mamtek

Crime
8:43 am
Fri April 18, 2014

Trial delayed for former sweetener plant CEO

The unfinished Mamtek plant in Moberly, Mo.
Credit Kristofor Husted / KBIA

The criminal trial of former Mamtek CEO Bruce Cole has been delayed until December by a St. Charles County judge presiding over the case.

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Business
5:49 pm
Fri February 28, 2014

Moberly ruled not responsible for Mamtek bonds

A U.S. district judge ruled that the city of Moberly, Mo., had legally issued bonds in relation to the construction of a Mamtek plant in 2010.
Kristofor Husted KBIA

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.

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Business
10:22 am
Tue January 14, 2014

New lawsuits filed over failed Mamtek plant in Moberly

Credit Kristofor Husted / KBIA

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.

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.

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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.

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Business
9:02 am
Fri November 29, 2013

Lawsuit seeks $30 million in failed Mamtek plant

Credit steakpinball / Flickr

A new lawsuit is seeking $30 million from an investment banking firm and 10 employees because of a failed factory project in central Missouri.

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.

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Business
2:30 pm
Wed November 13, 2013

Moberly settles Mamtek lawsuit

Credit Flickr / steakpinball

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.

The Columbia Daily Tribune reports Moberly and the Moberly Industrial Development Authority have settled a lawsuit filed by Shelter Insurance Cos. and other Mamtek investors.

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.

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Crime
11:00 am
Thu August 8, 2013

District Judge says her husband - Rep. Chris Kelly - won't affect her Mamtek ruling

Keith Burtis Flickr

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.

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.

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.

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Politics
5:24 pm
Thu May 16, 2013

Koster wants to track ex-Mamtek CEO with GPS

Credit Brian Turner / Flickr

Missouri prosecutors want a judge to let them keep closer tabs on the former head of a failed artificial sweetener plant in Moberly.

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5:17 pm
Fri April 26, 2013

Moberly Monitor-Index: City of Moberly dropped from Mamtek case

Lead in text: 
Earlier this week, KBIA told you the City of Moberly has paid at least $677,000 in court fees since the Mamtek sucralose factory failed in 2010, including at least $60,000 in fees so far in April. Today, the Moberly Monitor-Index is reporting the city and its development authority have both been dismissed from a case being brought against them by Mamtek bondholders.
The MMI has just been informed that the City of Moberly and the Industrial Development Authority for the City have been dismissed from the court litigation brought by certain Mamtek bondholders, by Judge Patricia S. Joyce.Joyce granted the City and IDA's Motion for Dismissal late Thursday,
Politics
5:41 pm
Thu April 25, 2013

Moberly, Mo., takes costly financial hit this month due to Mamtek

Moberly has taken close to a sixty thousand dollar hit this month because of Mamtek, the failed artificial sweetener plant.  

Throughout April, the city has spent that sum in legal fees due to the Mamtek fiasco.

These legal costs include attorneys’ fees that Moberly is paying in their fight against Mamtek in court.

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.

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Business
8:07 am
Fri April 5, 2013

Kander announces legal action over Mamtek failure

(Mo. Sec. Of State website)

Originally published on Fri April 5, 2013 12:04 pm

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.

In his role as Secretary of State Jason Kander also serves as Missouri’s chief securities regulator.

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.  

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Crime
5:06 pm
Tue March 26, 2013

Former CEO of Mamtek released from Mo. jail

Mamtek was supposed to set up shop at this site in Moberly.
Credit Kristofor Husted / KBIA

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.

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.

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Business
5:51 pm
Thu January 17, 2013

Mamtek CEO waives preliminary hearing

Joe Gratz Flickr

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.

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Intersection
5:32 pm
Mon December 31, 2012

Year in review: a look back at the news from 2012

Watch the show and join the conversation on the Intersection website.

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Business
3:28 pm
Fri December 21, 2012

Mamtek investors to get small portion of money back

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.

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Business
8:13 am
Fri December 14, 2012

Judge denies Mamktek CEO lower bond

Flickr steakpinball

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.

