING, LLC, a Washington Limited Liability Company, Defendants.

THIS MATTER came before the Court on the Plan Agent’s Adversary Complaint and Motion in Support for an Order Permitting the Sale of Equipment

ORDER PERMITTING SALE OF EQUIPMENT - 1

(the “Complaint”). (ECF No. 1) The Court reviewed the files and records herein, including the Complaint; Answer to the Complaint filed by Columbia State Bank (“Columbia”) (ECF No. 13); and the Motion to Extend Time to File Documents, filed by Metiner G. Kimel1 on behalf of Rick T Gray (ECF No. 14).2 On October 25, 2022, the Court held a trial and heard testimony from Rick Gray and Brian Birdsall of Critical Point Advisors, LLC. At the trial’s conclusion, the Court issued an oral ruling and ordered the Plan Agent to prepare an order to accompany the Court’s written findings of fact and conclusions of law. The Court incorporates its oral ruling, pursuant to Fed. R. Bankr. P. 7052, and enters the following additional findings of fact and conclusions of law to accompany the order approving the sale of the equipment: FINDINGS OF FACT3 Procedural History

1. Rick T. Gray was an owner and manager of: (i) Gray Land & Livestock, LLC (the “Debtor”); (ii) Gray Land & Farming, LLC; (iii) Gray Farms

& Cattle Company, LLC; and (iv) Gray Holdings, LLC. 2. On February 28, 2019, Debtor filed a voluntary petition for bankruptcy under Chapter 11 of the Bankruptcy Code (the “Petition”) (ECF

1 As of the date of this Order, Mr. Kimel is not the attorney of record for Rick Gray.

2 Also relevant to these proceedings are records filed in the Main Bankruptcy Case 19-00467, including: Rick Gray’s Objection to Plan Agent’s Notice of Intent to Sell Equipment (ECF Nos. 517, 518, 519); Plan Agent’s Motion to Sell Equipment (ECF No. 610); Declaration of Brian Birdsall (ECF No. 612); Declaration of Daniel J. Gibbons (ECF No. 613); and the Response filed by Rick Gray (ECF No. 649).

3 Where a finding of fact is actually a conclusion of law, it shall be treated as such and vice-versa.

ORDER PERMITTING SALE OF EQUIPMENT - 2 No. 1). Mr. Gray signed the Petition as the authorized representative of Gray Land & Livestock, LLC. (ECF No. 1, pp. 4-5, 11; amended at ECF No. 17, pp. 4- 5, 11) 3. On March 29, 2019, Debtor filed the required Schedules.* (ECF Nos. 18-22) Debtor’s Schedules were never amended. 4. On March 29, 2019, Mr. Gray signed under penalty of perjury the Statement of Financial Affairs. (ECF No. 24, p.8) The Statement contains “Part 11,” entitled “Property the Debtor Holds or Controls that the Debtor Does Not Own.” (ECF No. 24 at pp. 5-6) There, Mr. Gray listed a single asset owned by Tom and Lynda Gray:

Debtor Gray Land & Livestock, LLC Case number (fknown) ___ Owner's name and address Location of the property Describe the property Value Tom & Lynda Gray Klickitat Farm Ground Approx. 20,000 bushels of $130,000.00 PO Box 1525 Owned by Debtor 2018 wheat Prosser, WA 99350-0833

(ECF No. 24, pp. 5-6). 5. Notably absent from the list of property that Debtor holds or controls are the vehicles and equipment Mr. Gray now claims are owned by

Schedule A/B included Exhibits B1 and B2, that list property belonging to the Debtor. (ECF No. 18) Schedule D indicates Columbia State Bank has a $3,500,000 claim secured by Debtor’s property. (ECF No. 19) In Schedule H, Mr. Gray indicated that he personally is a co-debtor on the Columbia State Bank debt. (ECF No. 22) ORDER PERMITTING SALE OF EQUIPMENT - 3

Darrell Downing, Miland Walling, Rick Gray individually, Gray Holdings, LLC, Gray Farms & Cattle Company, LLC, Gray Land & Farms, LLC, Tom Gray, and

the Orville Thomas Gray and Lynda Lee Gray Living Trust. (See ECF No. 24 at pp. 5-6) Debtor never amended the Statement of Financial Affairs. 6. On April 3, 2019, Debtor filed a Motion for Use of Cash

Collateral (the “Cash Collateral Motion”) and Declaration of Rick Gray in Support of the Cash Collateral Motion. (ECF Nos. 30; 31) 7. During an emergency hearing on the Cash Collateral Motion on April 10, 2019, Mr. Gray provided the following testimony:

ROGER BAILEY:5 Now, I’m going to refer you to the Bankruptcy Schedules again, that were filed, and there is Exhibit B1 and Exhibit B2, I’m going to have you take a look at those right now. RICK GRAY: Okay. ROGER BAILEY: Do you recognize those lists? RICK GRAY: I do. ROGER BAILEY: And are those lists of equipment or titled vehicles that are owned by Gray Land & Livestock? RICK GRAY: Yes (ECF No. 47, 1:19:55 through 1:21:20) ROGER BAILEY: So, as of the date that the bankruptcy petition was filed, which was February 28th, did Gray Farms own any significant assets? RICK GRAY: No.

5 As of the date of the emergency hearing, Roger Bailey was the attorney of record representing both the Debtor, Gray Land & Livestock, as well as Mr. Gray individually.

ORDER PERMITTING SALE OF EQUIPMENT - 4 ROGER BAILEY: All of the assets that you disclosed on the bankruptcy schedules, are those all owned by Gray Land & Livestock? RICK GRAY: All equipment and all the property is in the name of Gray Land, correct.

(ECF No. 47, 1:26:50 through 1:27:55)

JASON AYRES: Okay, that didn’t really answer the question. So Gray Farms planted last year, conducted farming operations last year, obtained 2019 insurance, was planning on farming this year, but then you filed this bankruptcy, and now you’re transferring farming operations into Gray Land. Why is that necessary? RICK GRAY: Because Gray Land owns all the assets, Gray Land owns the equipment, Gray Land is responsible for the equipment, Gray Land has the majority of 6,700 acres. So Gray Land has that obligation of having [sic] the crops.

(ECF No. 47, 2:34:40 – 2:35:20) 8. The Cash Collateral Motion was granted in part and scheduled for a final hearing. (ECF No. 53) 9. On April 24, 2019, the Court held the final hearing on the Cash Collateral Motion. (ECF Nos. 58, 60) Following the hearing, the Court agreed to sign an order granting the use of cash collateral provided that Mr. Gray, on behalf of himself and his entities, signed the Order confirming the following representations: Gray Farms & Cattle Company, LLC, Gray Holdings, LLC and Rick T. Gray individually stipulate and agree, as evidenced by their signatures on this order, that they claim no ownership interest in the assets described in the Debtor’s bankruptcy schedules, including but

ORDER PERMITTING SALE OF EQUIPMENT - 5 not limited to: (a) the 2017 crop proceeds deposited into the Debtor- in-Possession account; (b) the 2018 crop proceeds in the possession of the Debtor; (c) the 2019 crops which have been and will be planted on the Debtor’s land and the land subject to the Tom Gray Lease; and (d) all 2019 livestock.

(ECF No. 63, ¶ 15) (emphasis added) Mr. Gray signed the order. (ECF No. 63) 10. On April 2, 2020, Debtor filed the First Amended Disclosure Statement in Support of Debtor’s Proposed Plan of Reorganization (the “Disclosure Statement”). (ECF No. 205) The Disclosure Statement provided that all the real property and equipment that had been owned by Mr.

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