SALEM, Ohio — More details have emerged regarding the financial status of the defunct Pigeon King International and its bankruptcy proceedings.
In a statement of affairs for the company, signed June 26, PKI owner Arlan Galbraith revealed debts of more than $23.5 million owed to breeders and vendors across the U.S. and Canada.
Galbraith revealed owned assets of only $46,003, including a 2007 Dodge 1500 pickup truck and 2008 GMC van valued at $20,000 each.
In the lurch
Galbraith’s accounts payable totaled a staggering $23,542,400, including money owed to a poultry farm in Ontario; various barn rental or pigeon breeding creditors, and trade accounts.
At the time of the bankruptcy, Galbraith owed some $2.8 million to owners of barns he rented across the U.S. and Canada.
Bankruptcy documents identified 12 Canadian and 24 U.S. operators who rented barn space to Galbraith. In the U.S., four are in Ohio and six are in Pennsylvania.
Breeders
Though Galbraith previously refused to provide a full list of contracted breeders, the latest filing shows 168 breeders in Canada and 277 in the U.S. Those breeders were owed a total $20 million, according to the filing.
The list names 49 Ohio breeders and 85 in Pennsylvania.
Vendors
Galbraith also carried $277,000 of debt owed vendors, according to the filing. Some of those vendors included radio stations, print publications, feed stores, printing companies and Bell Canada telephone.
Still more
Galbraith’s total amount owed to abandoned contractors will climb higher as more details about finances emerge.
According to bankruptcy trustee BDO Dunwoody Limited, Galbraith initially operated the pigeon breeding business as a sole proprietorship, so many of the early contracts are with him personally and not the Pigeon King International entity.
BDO Dunwoody Limited is not representing Galbraith, only Pigeon King International, in proceedings. Figures of Galbraith’s own debts were not yet available.
Click here for more details as this story develops.
Related coverage:
UPDATED: Pigeon King goes bankrupt (6/26/2008)
Pigeon King International bankrupt (6/19/2008)
Pigeon King gets wings clipped in Maryland (6/12/2008)
Washington finalizes cease and desist order against Pigeon King International (5/15/2008)
Washington takes action against Pigeon King International (5/1/2008)
Pigeons point to Ponzi scheme (3/13/2008)
Pigeon idea may not fly: Iowa investigating company for scheme (2/21/2008)
You’re raising what? Pigeons! (9/13/2007)
Don’t be screwed again!
Ask to see Arlan’s balance sheets since the beginnings, when he started.
According to figures already published, he would have collected around $100,000,000 from his victims.
Substract $23,000,000 and around $17,000,000 paid before, including his employees and operational expenses.
Where is the other $60,000,000?
Only Arlan and his crooks know…
Michel J. Grenier