Express Grain Terminals LLC has filed lawsuits in Leflore County seeking payments totaling more than $244,000 that it alleges it never received from four companies.
Two suits have been filed in Leflore County Circuit Court and two in Leflore County Court.
Express Grain is suing J&J Bagging of Yazoo City, Wilkerson’s Trucking of Leland, Arbo International LLC of Houston and SME Dublin LLC of Macon, Georgia. The company argues that it completed business with those companies and never received payment for services rendered.
The complaints are similar, with Express Grain alleging that it sold a variety of products to these companies, including soybean meal, soybean oil and diesel fuel, but did not receive payment.
Express Grain filed for bankruptcy in September and is little more than a legal entity at this point. Its grain storage facilities and oil mill have been sold to other companies, and it has filed a plan of liquidation with the bankruptcy court.
Should the liquidation plan be approved, Express Grain will become a liquidated trust and will begin distributing what assets it has remaining to the line of creditors having claims against the company.
Express Grain admits in its plan submitted to the court that there are not enough funds available to make whole those who have administrative claims, which are first on the priority list.
These administrative claims include payments to its attorney, Craig Geno.
Still, bankruptcy affords Express Grain the right to execute avoidable transfers, which means it can call for the return of certain payments made within 90 days before its bankruptcy petition.
Along with its plan of liquidation, Express Grain filed an exhibit with the court that includes potential targets of a claim.
As reported by The Taxpayers Channel, one company, Borton LC of Ridgeland, has already negotiated to pay Express Grain $75,000 in order to make a potential claim, known as a claw back, go away.
- Contact Kevin Edwards at 662-581-7233 or kedwards@gwcommonwealth.com.
