Foreclosure Likely in Mamtek Future

5 years 9 months 4 days ago Monday, March 12 2012 Mar 12, 2012 Monday, March 12, 2012 12:04:00 PM CDT March 12, 2012 in News
By: Todd Tumminia
loading

MOBERLY - Moberly officials said Monday the failed Mamtek project there is headed toward a foreclosure. This comes after the $39 million project hit the market Tuesday in the form of a Wall Street Journal ad. Equity Partners CRB placed the two-inch ad. A Wall Street Journal spokesperson said a national ad that size runs an open rate of $2,721 for a single placement.

The ad states the manufacturing facility is a "partially completed facility located on 30 acres with 2 buildings, a large production canopy and approximately 86,000 square feet under roof." It goes on to contain it is "designed for sucralose production, but suitable for a variety of alternative uses."

UMB Bank hired Equity Partners CRB in the hopes of finding a buyer for the Mamtek assets.

Mayor Bob Riley said this process would have taken place sooner if it were up to the city, but since the bank got involved, the process slowed down a bit.

John Reed, a bankruptcy attorney based in Jefferson City, said his experience leads him to believe foreclosure is the most likely outcome for a number of reasons.

First, in order to be sold to another company, everything would have be foreclosed. This would give a clear title to the new buyer. If no company buys the Mamtek assets, it would likely be foreclosed and bid on by UMB Bank with the hope of receiving a matching or better offer from another source.

Both Riley and Reed estimate the whole situation will take years to settle. According to them, it won't happen overnight.

More News

Grid
List
COLUMBIA - The Missouri State Highway Patrol has confirmed it has fired Trooper Anthony Piercy. KOMU 8 spoke to... More >>
8 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 8:42:00 PM CST December 15, 2017 in News
COLUMBIA - St. Louis officers arrested a suspect that was on the run in a duplex on Sears Court in... More >>
9 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 8:29:00 PM CST December 15, 2017 in News
COLUMBIA - The application for the top education position in the state, Missouri State Education Board Commissioner, opened Friday leaving... More >>
9 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 8:02:00 PM CST December 15, 2017 in News
BLUE SPRINGS (AP) — A commercial real estate records company based in suburban Kansas City has abruptly shut down, leaving... More >>
9 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 7:42:00 PM CST December 15, 2017 in Top Stories
COLUMBIA - The Columbia Fire Department say a house fire that killed a cat Friday afternoon started in the kitchen.... More >>
10 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 7:29:00 PM CST December 15, 2017 in News
COLUMBIA - For the past six years Ryan Shultz, the creator/owner of the Candy Cane Crib, has shared a well-lit... More >>
10 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 7:17:00 PM CST December 15, 2017 in News
COLUMBIA - The Centers for Disease Control and Prevention said around half of adults in the U.S. struggle with understanding... More >>
11 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 6:00:00 PM CST December 15, 2017 in Continuous News
OLATHE, Kan. (AP) — A Blue Springs, Missouri, man has pleaded guilty to kidnapping and raping a sheriff's deputy... More >>
12 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 4:51:08 PM CST December 15, 2017 in News
KANSAS CITY, Mo. (AP) — Ten people are facing federal indictment in a $5.4 million methamphetamine distribution conspiracy. ... More >>
13 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 4:07:15 PM CST December 15, 2017 in News
COLUMBIA - Several new businesses will open in Columbia at the start of the new year. Wheely's Cafe, a... More >>
13 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 3:49:00 PM CST December 15, 2017 in Continuous News
INDEPENDENCE - Police have now cancelled an endangered silver advisory for a 73-year-old woman with dementia who might have been... More >>
13 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 3:43:00 PM CST December 15, 2017 in News
JEFFERSON CITY – The Jefferson City Public School Boundaries Committee began discussions on boundary lines for the city’s new high... More >>
14 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 3:29:00 PM CST December 15, 2017 in News
HOLTS SUMMIT - Holts Summit's board of aldermen met Thursday night to discuss creating a city-owned shelter. Currently, the... More >>
14 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 3:07:00 PM CST December 15, 2017 in News
SEDALIA (AP) — The former administrator of an ambulance service in central Missouri has pleaded guilty to embezzling more... More >>
14 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 2:52:00 PM CST December 15, 2017 in News
COLUMBIA - Police said a 42-year-old woman went missing Friday morning and was considered at risk because of medical conditions.... More >>
15 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 2:11:00 PM CST December 15, 2017 in News
ST. LOUIS (AP) — Some HIV-positive patients in nearly half the counties in Missouri will lose health insurance coverage next... More >>
16 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 1:02:12 PM CST December 15, 2017 in News
ST. LOUIS (AP) — A 37-year-old man is charged in the shooting of two suburban St. Louis police officers who... More >>
17 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 12:28:00 PM CST December 15, 2017 in News
MONTGOMERY CITY - The Montgomery County Coroner's office is investigating how a person died after a house fire Thursday afternoon... More >>
17 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 12:15:00 PM CST December 15, 2017 in News
Columbia, MO
Broken Clouds 36°
6am 35°
7am 35°
8am 36°
9am 40°

Select a station to view its upcoming schedule:

Coming Up Next

5:00a
This Week in Mizzou Basketball
5:30a
On the Money
6:00a
KOMU 8 News Today
5:00a
Paid Program
5:30a
Paid Program
6:00a
Paid Program

Tonight's Schedule

7:00p
Will & Grace
7:30p
Superstore
8:00p
Dateline NBC
9:00p
Saturday Night Live
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld