Friday, July 20, 2007

Lamar Feed and Grain files for bankruptcy

Just a little over three weeks after the state of Missouri took control of Lamar Feed and Grain, the company has filed for Chapter 7 bankruptcy.
In documents filed today with U. S. Bankruptcy Court for the Western District of Missouri, the company's president, Ron Ellis, listed to close to a half million in debts, and a raftload of unfulfilled contracts.
On June 27, Attorney General Jay Nixon today took legal action for the Missouri Department of Agriculture to be appointed trustee and receiver of Lamar Grain and Feed, after an investigation revealed the defunct business had grain payables in excess of $100,000 when it closed on May 31.

According to the news release issued by the attorney general's office, "Nixon obtained an order from Barton County Circuit Court for the state to be appointed trustee and receiver for the sole purpose of liquidating grain-related assets, determining the validity of grain-related claims, and disbursing, after an administrative hearing, grain-related assets and proceeds for the benefit of claimants with valid claims within the parameters of the Missouri Grain Dealer Law."

The bankruptcy court documents indicate the company owed the Missouri Department of Revenue $2,888.20 in unpaid taxes.

Creditors included:
-ADM, grain ingredients, $1,682.87
-Baja Enterprises, Cedar Falls, Iowa, freight, $12,394.11
-Bartlett Grain, Kansas City, feed ingredients, $19,635.80
-Batesel TKG, Willow Springs, freight, $392.67
-Beisley Grain, Nevada, corn, $3,400
-Cargill Ag Horizons, Kansas City, Kan. grain, $194,525
-Commodity Specialist Co., Minneapolis, Minn. feed ingredients, $23,431.14
-Compton Farms, Lamar, grain, $21,000
Dell Financial, Carol Stream, Ill. computers, $4,556.35
-Dwain Francis, Richards, grain, $50,841.18
-Emerick & Co. Kansas City, accounting, $2,467.50
-Grain Inspection & Warehousing, Jefferson City, grain inspection, $335.91
-Hartog Elevator, Sanborn, Kan., freight, $325.38
-HCI, LLC, Springfield, freight, $899.07
-HTC Express, Metairie, La. freight, $1,619.11
-J. D. Heiskell & Co. Elk Horn, Neb. grain ingredients, $1,506
-Johnson Feed, Inc., Canton, S. D. freight, $602
-Lamar Feed and Grain, loan, $26,555.50
-Lockwood Farmers Exchange, freight contract cancellation, $4,392.96
-Missouri and Northern Arkansas Railroad, freight, $9,790
-Missouri Department of Agriculture, Jefferson City, inspection, $330.95
-Orrick Farms, Orrick, corn, grain, $50,278.24
-Pence Trucking, Grain Valley, freight, $1,063.66
-Pitney Bowes, Louisville, Ky. postage meter, $1,224.30
-Producers Grain Co., El Dorado Springs, grain, $21,344.84
-Roquette America Inc., Keokuk,Iowa, feed ingredients, $9,243.95
-Steven Brewer Trucking, Arlington, Neb. freight, $513.68
-Thorstenson Trucking, Selby, S. D. freight, S$358
-Union Pacific, Omaha, Neb. freight, $17,729.68
-Valley Grain Serv, Inc. Casselton, freight, $522.
-Total debts, $482,961.85

The bankruptcy documents indicate Lamar Feed & Grain had contracts to buy corn from a number of local farmers, including:

Bill Griffitt, Sheldon, Carl Compton, Lamar, Dwain Francis, Richards, Lincoln Hughes, Walker, Mark Patterson, Liberal; Russell Johnson, Deerfield, and Walters Tri-Bar, South Greenfield.

A Chapter 7 bankruptcy allows a company to liquidate its assets after it is decided that it is not capable of paying its debts. Once the company's assets have been sold and the funds have been distributed to creditors, the company is free from liability.

1 comment:

Anonymous said...

is anyone suprised by this? they are notorious for not paying their bills. look them up on or go to the couthouse on tuesdays and see how many people are suing them for not paying bills. they seem to be able to pay their lawyer though, he shows up in court for them.