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Lehman Collapse Leaves Goats in the Lurch

Goat-grazing biz among the herd of creditors burned by bankruptcy

By Rob Quinn, Newser Staff

Posted Jan 24, 2009 6:15 AM CST

(Newser) – Lehman's collapse has left creditors from Caribbean laborers to the world's biggest banks fighting for a share of what little cash remains, the Wall Street Journal reports. One California business that hires out goats to munch shrubs was shocked to learn that it may face ruin because of the bankruptcy of a bank they had barely heard of.

A property venture financed by Lehman folded after the financial giant pulled funding during its implosion, leaving Goats R Us, whose animals had grazed its land to prevent wildfires, owed $53,000. The developers are suing Lehman but it looks unlikely that the company will ever get its cash. The family-owned business has had to put off hiring herders, but says the thousand goats will be looked after no matter how bad things get.

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Lehman Brothers world headquarters is shown in New York on September 15 2008, the day the financial giant filed for bankruptcy protection. (AP Photo/Mark Lennihan )

A California company that hires out goats to graze is among the victims of Lehman Brothers' bankruptcy. (Goats R Us)

The collapse of Lehman left Goats R Us owed $53,000, enough to pay for a year's alfalfa. (Goats R Us)

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For Lehman Brothers, we are a speck, a drop. - Terri Oyarzun, the founder of Goats R Us

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Lehman Collapse Leaves Goats in the Lurch