Wyoming: The Governor Goes Broke

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A prominent name has joined the ever growing list of beleaguered American farmers and ranchers: Governor Ed Herschler of Wyoming filed for bankruptcy this month, becoming the first sitting Governor in his state to do so. His trouble stems from the 18,500-acre Yellowstone Ranch near Lander, Wyo., which Herschler and three partners bought in 1977 for an estimated $4.5 million to $5 million. After the partners were unable to collect a $1.5 million payment for 3,000 head of cattle they sold in 1981, they were forced to borrow at high interest rates to make debt payments. Meanwhile, beef prices and land values were declining. Yellowstone was sold in a bank foreclosure last April for $1.9 million. Said Herschler last week: "If you don't have an oil well on your ranch now, you're in debt."

Though Herschler's bankruptcy petition showed $9.4 million in debts, the Governor estimates that the actual figure will be somewhere between $4.8 million and $6.75 million. His listed assets total $7,518,000 but include a $7.5 million claim against one of his partners. Herschler, 66, is a Democrat serving an unprecedented third term in an overwhelmingly Republican state. A poll taken in August indicated that he remains the most popular politician in Wyoming.