A nearly three year old elevator insolvency case has been closed.
Almost.
It involves the Grand Forks Bean Company. That elevator dealt with edible beans. It went into insolvency after not being able to pay farmers claims.
The last such claim has now been paid. The courts said Curt Amundson had a credit sale contract with Grand Forks Bean. Public Service Commissioner Randy Christmann said Amundson was paid from the Credit Sale Contract Indemnity Fund.
“The payout is the maximum allowable,” Christmann said. “The amount owed was actually more than this. But the maximum alloed under the law is $280,000.”
Christmann said the other eight claims were cash-sale contracts, and those creditors got what they were owed.
Christmann said so…
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