Whatever happened to Di Giorgio Corporation?

Chris Pedersen:

Since my mother (Pasqualina Amelia Trombetta Pedersen, daughter of Marietta Di Giorgio Trombetta) was one of the beneficiaries to Uncle Joe's estate, she received financial statements. After his death, my sisters and I continued to receive them until the trust was settled. I believe that there must be others with better information.

I seem to remember that a strategic decision was made to get out of farming and focus on Forest Products and recreational-related products. It seemed to me that this was not successful, and there was the need for regular dividends for the support of the shareholders. I have no specific information as to what caused the actual decision to sell, but it seems the company was weak at the time.

Bill Grant:

I will do my best to give you some info on the subject. When Uncle Joe died, he left a trust fund to be paid monthly in various amounts to the women of the family. Evelyn and her sisters and others of her generation got $50 a month. Her Mother got more, and so did others in varying amounts.

His stock in the company he left to various people in varying amounts, mainly the boys (along with similar monthly amounts), all of whom had been given some stock while he was still alive. I know Evelyn was given 100 shares of participating preferred when we were married (which was later exchanged for common) and over the years was given more. Various stock splits, etc., took place until she eventually had more than 4,000 shares. I kept track of it for tax purposes (to figure the cost at the time of the gift) but can't find it now.

Going back a little, maybe you've heard of the 360-acre limitation. If not, the Interior Dept. prohibited any land owner of more than 360 acres (I guess that was the original homestead amount) from receiving water from public agencies. They decided to bring a case against Di Giorgio Farms. Their defense was they weren't using public water, but pumping their own from deep wells. Interior claimed they were benefitting from it, that the Central Water project helped keep their water table depth up.

Anyway, they forced the sale of the ranch. Since nobody could afford to farm 360 acres by themselves, the company had to farm it for them, splitting the profit. As I recall it, that was the only large farm they brought suit against—I guess they had learned their lesson. Anyway, the company put the money into businesses like S&W, White Rose Foods, Peter Carando meats, etc.

Eventually, a guy named Neff bought them out, primarily for the New York food wholesale market. I can't remember if the stockholders had a vote, but they must have had. By that time, the Di Giorgio boys were pretty much out of it, so it would have carried without any opposition. Anyway, since all the heirs had gotten their stock free, they were happy to take the money.