Foreclosure initiated against mega-dairies in northwest Ohio and souteastern Michigan
10/9/2010HUDSON, Mich. — A mortgage company is seeking to foreclose on $55 million in loans to huge Vreba-Hoff dairies in southeastern Michigan and northwestern Ohio.
The Daily Telegram of Adrian reports Delaware-based Rabo Agrifinance filed the foreclosure complaint Tuesday in federal court in Grand Rapids, Mich. A judge is to hear an emergency motion Oct. 19 on a request to appoint a receiver to take over three dairies with thousands of cows near Hudson and three others in Fulton County, Ohio.
Rabo Agrifinance alleged Vreba-Hoff defaulted on loan payments and allowed property taxes to go unpaid, and the dairy property is being devalued by state government action over environmental complaints.
A dairy spokeswoman had no immediate comment on the complaint.