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TEX-CAL CHRONOLOGY• July 1,1977: Tex-Cal Land Management Inc. leases 7,000 acres in Kem and Tulare counties Bud Steele owns half the land, directly or through Tex-Cal• July 16, 1979: Tex-Cd gets $12.27 miion in Farmers Home Administration disaster loans. Bud Steele resigns as president His son Randy takes over.• April 25,1980: FmHA makes first of several operating loans to Tex-Cal• April 1983: FmHA decides to foreclose on Tex-Cal Makes protective advances to protect the government’s investment in Tex-Cal land and crop. By year's end. loans total $51 miion• June-July 1983: Bud Steele deposes Randy Steele as Tex-Cal president Randy sues Bud and levels charges that Bud stole from Tex-Cal Bud buys Bella Rosa Winery Agriculture Department inspector general begins investigation.• July 19, 1983: Tulare County Judge Wiiam Slveira Jr. orders Tex-Cal to hire union farm workers.• April 7,1984: Tex-Cal Land Management goes out of business• August or October 1984: Federal grand jury in Fresno begins probe• October 1984: Tex-Cal landowners sue FmHA to avert foreclosure They say ther mortgages secure only the July 1979 bar• April 1985: U.S. files foreclosure suit against Tex-Cal landowners• November 1985: Federal attorneys say private lenders wi claim all the land in foreclosure, leaving nothing for FmHA except a claim on the crops• November-December 1985: Bella Rosa Winery and Tex-Cal both file for bankruptcy• Jan. 17, 1986: Judge Sitveira orders Bud Steele and an employee to serve six months in jail for violating his 1983 court order to hire union farm workers.• May 2,1986: FmHA files civil fraud suit against Bud Steele.• Oct. 23, 1986: Federal grand jury indicts Betty Kruger, Bud’s secretary, and another employee for tax evasion.• Dec. 4, 1986: After Steele exhausts state appeals, judge confirms six-month jail term for violating 1983 court order Jail term delayed until spring.• Jan.-Feb. 1987: Tex-Cal’s two biggest pre-FmHA lenders, Aetna Surety ana Casualty Co. and Northwestern National Life Insurance, gab day-to-day control of 7,240 acres and begin foreclosure• March 12, 1987: Bud Steele files personal bankruptcy hours after Internal Revenue Service agents seize his Delano mansion for unpaid taxes.• April 1, 1987: Bud begins serving six-month jail term for violating 1983 court order after a federal judge refuses to intervene in the case.• April 14, 1987: Eureka Federal Savings takes over Bela Rosa Winery at foreclosure More then 50 creditors claim title to some or all of winery inventory.• April 15, 1987: Aetna foredoses on 3,076 acres, on which it was owed $7.1 miion.• April 24, 1987: Carl Steven Steele, Bud’s nephew, is arrested on charges stemming from bad checks issued by Bela Rosa
Newspaper Details
Bakersfield Californian
Bakersfield, California, US
Mon, May 25, 1987
Page 2
Full Page
Clipped by
Kimberly S.
USA 05 Jun 2025
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