Newspaper article THE JOURNAL RECORD

Bankruptcy Trustee Sues Oklahoma City Real Estate Investor Lew McGinnis

Newspaper article THE JOURNAL RECORD

Bankruptcy Trustee Sues Oklahoma City Real Estate Investor Lew McGinnis

Article excerpt

A bankruptcy trustee for troubled local real estate company Macco Properties Inc. has sued Lew McGinnis, Macco president, and two companies he controls, including a local llama farm, for the return of $6.1 million the trustee claims was fraudulently transferred out of Macco's coffers.

The companies the trustee is suing to return the money include Superior Farms, a sizable llama farming operation at 5500 N. Sara Road in Yukon controlled by McGinnis.

Bankruptcy trustee Michael Deeba claims in court documents that Macco loaned more than $1.8 million to Superior Farms over the course of about three years, continuing up until about two months after Macco filed Chapter 11 bankruptcy in 2010.

Deeba claims in court documents that the money Superior Farms borrowed has never been paid back to Macco.

McGinnis and his wife, Jennifer Price, are well-known nationally in the llama breeding community through Superior Farms. The picturesque farm, situated just west of the John Kilpatrick Turnpike in Canadian County, also once raised chickens, sheep and other livestock.

Superior Farms once advertised their llama studs for breeding purposes in livestock publications.

"There's a pretty strong network nationally and the people who are the most active really do know each other," said Paige McGrath, a llama farmer in Virginia and publisher of Llama Life II News Magazine.

The magazine bills itself as the llama industry's publication of record.

"(McGinnis and Price) were one of the largest buyers of llamas for a number of years," McGrath said.

McGinnis and Price purchased the remnants of a prominent llama herd after the original owners retired several years ago, she said. The herd gained a national reputation as a prime breeding stock, McGrath said.

McGinnis once bought ad space in Llama Life, but stopped paying McGrath for the ads in 2010, she said.

"He owes me about $2,400 - I'm a small business and it absolutely crippled me," McGrath said. "I haven't been able to get a reply from anyone there in about two years now. …

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