New campaign ad blames Budd for agriculture company bankruptcy

Democratic U.S. Senate candidate Cheri Beasley launched a pointed attack Wednesday against Republican Rep. Ted Budd for his alleged role in the bankruptcy of his family's agriculture business.

Details: The latest ad calls attention to last year's reporting by the Washington Post, which found Budd’s father, Richard Budd, allegedly transferred millions in assets to his family, including Budd, ahead of a $15 million judgment in the case, WaPo reported.

• Farmers and creditors ultimately received less than half of their lost earnings in a settlement, in which there was no admission of wrongdoing.

The other side: Budd's senior advisor Jonathan Felts told The Washington Post last year that Budd played no role in the company that declared bankruptcy, AgriBioTech.

• Budd's father, Richard, also defended his son, telling the WaPo: "I wish my personal efforts to save ABT had been successful, but they were not."

Between the lines: The ad indicates Beasley's campaign is seeking to derail Budd's attempts to appeal to rural, agriculture-dominated parts of the state.