ND regulators ask for control of bankrupt elevatorBISMARCK, N.D. — State regulators are asking a judge for control of a defunct grain elevator in northeastern North Dakota.
BISMARCK, N.D. — State regulators are asking a judge for control of a defunct grain elevator in northeastern North Dakota.
Records show Organic Grain and Milling has more than $200,000 in unpaid claims from five grain sellers. The largest is a $180,000 claim from Kodiak Farms of southern Alberta.
Organic Grain’s North Dakota elevator license was revoked last February because it didn’t have bond coverage. The elevator is located in Clyde, in Cavalier County.
North Dakota’s Public Service Commission will ask a judge to give the commission control of the elevator’s assets. The commission will sort through claims from creditors.
Commission Chairman Kevin Cramer says Organic Grain is supposed to have a $62,500 bond. Some claims may be covered by a separate insurance fund.