mamtek http://kbia.org en Trial delayed for former sweetener plant CEO http://kbia.org/post/trial-delayed-former-sweetener-plant-ceo <p style="color: rgb(51, 51, 51); font-family: Verdana, Helvetica, Arial, sans-serif, Geneva; font-size: 11px; line-height: 15px;">The criminal trial of former Mamtek CEO Bruce Cole has been delayed until December by a St. Charles County judge presiding over the case.</p><p> Fri, 18 Apr 2014 13:43:40 +0000 Associated Press 51542 at http://kbia.org Trial delayed for former sweetener plant CEO Moberly ruled not responsible for Mamtek bonds http://kbia.org/post/moberly-ruled-not-responsible-mamtek-bonds <p style="color: rgb(51, 51, 51); font-family: Verdana, Helvetica, Arial, sans-serif, Geneva; font-size: 11px; line-height: 15px;">A federal judge has ruled that the city of Moberly, Mo., and its industrial development authority are not responsible for bonds involved in a failed artificial sweetener plant project.</p><p> Fri, 28 Feb 2014 23:49:14 +0000 Associated Press 48924 at http://kbia.org Moberly ruled not responsible for Mamtek bonds New lawsuits filed over failed Mamtek plant in Moberly http://kbia.org/post/new-lawsuits-filed-over-failed-mamtek-plant-moberly <p></p><p>A bankruptcy trustee has filed lawsuits seeking millions of dollars in damages against former officials with Mamtek, the company behind a failed plan to build a sweetener facility in Moberly.</p><p>The Columbia Daily Tribune reports Trustee Bruce Strauss filed lawsuits last week seeking repayment of $7 million that former officers and agents of Mamtek received. The lawsuits also seek actual damages of $72 million and punitive damages. Tue, 14 Jan 2014 16:22:04 +0000 Associated Press 46637 at http://kbia.org New lawsuits filed over failed Mamtek plant in Moberly MFA Oil approved to purchase Mamtek property in Moberly http://kbia.org/post/mfa-oil-approved-purchase-mamtek-property-moberly <p>MFA Oil announced this afternoon it has been approved to purchase property in Moberly that would have housed the Mamtek facility. MFA officials could not comment on the sale price, but say a bankruptcy court has approved the sale of the 33 acre property.&nbsp;</p><p>Corey Mehaffy is the President of Moberly Area Economic Development. He said the city is looking forward to assisting MFA in preparing the facility for use after the previous trouble the city had with the space.</p> Tue, 03 Dec 2013 23:00:37 +0000 Lee Anne Denyer 44718 at http://kbia.org MFA Oil approved to purchase Mamtek property in Moberly Lawsuit seeks $30 million in failed Mamtek plant http://kbia.org/post/lawsuit-seeks-30-million-failed-mamtek-plant <p>A new lawsuit is seeking $30 million from an investment banking firm and 10 employees because of a failed factory project in central Missouri.</p><p>Morgan Keegan, which has merged with Raymond James Financial Inc., was the underwriter in 2010 for a $39 million bond issue for a failed artificial sweetener factory for Mamtek US Inc. in Moberly. Construction on the factory stopped in August 2011 when Mamtek failed to make a required bond payment. Fri, 29 Nov 2013 15:02:01 +0000 Associated Press 44523 at http://kbia.org Lawsuit seeks $30 million in failed Mamtek plant Moberly settles Mamtek lawsuit http://kbia.org/post/moberly-settles-mamtek-lawsuit <p>A northeast Missouri community has agreed to pay $95,000 to end its involvement in a lawsuit filed by investors in a failed artificial sweetener plant.</p><p>The Columbia Daily Tribune <a href="http://bit.ly/1dqukcB">reports</a> Moberly and the Moberly Industrial Development Authority have settled a lawsuit filed by Shelter Insurance Cos. and other Mamtek investors.</p><p>The city filed notice of the deal with the Missouri Supreme Court this week and asked it to dismiss a pending case to determine whether the city could be forced to take part in the suit.</p> Wed, 13 Nov 2013 20:30:46 +0000 Associated Press 43717 at http://kbia.org Moberly settles Mamtek lawsuit District Judge says her husband - Rep. Chris Kelly - won't affect her Mamtek ruling http://kbia.org/post/district-judge-says-her-husband-rep-chris-kelly-wont-affect-her-mamtek-ruling <p>A federal judge in Missouri has refused to remove herself from a lawsuit involving a failed sweetener company whose leaders were aggressively questioned by the judge's lawmaker husband.</p><p>Attorneys for investment bank Morgan Keegan wanted U.S. District Judge Nanette Laughrey to step aside from a lawsuit filed by an Alabama investor in the failed plant in Moberly.