Saturday, July 2, 2022

Express Grain Sold

 This post is a reprint of a story published on The Taxpayers' Channel website on June 23. 

This morning, a hearing was held by the Express Grain bankruptcy court on a motion filed by UMB Bank and Express Grain seeking clarification of the court's Sale Order. One of the issues needing clarification involves the 16th section land that part of the oil mill rests upon. The 16th section land is not owned outright by EG, but rather is subject to 99 year leases from the county and the public school district. Those leases expire July 2, 2046, and this creates some legal questions about the conveyance of EG's property to its new owners.

We had previously reported the request by UMB Bank and Express Grain for clarification here: UMB Bank transferring Express Grain assets to FSB Companies and Thoroughbred

Although UMB Bank won the bid at the February 25th bankruptcy auction to purchase substantially all of EG's assets, the Sale Order allows UMB Bank to "assign" its purchase rights to third parties before the close of the sale, allowing the assignees to step in and complete the purchase instead of UMB Bank.

Attending the hearing were Frank Brumfield, one of the proposed "assignee" purchasers of EG's physical assets, and two lawyers for Thoroughbred, the other proposed purchaser.

Also attending were Craig Geno, Express Grain's bankruptcy attorney, along with Dennis Gerrard, who has been running Express Grain since soon after the bankruptcy filing. Greenwood attorney Charlie Swayze III also attended to provide information to the court regarding 16th section land leases.

The three Warehouse Receipt Holders, Macquarie, UMB Bank, and StoneX, were all represented by their lawyers, as were the United States Bankruptcy Trustee and the Mississippi Department of Revenue.

During the hearing, for the first time, it was confirmed by attorney Doug Noble that his client, Mr. Brumfield, intends to purchase the Sidon and Minter City properties. Mr. Brumfield holds and manages his investments through his company, FSB Companies. He intends to operate the EG properties as a long-term investment. Mr. Brumfield was born and raised in Sunflower County. He hopes to support the Delta community and the farmers.

Delta Grain Company, LLC will be the new name for Mr. Brumfield's company operating the Sidon and Minter City warehouses. The Taxpayers Channel first reported the creation of this new company, and the possibility that Mr. Brumfield would be purchasing the old EG assets from UMB Bank. See our reporting here: Rumors fly about sale of bankrupt Express Grain assets by UMB Bank

According to Mr. Noble, the Mississippi Department of Agriculture and Commerce is prepared to issue a license within days. Employees have signed letters of intent, insurance policies are in place, and a local banking relationship established.

Mr. Noble stated that everything is ready to begin operations of the two warehouses as soon as the sale closes.

Thoroughbred intends to hold and operate the oil mill. No mention was made of how long it will take to resume those operations.

At the end of the hearing, the court granted the motion to clarify, allowing the final closure of the sale to take place without further legal delay.

The court expressed its happiness that the new owners will be able to continue to operate the old Express Grain business, and hoped that this will contribute to greater success in the Delta's farming community and economy.



9 comments:

Anonymous said...

Is there a "Criminals Channel" (similar to the Taxpayers Channel) that can report why the Colemans are not in jail.

Anonymous said...

Excellent point @9:28. Michael and John are such con-artists. High rolling, high living, showing off. All at the expense of others. Snake oil salesmen.

Anonymous said...

What is their grain elevators proximity to any national security assets? China is buying up our food production infrastructure with the bobix proximity of our national security assets such as DOD contractors, UAV based, and ICBM silos!

Anonymous said...

Is that that some of the same high flying Brumfield family from Greenwood? The Brumfields used to own State Bank & Trust and are in that same close knit North Greenwood social circle.

Anonymous said...

Just pointing this out for those who might make snarky comments - Frank Brumfield isn't some little pissant punk trying to steal his way to a fancy new truck and golf cart. Unless something dramatic has happened recently, he has actual money to back his investment in this and doesn't need this to fund some hick's idea of a "lifestyle." If I were a farmer up there, I'd welcome this move unless and until something indicated otherwise. Will he make money from this? Folks ought to hope so because if it loses money, he might wash his hands of it. I would, as would most other sensible investors.

Anonymous said...

It is odd all of the big pocket legit ag companies like Cargill, ADM, Bunge, Dreyfus turned such a wonderful opportunity to buy the Express Grain assets

Anonymous said...

Doug Noble is a great guy and a solid lawyer.

Anonymous said...

Doug Noble is a great guy and a solid lawyer.

Anonymous said...

7:19
No, that is not the same Brumfield family from Greenwood. This Brumfield is from Inverness and not many really know him. He is meeting the local farmers for the first time next week.


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Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

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In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


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This is definitely a Beaver production.


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Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

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