PSC on Falkirk Elevator Situation - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

PSC on Falkirk Elevator Situation

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It's been a long road for many farmers in McLean County.
After more than year long wait, farmers involved in the Falkirk Elevator incident could finally see some cash.

It's been more than a year a half since a well known elevator closed it's doors.
Falkirk / Hazen Farmers Elevators closed their doors in 2012 after trying to cover 6 million dollars in loans and operating debt.
Many farmers that the Elevator still owed money were left unpaid.
The Public Service Commission has unanimously approved a motion recommending to district court those seven claimants receive payments in the ongoing case against the insolvent elevator.
If approved those claims will be paid out through the state producer funded indemnity fund and receive 80% of their value.
(Randy Christmann / PSC Commissioner) "We choose what is kinda of a novel approach. It's never been done here before. Instead of waiting for the whole process to get all done, and then send out money from the trust fund, send out money from the indemnity fund, we are asking the court to bifurcate the case. In the case of these seven valid claimants let's just get this done."
Public Service Commissioner Randy Christmann says those 7 credit sales contracts, total nearly 300-thousand dollars.
Christmann says he would like to get those farmers their money so they can operate in the year ahead.
(Randy Christmann / PSC Commissioner) "To me it's obvious what the resolution is. That they are valid that they should get 80%. Let's get them their money allow them to move on. They are going to sustain a loss on it. But there is no sense dragging that loss out for another couple years in federal court." 
Christmann says a lesson can be learned from the Falkirk incident. 
He says producers are taking a lot of risk by waiting too long to collect their money or get a contract signed.
(Randy Christmann / PSC Commissioner) "If they have grain claims that they haven't signed contracts on and they are trying to make their decisions based on taxes, and that sort of thing. They are really putting themselves at a lot of risk if they are depending on that bond to cover it because as months and months go by that grain will be shipped out and gone and something happens to that elevator all we have is that bond."

Christmann says a complaint process started in October of 2012.
December 31st, the PSC was appointed trustee.
The hearing is scheduled for March 13, in the Burleigh County Courthouse. 

 

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