</p><p>The Columbia Tribune reports John Cromeans is seeking restitution of $50,000 he spent on bonds issued by the Moberly Industrial Development Authority for Mamtek U.S. Inc. and marketed by Morgan Keegan. Thu, 08 Aug 2013 16:00:46 +0000 Associated Press 38498 at http://kbia.org District Judge says her husband - Rep. Chris Kelly - won't affect her Mamtek ruling Koster wants to track ex-Mamtek CEO with GPS http://kbia.org/post/koster-wants-track-ex-mamtek-ceo-gps <p><span style="line-height: 1.5;">Missouri prosecutors want a judge to let them keep closer tabs on the former head of a failed artificial sweetener plant in </span>Moberly<span style="line-height: 1.5;">.</span></p><p> Thu, 16 May 2013 22:24:57 +0000 Person: Associated Press 33892 at http://kbia.org Koster wants to track ex-Mamtek CEO with GPS Moberly, Mo., takes costly financial hit this month due to Mamtek http://kbia.org/post/moberly-mo-takes-costly-financial-hit-month-due-mamtek <p>Moberly has taken close to a sixty thousand dollar hit this month because of Mamtek, the failed artificial sweetener plant.&nbsp;&nbsp;</p><p>Throughout April, the city has spent that sum in legal fees due to the Mamtek fiasco.</p><p>These legal costs include attorneys’ fees that Moberly is paying in their fight against Mamtek in court.</p><p>The spent funds will take away from money that could have gone toward other departments in the city, such as the police and fire departments. That’s according to City Director of Finance Greg Hodge.</p> Thu, 25 Apr 2013 22:41:14 +0000 Jay Wallis 32671 at http://kbia.org Kander announces legal action over Mamtek failure http://kbia.org/post/kander-announces-legal-action-over-mamtek-failure Missouri Secretary of State Jason Kander is taking action against a financial management company connected to the failed Mamtek artificial sweetener plant in mid-Missouri.<p>In his role as Secretary of State Jason Kander also serves as Missouri’s chief securities regulator.<p>He’s accusing Morgan Keegan, a Memphis-based firm of helping defraud Missourians based on a list of falsehoods, including the claim the Mamtek held several production patents. Fri, 05 Apr 2013 13:07:31 +0000 Adam Allington 31553 at http://kbia.org Kander announces legal action over Mamtek failure Former CEO of Mamtek released from Mo. jail http://kbia.org/post/former-ceo-mamtek-released-mo-jail <p></p><p>The former CEO of a failed artificial sweetener facility has been released from a Missouri jail after posting $10,000 bail while awaiting trial on theft and fraud charges.</p><p>Officials at the Randolph County jail say Bruce Cole was released Monday. He faces one theft charge and four counts of securities fraud stemming from the financial collapse of a Mamtek U.S. facility in Moberly in 2011.</p> Tue, 26 Mar 2013 22:06:26 +0000 Associated Press 31030 at http://kbia.org Former CEO of Mamtek released from Mo. jail Mamtek CEO waives preliminary hearing http://kbia.org/post/mamtek-ceo-waives-preliminary-hearing <p>The former CEO of a failed artificial sweetener facility in Moberly has waived his right to a preliminary hearing on charges of theft and securities fraud. Thu, 17 Jan 2013 23:51:31 +0000 Associated Press 27456 at http://kbia.org Mamtek CEO waives preliminary hearing Year in review: a look back at the news from 2012 http://kbia.org/post/year-review-look-back-news-2012 <p></p><p><strong style="margin: 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; color: rgb(51, 51, 51); font-family: Georgia, Times, serif; line-height: 22px;">Watch the show and join the conversation on the&nbsp;<a href="http://intersectkbia.weebly.com/" style="margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; color: rgb(12, 76, 162);">Intersection website.</a></strong></p><p> Mon, 31 Dec 2012 23:32:17 +0000 Rehman Tungekar 26648 at http://kbia.org Year in review: a look back at the news from 2012 Mamtek investors to get small portion of money back http://kbia.org/post/mamtek-investors-get-small-portion-money-back <p>A bank says that most investors in the failed Mamtek factory project in Moberly will soon begin receiving small payments from a recent auction of the company’s equipment. Fri, 21 Dec 2012 21:28:02 +0000 Associated Press 26292 at http://kbia.org Judge denies Mamktek CEO lower bond http://kbia.org/post/judge-denies-mamktek-ceo-lower-bond <p>A Randolph County judge has refused to lower the $500,000 cash bond for the former CEO of a failed factory project in Moberly who is facing felony fraud charges. Fri, 14 Dec 2012 14:13:42 +0000 Associated Press 25931 at http://kbia.org Judge denies Mamktek CEO lower bond Cameras allowed in court for Mamtek case http://kbia.org/post/cameras-allowed-court-mamtek-case <p>A central Missouri judge will allow media to have cameras, audio and video recording during court appearances by the former head of an artificial sweetener company now facing charges of theft and securities fraud.