ND PSC recommends settlement in Anderson Seed caseThe North Dakota Public Service Commission on Nov. 22 voted unanimously to recommend a settlement of $685,000 in the Anderson Seed company insolvency
By: Agweek staff report, Agweek
The North Dakota Public Service Commission on Nov. 22 voted unanimously to recommend a settlement of $685,000 in the Anderson Seed company insolvency.
If approved by an East Central District Court judge at a hearing scheduled for Jan. 6, the settlement would provide farmers 43 percent of their cash claims and 80 percent of credit sale claims, the latter with the help of the state’s indemnity fund.
The settlement will be added to the forfeited bond and the cash value of the seeds that the commission held, bringing the trust fund total to more than $965,000. Claims totaling $4.1 million have been filed with the commission. The commission determined valid cash claims of $2.2 million and valid credit sale claims totaling $809,000. About $1 million of the claims were deemed invalid.
Claimants will be mailed a copy of the commission’s report and will have a chance to review the documents. Objections can be filed up to 10 days before the Jan. 6 hearing.