Business
5:00 pm
Tue December 3, 2013

MFA Oil approved to purchase Mamtek property in Moberly

Credit Kristofor Husted / KBIA

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. 

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.

“There are ongoing legal scenarios surrounding the former Mamtek project and the city is working with their attorneys to rectify those things, and doing what’s best for the citizens of Moberly," Mehaffy said.

Mamtek CEO Bruce Cole is still awaiting his trial for fraud and forgery charges related to his handling of the company. Mamtek was funded by $39 million in municipal bonds, and collapsed when the company stopped paying the bonds in August 2011.

Mehaffy says he expects the sale of the property to generate jobs and fuel the Moberly economy. A final closing date has not been set.