</p><p>Bruce Cole was chairman and CEO of Mamtek U.S. Inc., which received $39 million in industrial development bonds from the city of Moberly to build a sweetener plant. Construction stalled after a bond payment was missed. Authorities accuse Cole of using bond revenues for personal purposes and misleading investors.</p> Wed, 05 Dec 2012 23:40:59 +0000 Associated Press 25506 at http://kbia.org Cameras allowed in court for Mamtek case Low interest in Mamtek leftovers at Mo. auction http://kbia.org/post/low-interest-mamtek-leftovers-mo-auction <p>An auction of assets left from a failed artificial sweetener factory in Moberly is drawing curious onlookers but few big buyers.<br><br>The auction of Mamtek U.S. property drew more than 20 prospective bidders Wednesday morning to a Moberly hotel ballroom, joined by online participants.<br><br>Buyers sought deals on individual pieces of equipment owned by Mamtek, but no one submitted a bid for the company's real estate or its intellectual property.<br> Wed, 24 Oct 2012 22:20:20 +0000 Associated Press 23377 at http://kbia.org Low interest in Mamtek leftovers at Mo. auction Mamtek leftovers go on sale at Moberly auction http://kbia.org/post/mamtek-leftovers-go-sale-moberly-auction <p>The northern Missouri artificial sweetener plant project that turned sour when its financing collapsed last year is holding an out-of-business sale.</p><p>Mamtek U.S. received $39 million of industrial development bonds from the city of Moberly and could have earned up to $17 million of state tax incentives to build the factory. Construction ceased on the partially complete factory after Mamtek missed a bond payment in August 2011. Former CEO Bruce Cole faces fraud and stealing charges and remains in the Randolph County Jail awaiting trial.</p> Wed, 24 Oct 2012 12:59:27 +0000 Associated Press 23333 at http://kbia.org Mamtek leftovers go on sale at Moberly auction Former Mamtek CEO granted Missouri public defender http://kbia.org/post/former-mamtek-ceo-granted-missouri-public-defender <p>The former CEO of a failed sweetener facility is back in Missouri to face charges that he spent public money intended for the planned Moberly factory for his personal use.</p><p>Ex-Mamtek U.S. Inc. head Bruce Cole faces fraud and stealing charges after plans to build the plant collapsed. Prosecutors say he used some of the money from a $39 million bond to avoid foreclosure on his Beverly Hills home.</p> Tue, 23 Oct 2012 16:16:24 +0000 Associated Press 23265 at http://kbia.org Former Mamtek CEO granted Missouri public defender Former Mamtek CEO now jailed in Missouri http://kbia.org/post/former-mamtek-ceo-now-jailed-missouri <p>The former CEO of a proposed sweetener facility is in jail in Missouri after giving up his fight against being extradited from California.</p><p>Ex-Mamtek U.S. Inc. head Bruce Cole faces fraud and stealing charges after plans to build a sweetener plant in Moberly collapsed. Prosecutors said he used some of the money from a $39 million bond to avoid foreclosure on his Beverly Hills home.</p> Mon, 22 Oct 2012 12:56:31 +0000 Associated Press 23195 at http://kbia.org Newscast for October 3, 2012 http://kbia.org/post/newscast-october-3-2012-0 <p>Regional news coverage from the KBIA newsroom, including:</p><ul><li>More Akin abortion remarks stir criticism</li><li>Sweetener company CEO headed back to Missouri</li><li>Schaefer, Still square off in debate on MU campus</li><li>McCaskill says she raised $5.8M for Mo. Senate bid</li></ul> Wed, 03 Oct 2012 23:58:48 +0000 Rehman Tungekar 22238 at http://kbia.org Sweetener company CEO headed back to Missouri http://kbia.org/post/sweetener-company-ceo-headed-back-missouri <p>Missouri officials say the former head of an artificial sweetener company has agreed to return from California to face charges of theft and securities fraud stemming from a failed factory project.</p><p>Bruce Cole was chairman and CEO of Mamtek U.S. Inc., which received $39 million of industrial development bonds from the city of Moberly to build a sweetener plant.</p><p>Cole is charged in Missouri with using bond revenues to avoid foreclosure on his Beverley Hills home and misleading investors about his company's financial health.