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Meanwhile, Titus has filed a motion for a summary judgment in Humboldt County Superior Court which will be heard on September 9. . “Our customers share our values. Hamer said Titus’s attorneys have made no settlement offers and have “rejected all settlement proposals made to them.” She said no additional mediation has been scheduled. “The risks were stated, which each plaintiff chose to accept,” said Watson, who argues that two of the plaintiffs were “sophisticated investors” and that Jerome Davis was on the creamery board during a time of expansion. This is where dairy should come from. For those lucky and special people that live in Humboldt :)) I just learned, like a silly late kid, that the Creamery was sold out after pretty much dieing with financials.and now it is owned by Farmers Dairy, or something like that. There cows feed on fresh, lush grass and eat, and are treated to sunny weather… She questioned the Ferndale resident extensively about his use of a personal line of credit to cover cash flow several times at the creamery, as did Ghilarducci. The bank had none. Humboldt County is one of the most pristine places on the earth for grazing dairy cows and our company has a long history of making organic dairy products. “Throughout my employment with the Humboldt Creamery Association, and Humboldt Creamery, LLC, before Ghilarducci’s resignation in 2009, Ghilarducci controlled the financials∆1,” writes Titus in his motion. “The board didn’t believe Ghilarducci was dishonest.” Hamer said that Titus met with her clients prior to them investing in the creamery and that they will testify “that Mr. Titus made glowing and positive statements about the financial health of Humboldt Creamery at those times.”. Hamer, however, said it was the former CFO and CEO’s obligation to disclose the contents of the independent auditor’s report “and the other negative financial information they knew to our clients and not to misrepresent the financial health of the creamery to them.”. Humboldt County is a special part of California, where folks enjoy a simple and laid-back lifestyle and strive to take care of one another. Now, with one unsuccessful mediation session between the eight investors, who are out a combined $1 million, and Titus’s attorney, the investors’ attorney is claiming that Titus’s legal counsel is unwilling to settle the case and is eating up insurance money which could leave investors even more in the hole and expose Titus to a paying any judgement out of his own pockets. The launch of our ice cream line in Walmart represents just the beginning of what promises to be an exciting year for us.”. “I was never hired to, nor was I ever a part of the core group working with Ghilarducci on creamery financial statements during my employment.” Titus notes that the bankruptcy court approved the hiring of him to help guide the creamery through the summer of 2009 before it was auctioned off and bought by Foster Farms Dairy. A federal judge has sentenced Humboldt Creamery's former chief executive to 2.5 years in prison after he admitted covering up severe financial problems that bankrupted the business. Organic powders are popular with food processors and confectioners. Humboldt Creamery is a certified organic creamery in Humboldt County, California. © 2020 Lost Coast Communications Contact: news@lostcoastoutpost.com. Hamer says she doesn’t know how much Titus’s legal counsel has racked up in bills. The line of credit was extended and CoBank, according to exhibits, pushed for outside investments in the creamery — hence a round of preferred notes was offered to a select group of individuals in the community with wine and cheese informational sessions led by Ghilarducci. In addition, Humboldt Creamery offers a variety of food service products, such as cheese, salad dressings, sour cream, butter and margarine. “The longer the lawsuit goes, the less money there will be available to pay the four couples when they go to trial . Titus in his deposition, repeatedly states that he never made assurances to potential investors, never questioned figures given to him by his boss and did not actively solicit investors. While the suing investors’ attorney describes the lost $1 million as “loans” that her clients — Linda Nicholson, Tom Adam, Silverio and Sandra Fernandes, Jerome and Barbara Davis and Rick and Rebecca Santos — made to the creamery (“They received promissory notes, evidencing their loans, as a lender receives with any other loan,” said Hamer), Watson said investments were described as “high risk. In May of 2011, The Enterprise contacted CoBank for comment on the independent auditor’s report done by Dopkins & Company, LLC. “We’re excited to begin offering super-premium organic ice cream products to consumers across the nation through our national deal with Walmart,” said CEO Frank Otis. (Disclosure: The Enterprise publisher/editor is related to Tony Titus by marriage. Bankruptcy was filed two months later, resulting in the sale of assets of the Humboldt Creamery at auction on August 27, 2009, to Foster Farms Dairy for $19.25 million. When contacted via email, Titus told The Enterprise he was aware of the nature of his insurance policy. That's why we source the organic cream in our Organic Toddler Formula from Humboldt Creamery. But it’s still producing dairy products from the happy cows here in the bovine paradise of Humboldt County. An independent accountant’s report, commissioned by CoBank, in July of 2008 expressed concern with the creamery’s high debt, financial reporting system and insisted the company change auditors and bring in a new management consulting firm before a line of credit was extended. 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