The sale of Express Grain Terminals’ oil mill has been completed, according to court documents, meaning that all three of the company’s Leflore County facilities are now under new ownership.
The oil mill is now under the ownership of Thoroughbred Agrifuel Holdings, an investment company based in Denver.
The sale was closed Aug. 1. Terms were not disclosed.
The grain warehouses in Sidon and Minter City were previously sold to Frank Brumfield, the owner and chairman of the new Delta Grain Co., which has opened for business for this year’s harvest season.
All three facilities were originally acquired by UMB Bank, Express Grain’s largest creditor, during an auction for the facilities in February.
Both Brumfield and representatives from Thoroughbred were active at the auction, and they even attempted a joint bid for Express Grain’s facilities, but UMB’s bid of $25 million ended up being the winning one.
UMB then opted to exercise its right to transfer the sale rights of the facilities to other companies, which ended up being Thoroughbred and Delta Grain Co.
There is little left of Express Grain, which at one time was one of the Delta’s fastest-growing companies. The company’s attorney, Craig Geno of Jackson, recently submitted a plan of liquidation which, if approved, will allow the company to settle its remaining affairs. A court hearing to consider the matter is scheduled for Oct. 6.
UMB Bank is in the midst of a lawsuit from farmers who have alleged the bank was aware of Express Grain’s perilous financial state but chose to remain silent in order to seize as collateral the grain delivered to Express Grain.
The bank has denied the charges and has petitioned to have the lawsuit dismissed, but no decision has been delivered.
Representatives from both sides made a final visit to the former Express Grain offices last month to collect and copy any necessary documents before the transfer to Thoroughbred was completed.
- Contact Kevin Edwards at 662-581-7233 or kedwards@gwcommonwealth.com.
