A federal bankruptcy judge has approved an agreement allowing former Farmland Industries Chief Executive Harry Cleberg to file $7.4-Million in claims against Farmland. Under the agreement, Cleberg will be treated like any other claimants in the Chapter 11 proceedings against Farmland. Cleberg claims the bankrupt company owes him deferred compensation and retirement benefits. Representatives of Farmland’s unsecured creditors and bondholders had opposed allowing Cleberg to become part of the bankruptcy proceedings. They still are pressing ahead with an investigation of whether Cleberg and other Farmland executives were in breach of their duties for the financial shipwreck at Farmland.
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