By Scout Nelson
Wylie Bice, a rancher from Killdeer, North Dakota, is preparing to purchase American Grazed Beef, formerly known as Agridime, a company exposed as a Ponzi scheme. Bice expects to close the $15.7 million deal soon and is already working with his business, Sheer Marketing LLC, to buy calves for processing next year.
American Grazed Beef sells beef directly to consumers through its website. A court hearing to approve the sale is scheduled for October 7, with objections allowed until October 2, according to court-appointed receiver Stephen Fahey, who has been managing Agridime since its collapse.
Agridime had raised at least $191 million from over 2,100 investors before being labeled a Ponzi scheme by the Securities and Exchange Commission. North Dakota investors are owed around $40 million, more than any other state.
The purchase includes the company’s frozen meat supply, equipment, and land in Kansas and Illinois. Bice plans to sell some of the land and assets while continuing operations in Texas and Kansas, with no plans to move the business to North Dakota. He has already begun buying calves from producers in several states, including North Dakota.
Bice’s goal is to restore cattle processing to five to six semi-loads per week by next year. Sales for the company have increased by 38% since the beginning of the year, and Bice is optimistic about the future of the business. He plans to run the company for a couple of years before offering shares for others to buy.
Photo Credit:gettyimages-pamwalker68
Categories: North Dakota, Government & Policy, Livestock, Beef Cattle