Foreclosure Likely in Mamtek Future

8 years 6 months 1 week 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
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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.

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