Construction companies get distribution from Mamtek project

3 years 4 months 6 days ago Wednesday, December 16 2015 Dec 16, 2015 Wednesday, December 16, 2015 5:37:00 PM CST December 16, 2015 in News
By: The Associated Press

HUNTSVILLE (AP) — A court-ordered distribution will give construction crews owed more than $2 million for work on the failed Mamtek factory in Moberly less than 15 cents on the dollar.

Circuit Judge Scott Hayes on Tuesday split $584,990 between UMB Bank and the five contractors. UMB is the trustee for $39 million in Moberly Industrial Development Authority bonds issued for the plant.

The Columbia Daily Tribune reports Septagon Construction-Columbia, owed almost $1.4 million, will receive $193,814.

The distribution settled the long case between UMB and the five contractors. It was filed in 2011 by Septagon to collect for its unpaid work.

The case is the latest of more than a dozen civil actions arising from the failed project to build an artificial sweetener plant in Moberly.

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