In Lee County, Judge Hears Details of Turner Grain, Related Companies

by Lee Hogan  on Thursday, Aug. 28, 2014 4:30 pm  

The Brinkley headquarters of Turner Grain Merchandising Inc. and its related companies. (Photo by Lee Hogan)

Loyd said an apologetic Coleman called him during the week of Aug. 4. He said that Coleman, who claimed to be calling from a hospital, offered to sign over his truck and four-wheeler to Loyd as an offer of good faith.

"He must have really been under a lot of pressure," Loyd testified. 

Loyd said Coleman did not go into specifics about what happened, saying only that he was "on the wrong side" of some business deals. Loyd said it was the last conversation he remembers having with Coleman.

Loyd also said Turner Grain owes him more than $250,000 for grain he sold to the company. Turner Commodities purchased the grain from a farmer for $251,968 and contracted with Turner Grain to buy it.

Loyd said he delivered the grain to Turner Grain, but hasn’t been paid. 

Concocted in a Brinkley Restaurant

Turner Commodities was conceived through a business meeting at a Brinkley restaurant nearly 10 years ago.

Loyd said he was approached by Coleman, whom he met through business dealings while he was a rice buyer for Harvest Rice in McGehee, about starting Turner Commodities along with Bartlett.

Loyd told the judge that all three had equal stock in the company, but added that neither Bartlett nor Coleman had a significant role in Turner Commodities beyond stockholders.

Loyd said the company, which he runs from his home in Dumas, brokers cotton and grain from Arkansas farmers and sells to end users around the world. Loyd said Turner Commodities is separate from Turner Grain and that he has no knowledge of the inner workings of the company run by Coleman and Bartlett.

Loyd said that since the revelations involving Turner Grain, Turner Commodities has been unable to continue business and is in the process of "winding down." He said he’s attempting to start another company to escape the shadow of his business partners.

 

 

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