New Energae caseTwo North Dakotans are among three plaintiffs that have filed a new petition for receivership against Energae LP of Clear Lake, Iowa, after others who filed a similar petition a month ago settled their case.
By: Mikkel Pates, Agweek
FARGO, N.D. — Two North Dakotans are among three plaintiffs that have filed a new petition for receivership against Energae LP of Clear Lake, Iowa, after others who filed a similar petition a month ago settled their case.
Cliff Hylden and his son, Josh Hylden, from Park River, N.D., among the plaintiffs in a new petition. Their petition was filed Sept. 9 in Cerro Gordo County district court in Mason City, Iowa. No court date has been set.
Joe Pfeiffer, of counsel with Fishman Haygood Phelps Walmsley Willis & Swanson LLP, says the new petition is nearly identical to the earlier one, which his firm also handled.
“The basic thing that is happening is we’re continuing our quest to figure out what — if anything — is owned by Energae LP, and what is owed,” Pfeiffer said Sept. 12.
The Sept. 9 petition asks the court to appoint a receiver to control Energae LP of Clear Lake, which managed an ethanol plant and a waste-to-electricity business in Iowa.
The earlier petition was filed by Robert Hylden and Darren Sheldon, both of Fargo, N.D., on Aug. 5, but was “settled” Aug. 26, on the eve of an Aug. 27 hearing in Mason City, Iowa. Pfeiffer declined to explain the nature of the settlement, except that the issue was “resolved.”
Darrell Duane Smith of Forest City, Iowa, who had been active in acquiring investments and loans for the company, earlier was permanently banned from both insurance work and from investment connections to Energae.
Energae in March 2012 was looking for sugar beet farmers in the Red River Valley to invest in the company and to produce beets for an ethanol process in Grafton, N.D. — a project that fell through.
Robert and Cliff Hylden are brothers. They are also brothers to the Rev. Todd Hylden, Fergus Falls, Minn., who formerly was a marketing official of Energae LP. Pfeiffer says the Hyldens are a large family and that it’s “not unusual” to find investors from the same family.