Friday, November 19, 2021

Lawyered Up?

One interesting little fact popped out in the Express Grain bankruptcy.

Dr. Michael Coleman and his son John own Express Grain Terminals, Express Grain Processing, and Express Biodiesel. Express Grain is a grain elevator in Greenwood. The company either sells the crops is from farmers or converts it to biodiesel. 

Express Grain owed $71 million to UMB Bank. The bank sued in September to force the companies into receivership. The Colemans and the Express Grain companies filed bankruptcy the next day.  Earlier post

The implosion of the grain elevator operation threatens hundreds of Delta farmers, banks, and even the Greenwood public utility with severe financial losses. 

 

The $71 million debt owed to UMB Bank included a $37 million revolving line of credit. The Colemans apparently hit the line of credit pretty hard. The debtors had to file a statement of financial affairs with the bankruptcy court. The statement included a list of all transfers made out of their accounts during the 90 days prior to the bankruptcy filing.

The statement includes a $50,000 payment to the Collette & Collette law firm on September 24, 2021. John Collette is one of the premier criminal defense lawyers in Mississippi.

UMB filed its lawsuit on September 28. The lawsuit accused the Colemans of committing fraud. 

Ironically,  the victimized farmers accused the bank committing fraud as well. A group of farmers sued UMB Bank last week, accusing the bank of stealing the harvests they delivered to Express Grain.  The complaint alleges the bank knew the true condition of the company and propped it up throughout 2021 until the farmers deliver their harvests. Once delivered, the bank allegedly pulled the rug out from under the company and seized their crops without paying for them. Earlier post.

Hmmmmm...... why would the Colemans hire a criminal defense lawyer from Jackson?


18 comments:

Anonymous said...

Maybe they'll get lucky and get the same chicken$twit prosecutor that the Mad Timber lawyer and lobbyist got. Hell, they are probably all friends.

Anonymous said...

Boy Scout motto-Be prepared.

Billable Hours Accumulate Quickly said...

It's going to take a lot more than $50,000 for "Elite Representation For The Wrongfully Accused" if this goes on very long.

Anonymous said...

12:56 I can assure you most if not all of that $50,000.00 retainer fee has been “spent”. Everything from now own quite literally could be handled with “cash”.

Anonymous said...

The 90 day period is the preference period

Any money paid to anyone for 90 days prior to filing is subject to being clawed back by the trustee…..

If collette has his solid gold glasses on then he is flush….if the glasses are gone he’s hocked them until the next crook needs a good lawyer



John Pittman Hey said...

Wonder if that $50,000 check to Collette bounced. The $33,000 check to their bankruptcy lawyer Craig Geno did.

Anonymous said...

FYI, the Bank did not seize any grain.

Kingfish said...

What part of alleged or accused do you not get?

Anonymous said...

There was some mention of Madisontimber. It is interesting to note that Lamar Adams of Madison timber is from Indianola Ms. which is only 30 miles from Greenwood where this fraud occurred.

Anonymous said...

Queue up the Dukes of Hazzard theme song for these Delta boys.

Anonymous said...

Biggest Fraud in the Delta since poppa convinced them that the Feds was going to install pumps when they bought his land.

Diddywahdiddy said...

Diddywahdiddy says,
I admit that I am not the smartest when it comes to the business of row crop farming...but I see at least six landowners who are within a short ATV drive from what I own in Leflore/Tallahatchie County. The six landowners were issued checks totaling over $1.8 million. Did these checks bounce? Did they receive their payment for their soybeans/corn stored at Express Grain? Pardon my ignorance, but that is a lot of money if they didn't get paid...and that's only six from a list of many. Thanks in advance for "the answer".
Best,
DWD

Anonymous said...

Note that the BioDiesel Farm Welfare money kicked back in during January. The Kitchen Grease/Yellow Gold and Bean Double Subsidy money is oh so sweet. And the "financial instruments" and tax dodges on that are, too.

More than one company mentioned in more than one thread on this site has gotten very wealthy off of Uncle Chuck Grassley.

And when eye doctors start swapping corn and beans and their offspring start drinking with the banksters and the lawyers and Chicago and Wall Street types, well,.. things sound great! Till the tab is due.

Where's Waldo? said...

"It is interesting to note that Lamar Adams of Madison timber is from Indianola Ms. which is only 30 miles from Greenwood where this fraud occurred."

What the hell is 'interesting' about that? Both town are within a stone's throw of Parchman too. So what?

Anonymous said...

Attn 5:24. I see that the federal prison service now allows on line access. Happy thanksgiving, Lamar!!!! Also, try to calm down,you don’t want your blood pressure escalating.

Anonymous said...

1;36 makes a very good point.
desperate people to very desperate things.
by definition bankruptcy is nothing but legalized fraud where the creditor gets to screw everyone he owes.
much the same principal in lobbying , which is nothing but legalized payoffs to political figures.
the fraud perpetrated by certain for and not for profit corporations in this state is mind numbing.
and if and when they ever get caught its always the same excuse.....they say....'hey , this was nothing but a business deal gone bad"
bernie ebbers, mr ridgeway, chris epps and his little band of marauders, lamar adams and his sales staff at the big law firms, the nancy new family and her band of wrestlers all come to mind....
feel free to add to my list....................

Anonymous said...

1;36 makes a very good point.
desperate people to very desperate things.
by definition bankruptcy is nothing but legalized fraud where the creditor gets to screw everyone he owes.
much the same principal in lobbying , which is nothing but legalized payoffs to political figures.
the fraud perpetrated by certain for and not for profit corporations in this state is mind numbing.
and if and when they ever get caught its always the same excuse.....they say....'hey , this was nothing but a business deal gone bad"
bernie ebbers, mr ridgeway, chris epps and his little band of marauders, lamar adams and his sales staff at the big law firms, the nancy new family and her band of wrestlers all come to mind....
feel free to add to my list....................

Anonymous said...

Attn 9:16. Mississippi gets a lot of bad press. I am glad you pointed out several of the things Mississippi is really good at



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