The Express Grain fiasco continues to mushroom as the company reported additional debt in the bankruptcy case. The Taxpayers Channel reported:
Yesterday, attorney Craig Geno filed amended schedules in the Express Grain bankruptcy case, and the amount owed to creditors shot up almost $60 million from the previous disclosures.
This means that there will be far less money to pay the farmers at the end of the day.
Most of this difference is due to the large financing loans that Express Biodiesel owes which were not included in the original filings for Express Grain Terminals in early November 2021.
But now that the court has consolidated the Express Grain cases, revised filings were required, and the very large additional debts owed by the Express Grain companies appeared.
This means that the farmers will have to split any money left over after the sale of the company with creditors that are owed twice as much as the farmers themselves.
In addition, the $9 million discrepancy first reported by The Taxpayers Channel in the amount actually owed to the farmers still exists in the new filings. The amount according to the Amended Grain Report is some $9 million more than that reported in the Amended Declaration.
At that time, it appeared that EG actually owed the farmers almost $41 million instead of the $31 million in EG's official filings. The higher figure was disclosed in the line-by-line "Grain Report," which did not (and still does not) agree with the report included in the Declarations.
The original filings back in November are all attached to the article linked above.
But yesterday, in EG's new filings, far greater combined debt was disclosed. The revised value of the assets of the companies has dropped slightly to just over $96 million.
But the debt to creditors has ballooned from $106 million to $156 million.
And if the additional $9 +million owed to the farmers (according to the grain reports) is added in, that raises the debt to $165 million.
If the total owed to the farmers is $40 million, and the debt owed UMB Bank and various others is $70 million, that means that another $55 million is owed to these other non-secured creditors.
Some of their names and the amounts owed to them are as follows:
$9,200,000.00 AMCREF CDE Fund 34, LLC
$8,637,200.00 AMCREF QLICI
$6,930,000.00 MuniStrategies Sub-CDE#26, LLC
$5,880,000.00 Rustic Ventures, LLC
$5,000,000.00 AMCREF Fund 47, LLC
$4,999,900.00 HRF QLICI
$4,800,000.00 NMSC Federal QLICI
$3,333,333.00 NMSC Mississippi QLICI
$1,111,067.00 AMCREF Community Capital, LLCThese companies appear to be government-backed enterprises that offer easy credit to businesses trying to operate in depressed economic settings.
Click here to see the January 17th filings:
Amended Grain Report, January 17, 2022
Amended Declaration, January 17, 2022
One final interesting note: John Coleman, the president of Express Grain, is no longer signing these filings under penalty of perjury. Instead, CRO Dennis Gerrard has taken over that duty.
24 comments:
"These companies appear to be government-backed enterprises that offer easy credit to businesses trying to operate in depressed economic settings."
and there you have it.
Don't be concerned. The Colemans are all doing great and still living "high on the hog". They made sure to get theirs before it fell apart. If you need to speak to them you will have to go through their hired security. I wonder why they need security and how they have the financial means to pay them? Hahahaha.
Let the vultures descend. Just hope that jail time is involved. No different than street thievery.
Can’t imagine banking regulators aren’t looking at this closely
At some point one has to wonder why the farmers didn't do a modicum of due diligence before trusting a year's production to these clowns.
I appreciate the reporting. Missing from The Taxpayers Channel's analysis is the possibility that Express Grain's permits may be declared void ab initio because they were obtained through fraud.
If that happens, the farmers may be declared the actual owners of some of some of the assets now in the bankruptcy estate.
So, where is the money hiding? Caymans? British VI? Switzerland? Country with no extradition agreement with the U.S.?
Maybe Seawright and Alexander can offer some guidance to the Colemans...
Greenwood has concluded its journey to become a third world country. The spillover effect is or will be on real estate, grocery stores, various other stores, equipment dealers, car dealerships, restaurants, banks, etc. It is sad, but it is reality. On the bright side, if someone or some conglomerate is looking for affordable farm land, or other real estate, this is probably a good opportunity.
To 11:46. Dont think many forms of thievery are illegal in Democratic areas
What's 'The Taxpayer Channel?' The only news we get out here is on a stool at Roy's Store in Chatham.
All the Coleman’s did was make bad business decisions, their business is going bankrupt, I don’t see them spending a day in jail. They will need that security for a while even if they try to get lost in Colorado, Memphis or New York
Lot more going on IN JACKSON that deserves to be beaten to death than this. IMO. The key to victory is to screech louder than anyone else. Learned that from the new progressive movement. Meh, i've figured out the last few weeks that this blog really panders to the upper crust and at the end of the day they prefer Jackson to stay a shithole. Hell, it was likely their parents who helped get it there in the first place. Then they moved out to the rez to watch it burn.
@4:06. I believe there was some fraudulent financials submitted. This is much more than just bad business decisions. They deserve jail time if they falsified any documents.
I hope this-will not interrupt the women’s tennis group at the “Greenwood Country Club”.
Wrong 4 17 A lot of them moved to Madison, I know I did. And I am glad I did for financial and SAFETY reasons. By the way, your language indicates your lack of a decent education. I assume your parents are no longer with us.
Is it too late to get that UMB Bank loan they were trying to approve?
Think how many golf carts we can buy with that. It’s house money - right?
So that so called 'going business' soy bean mill ethanol biodiesel whatever it was wasn't so 'going business' after all?
(I am shocked let me tell you, who could have ever expected such a thing in good old Greenwood?)
Just wait until Kingfish does a post or two on the New Markets Tax Credit (NMTC) Program, and how it works in Mississippi. Particularily with respect to Express Grain.
Here's what people should be looking at.
Not the golf carts.
Shades of the beef plant? Whaddaya say KF?
Get started with the QLICI Loan Agreement on PACER in the Express Grain filings.
@10:52 you must have an inside source in Bennie’s office. Like you, I am waiting for this to be disclosed.
This whole shitshow is exactly like the trucking company owner in 1975 in Stuttgart, AR that borrowed $10,000,000 to buy new trucks for his business. What did he do? He bought a parcel of prime hunting land for $1,000,000, built a $150,000 home on it, and ratholed the rest!!! Now, we talking 1975 when a nice home was $80,000. This place was a beautiful home built 15' above the ground to allow for the river to rise and not flood it. Thumbed his nose at the bank and still lives there.
@ 9:06
Looks like if we are thinking about the same guy he got past the BKs just fine and is continuing to do better than his creditors did back then.
Wait until all the recapture happens on the tax credits. Also lots of other banks involved in this UMB is just the lead.
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