Foreclosure Likely in Mamtek Future

7 years 2 months 2 weeks 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
CHARITON COUNTY - The Chariton County Emergency Management Agency is organizing sandbagging efforts in Brunswick Monday morning. Residents in need... More >>
9 hours ago Sunday, May 26 2019 May 26, 2019 Sunday, May 26, 2019 8:55:00 PM CDT May 26, 2019 in News
JEFFERSON CITY - Missouri's capital city is still piled high with metal, pieces of houses, glass and vegetation after four... More >>
11 hours ago Sunday, May 26 2019 May 26, 2019 Sunday, May 26, 2019 6:08:00 PM CDT May 26, 2019 in Top Stories
CALLAWAY COUNTY - After months of rehab work, volunteer firefighter Tim Hays is back at the North Callaway Fire Protection... More >>
13 hours ago Sunday, May 26 2019 May 26, 2019 Sunday, May 26, 2019 4:22:00 PM CDT May 26, 2019 in News
BRUNSWICK - Some residents of Brunswick are encouraged to evacuate their homes due to heavy flooding in the area, according... More >>
15 hours ago Sunday, May 26 2019 May 26, 2019 Sunday, May 26, 2019 2:55:00 PM CDT May 26, 2019 in News
ROCHEPORT – Severe flooding is happening across mid-Missouri and in Rocheport the flooding is leaving a finacial impact on businesses.... More >>
1 day ago Saturday, May 25 2019 May 25, 2019 Saturday, May 25, 2019 7:57:00 PM CDT May 25, 2019 in News
ELDON - Married couple and business partners Jennifer and Jeremy Hart are counting their blessings after the historic motel they... More >>
1 day ago Saturday, May 25 2019 May 25, 2019 Saturday, May 25, 2019 4:33:00 PM CDT May 25, 2019 in News
COLUMBIA - Twenty years after the Columbine High School shooting, many parents have only tepid confidence in school safety, according... More >>
1 day ago Saturday, May 25 2019 May 25, 2019 Saturday, May 25, 2019 3:16:00 PM CDT May 25, 2019 in News
JEFFERSON CITY - The Jefferson City Police Department released an official request for volunteers Saturday morning following Wednesday's EF-3 tornado.... More >>
1 day ago Saturday, May 25 2019 May 25, 2019 Saturday, May 25, 2019 1:56:00 PM CDT May 25, 2019 in News
ELDON - Sen. Josh Hawley (R-MO) spent his Saturday touring the path of destruction Wednesday's tornadoes left behind. Hawley... More >>
1 day ago Saturday, May 25 2019 May 25, 2019 Saturday, May 25, 2019 1:39:00 PM CDT May 25, 2019 in News
JEFFERSON CITY - The Jefferson City Police Department is investigating two incidents of alleged looting involving three individuals Friday afternoon... More >>
1 day ago Saturday, May 25 2019 May 25, 2019 Saturday, May 25, 2019 1:18:00 PM CDT May 25, 2019 in News
JEFFERSON CITY - Neighbors in Jefferson City were already watching the Missouri River rise, but no one planned on an... More >>
2 days ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 11:42:00 PM CDT May 24, 2019 in News
COLUMBIA - According to the Callaway County Sheriff's Office, water was over the runways at Jefferson City Airport in Callaway... More >>
2 days ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 8:09:00 PM CDT May 24, 2019 in Coverage From Callaway
JEFFERSON CITY - Insurance companies will inspect and process claims for damaged homes over the weekend. Wednesday night's tornado badly... More >>
2 days ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 6:48:00 PM CDT May 24, 2019 in Continuous News
COLUMBIA - A man involved in a car crash on I-70 May 16 has died from his injuries. William... More >>
2 days ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 6:31:00 PM CDT May 24, 2019 in News
BOONE COUNTY - The Missouri River has completely overflowed its banks near the end of South Route N. near Ashland.... More >>
2 days ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 6:16:00 PM CDT May 24, 2019 in News
JEFFERSON CITY - Jefferson City is offering instructions on how to get rid of the debris created by Wednesday's tornado.... More >>
2 days ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 5:08:00 PM CDT May 24, 2019 in News
JEFFERSON CITY - Insurance agents are warning people hit by Wednesday's tornado to be careful about signing repair contracts. ... More >>
2 days ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 3:26:00 PM CDT May 24, 2019 in News
JEFFERSON CITY – Volunteers from all over Jefferson City are working to help those affected by the tornado. The... More >>
2 days ago Friday, May 24 2019 May 24, 2019 Friday, May 24, 2019 2:37:00 PM CDT May 24, 2019 in Top Stories
Columbia, MO
Broken Clouds 69°
6am 68°
7am 69°
8am 72°
9am 74°