Worm grower files for bankruptcy
Tuesday, April 22nd 2003, 12:00 am
By: News On 6
(Oklahoma City-AP) -- The nation's largest network of worm farmers filed for Chapter 7 bankruptcy Tuesday in Oklahoma City.
The filing by B&B Worm Farms of Meeker comes about a week after the Oklahoma Securities Department sued the company. B&B is accused in the $14-million lawsuit of violating state laws regulating business opportunities.
Officials in Kentucky and Mississippi have filed cease and desist orders against B&B and the company is under investigation in Wisconsin.
B&B sold contracts to worm farmers and promised to buy all the live red worms they could produce. The going rate was $7 to $9 per pound and the worms were to be used for waste management and as an organic fertilizer.
The company stopped accepting worm shipments shortly after the January 26th death of company founder Gregory Bradley.