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.
Bondholder trustee UMB Bank says filed a notice filed this week with federal regulators. In it, UMB said checks will go out this week for about 6 cents on every $1 to most people who owned bonds in the failed Mamtek U.S. sucralose factory in Moberly.
The $2.1 million being distributed represents proceeds of an equipment auction held Oct. 24 and a portion of the remaining reserves. Construction stalled on the plant after a bond payment was missed in August 2011. The Columbia Daily Tribune reports the bank is retaining $1 million to pay future bankruptcy court expenses.