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B & B Worm Farms Bankrupt
After being sued by several state attorney generals for allegedly misleading worm farmers about how much money they can make, B&B Worm Farms of Meeker, Oklahoma, filed Chapter 7 bankruptcy at the end of April.
B&B reportedly owes money to about 1,750 growers in 20 states and has more than $23 million in outstan
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B & B Worm Farms Bankrupt MISCELLANEOUS EQUIPMENT Miscellaneous 27-3-5 After being sued by several state attorney generals for allegedly misleading worm farmers about how much money they can make, B&B Worm Farms of Meeker, Oklahoma, filed Chapter 7 bankruptcy at the end of April.
B&B reportedly owes money to about 1,750 growers in 20 states and has more than $23 million in outstanding debts. Revenue in 2002 was $18 million, however.
Some farmers reportedly invested as much as $60,000 to obtain contracts with the company. Recently, however, the company stopped accepting shipments of worms and worm castings, according to published reports.
The company says it hopes to get out of bankruptcy and fulfill all standing contracts. They have hired a firm that specializes in reviving companies in financial trouble. (AP)
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