When a $30 million loan came to Northern Beef Packers in the summer of 2010, it kept the faltering Aberdeen, S.D., plant afloat. It also provided a $950,000 payday for a mysterious Los Angeles firm known as Maverick Spade.
A South Dakota economic development office’s spin-off into a for-profit company is under the microscope as lawmakers vow to look further into the state’s role in financing the bankrupt Northern Beef Packers.
The South Dakota Governor’s Office of Economic Development has terminated its contract with a regional center that handled a U.S. immigration foreign investment program, according to documents obtained by The Associated Press.
Federal authorities are investigating the finances of an idled beef plant and a federal immigration program that supplied much of its funding, two former chief players in the company told The Associated Press on Thursday.
Laid-off workers at the Northern Beef Packers plant in the northern South Dakota city of Aberdeen say they haven’t been paid for more than two weeks and the plant hasn’t slaughtered any cattle for more than three weeks.
July 25, 2013
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