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Receiver Takes Control of Turner Grain

2 min read

With all the legal trouble involving Turner Grain Merchandising Inc. of Brinkley, you might have missed the news that a receiver has been appointed.

U.S. District Court Judge James M. Moody Jr. named bankruptcy attorney Kevin Keech and his North Little Rock law firm to take control of what’s left of the commodities middleman.

Keech was requested by Rabo Agrifinance Inc. of St. Louis, which last month sued Turner Grain and its executives for breach of contract.

Rabo claimed Turner owes it nearly $1 million and asked that a receiver be appointed immediately because of Turner Grain’s well-publicized collapse.

Turner and its executives, Jason T. Coleman and Dale Bartlett, “are currently perceived to be insolvent and are defaulting on various agreements with multiple farmers, operators, shippers, dealers, and brokers across many states,” according to Rabo’s Sept. 11 motion for a receiver.

Even Turner’s agent for service has resigned, Rabo said in the filing, but didn’t identify the agent.

Rabo believed that “Turner Grain does not have any remaining shareholders who have not surrendered their shares or any remaining corporate officers who have not relinquished their office,” the filing said.

Turner Grain has been pummeled with lawsuits since August, and more might be on their way, Rabo said.

Rabo said Keech should be given the power to liquidate assets, pursue claims and even file for bankruptcy.

Moody didn’t waste any time and appointed Keech the same day that Rabo made the request.

“It is in the public interest and the interests of the Defendants’ creditors that a receiver be appointed pending the resolution of this action,” Moody wrote.

Last week, Turner Grain, Coleman and Bartlett filed an answer in the Rabo case and denied allegations of wrongdoing.

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