</p> Wed, 03 Oct 2012 22:52:27 +0000 Associated Press 22234 at http://kbia.org Sweetener company CEO headed back to Missouri Former Mamtek CEO Fighting Extradition To Missouri http://kbia.org/post/former-mamtek-ceo-fighting-extradition-missouri The former CEO of Mamtek is fighting extradition to Missouri.<p>At a court hearing today in Santa Ana, California, Bruce Cole refused to be extradited, which means that he can’t be sent back to Missouri unless the <a href="http://gov.ca.gov/home.php">Governor of California</a> asks the court to order it.&#160; A spokeswoman for the <a href="http://www.ago.mo.gov/">Missouri Attorney General’s office </a>says that request is being expedited.<p>Cole is charged with diverting $700,000 in bond money from the city of Moberly to pay for personal expenses, including a failed attempt to prevent foreclo Thu, 27 Sep 2012 22:57:51 +0000 Marshall Griffin 21924 at http://kbia.org Former Mamtek CEO Fighting Extradition To Missouri UPDATE: Former CEO of Mamtek arrested, faces criminal charges http://kbia.org/post/update-former-ceo-mamtek-arrested-faces-criminal-charges <p><em>UPDATE: 3:00 pm, Tuesday September 18: </em></p><p>Former Mamtek CEO Bruce Cole was arrested at his home in Dana Point, California on Tuesday after the Missouri Attorney General charged him with theft and fraud.</p><p>Missouri Attorney General Chris Koster told reporters that Bruce Cole -- the former CEO of the now defunct company Mamtek -- has been charged with stealing and four counts of securities fraud.</p> Tue, 18 Sep 2012 16:20:18 +0000 Kristofor Husted 21334 at http://kbia.org UPDATE: Former CEO of Mamtek arrested, faces criminal charges State Senate considers bill requiring deeper business background checks http://kbia.org/post/state-senate-considers-bill-requiring-deeper-business-background-checks <p>The State Senate is considering legislation aiming to prevent economic disasters like Mamtek&rsquo;s failed factory project in Moberly. Mon, 30 Apr 2012 14:21:40 +0000 Zach Garcia 13254 at http://kbia.org State Senate considers bill requiring deeper business background checks Lawsuit filed over Mamtek controversy http://kbia.org/post/lawsuit-filed-over-mamtek-controversy <p>Columbia-based Shelter Insurance has sued a bond underwriter for $390 million over municipal bonds issued by the city of Moberly for the failed Mamtek USA sweetener plant project. Thu, 22 Mar 2012 14:25:27 +0000 Associated Press 11012 at http://kbia.org Newscast for March 22, 2012 http://kbia.org/post/newscast-march-22-2012 <p>Regional news coverage from the KBIA News room, including:</p><ul><li>House legislators examine new death penalty rules in Missouri</li><li>The controversy surrounding failed development of sweetener factory Mamtek in Moberly continues.</li><li>Senate leaders endorse bill making disturbances of religious worship a crime.</li></ul> Thu, 22 Mar 2012 14:19:28 +0000 Scott Kanowsky 11010 at http://kbia.org Insider testifies on Mamtek, cites concerns before the deal was closed http://kbia.org/post/insider-testifies-mamtek-cites-concerns-deal-was-closed <p>A patent attorney who vouched for a Chinese artificial sweetener factory has testified that he became aware of concerns about the Chinese site before a deal closed to finance the construction of a similar plant in Moberly.</p><p>Los Angeles attorney Michael Wise testified yesterday by video conference after being subpoenaed by a special Missouri House committee investigating the failure of Mamtek U.S. Incorporated, which had been offered state and local incentives to open a factory in Moberly.</p> Fri, 20 Jan 2012 16:40:53 +0000 Associated Press 7370 at http://kbia.org Insider testifies on Mamtek, cites concerns before the deal was closed Legislation aims to prevent another Mamtek fiasco http://kbia.org/post/legislation-aims-prevent-another-mamtek-fiasco <p>A Republican state Representative from southwest Missouri has introduced legislation he says will help prevent another Mamtek from happening in the state. Wed, 28 Dec 2011 23:10:16 +0000 Rachel Lippmann 6085 at http://kbia.org Legislation aims to prevent another Mamtek fiasco The Mamtek deal and its aftermath http://kbia.org/post/mamtek-deal-and-its-aftermath <p><strong>Watch the show and join the conversation on the<a href="http://intersectkbia.weebly.com/"> Intersection website.</a></strong></p><p> Mon, 12 Dec 2011 22:00:05 +0000 Rehman Tungekar 5265 at http://kbia.org The Mamtek deal and its aftermath