03/10/05 Former ABT chairman files for bankruptcy

The former chairman and COE of AgriBioTech, Inc has filed for Chapter 11 bankruptcy protection. The filing in North Carolina follows judgment entered in January against Richard Budd. The Las Vegas bankruptcy court said Budd had arranged for ABT to provide him with a preferential loan repayment in 1999. Although ABT was sliding into deeper financial trouble, Budd received his $10 million while hundreds of farmers in Idaho and the Northwest were left with more than $60 million in unpaid debts. Dallas attorney David Bryant says Budd and his wife are trying to avoid the 15 million-dollar court ordered payment to creditors. BRYANT "We hope to collect most or all of that. The Budds own real estate in North Carolina that's valued at over ten million dollars so there's substantial assets there. The trustee for AgriBioTech's creditor trust, according to papers they filed last Friday, is the largest creditor by far." The Las Vegas bankruptcy court approved ABT`s reorganization plan in 2001, appointing a nationally recognized turnaround expert, to pursue claims for the benefit of the creditors. Voice of Idaho Agriculture Bill Scott