Archives for: May 2006, 19

Firm files for bankruptcy

May 19th, 2006

A wool-storage company based in Ozona, Texas filed for Chapter 11 Bankruptcy protection coinciding with a criminal investigation by the Texas Rangers that the company cheated hundreds of clients out of money they owe for wool sales.

"An internal investigation, as well as the criminal probe, is still in the early stages, said Greg Gossett, an attorney with the San Angelo law firm that represents the Wool Growers board."

"It came to the attention of the board of directors that maybe some wool had been sold and the proceeds had not been paid," Gossett said. "We're just at the stage where they're figuring out the fact situation."

The full article will be available on the Web for a limited time:
http://208.33.45.21/archive/story.cfm?path=2006/q2/May/3/20060503-NEWS_LOCAL-3090203.htm&criteria=wool-storage

Pam

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