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Crime
5:40 pm
Wed December 5, 2012

Cameras allowed in court for Mamtek case

Flickr steakpinball

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.

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.

Business
5:20 pm
Wed October 24, 2012

Low interest in Mamtek leftovers at Mo. auction

Keith Burtis Flickr

An auction of assets left from a failed artificial sweetener factory in Moberly is drawing curious onlookers but few big buyers.

The auction of Mamtek U.S. property drew more than 20 prospective bidders Wednesday morning to a Moberly hotel ballroom, joined by online participants.

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.

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Business
7:59 am
Wed October 24, 2012

Mamtek leftovers go on sale at Moberly auction

File Photo Flickr

The northern Missouri artificial sweetener plant project that turned sour when its financing collapsed last year is holding an out-of-business sale.

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.

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Crime
11:16 am
Tue October 23, 2012

Former Mamtek CEO granted Missouri public defender

Joe Gratz Flickr

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.

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.

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Crime
7:56 am
Mon October 22, 2012

Former Mamtek CEO now jailed in Missouri

The former CEO of a proposed sweetener facility is in jail in Missouri after giving up his fight against being extradited from California.

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.

PM Newscasts
6:58 pm
Wed October 3, 2012

Newscast for October 3, 2012

Regional news coverage from the KBIA newsroom, including:

  • More Akin abortion remarks stir criticism
  • Sweetener company CEO headed back to Missouri
  • Schaefer, Still square off in debate on MU campus
  • McCaskill says she raised $5.8M for Mo. Senate bid
Business
5:52 pm
Wed October 3, 2012

Sweetener company CEO headed back to Missouri

Last month, Missouri Attorney General Chris Koster announced that Mamtek CEO Bruce Cole was arrested in California
Kristofor Husted KBIA

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.

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.

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.

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Mamtek
5:57 pm
Thu September 27, 2012

Former Mamtek CEO Fighting Extradition To Missouri

Orange County, California, Sheriff's Dept.

Originally published on Thu September 27, 2012 5:52 pm

The former CEO of Mamtek is fighting extradition to Missouri.

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 Governor of California asks the court to order it.  A spokeswoman for the Missouri Attorney General’s office says that request is being expedited.

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Politics
11:20 am
Tue September 18, 2012

UPDATE: Former CEO of Mamtek arrested, faces criminal charges

With the old Mamtek site in Moberly, Mo., as a backdrop, Attorney General Chris Koster announced that Mamtek CEO Bruce Cole was arrested this morning in California.
Kristofor Husted KBIA

UPDATE: 3:00 pm, Tuesday September 18:

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.

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.

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Politics
9:21 am
Mon April 30, 2012

State Senate considers bill requiring deeper business background checks

A bill currently before the Mo. Senate would require deeper background checks of businesses looking to set up shop in the Show-Me State.
File KBIA

The State Senate is considering legislation aiming to prevent economic disasters like Mamtek’s failed factory project in Moberly.

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Politics
9:25 am
Thu March 22, 2012

Lawsuit filed over Mamtek controversy

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.

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AM Newscasts
9:19 am
Thu March 22, 2012

Newscast for March 22, 2012

Regional news coverage from the KBIA News room, including:

  • House legislators examine new death penalty rules in Missouri
  • The controversy surrounding failed development of sweetener factory Mamtek in Moberly continues.
  • Senate leaders endorse bill making disturbances of religious worship a crime.
Politics
10:40 am
Fri January 20, 2012

Insider testifies on Mamtek, cites concerns before the deal was closed

Governor Jay Nixon announcing the Mamtek plas in 2012
Rebecca Wolfson KBIA

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.

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.

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Business
5:10 pm
Wed December 28, 2011

Legislation aims to prevent another Mamtek fiasco

Governor Nixon was part of the ceremony announcing Mamtek's plans in July 2010.
Rebecca Wolfson KBIA News

A Republican state Representative from southwest Missouri has introduced legislation he says will help prevent another Mamtek from happening in the state.

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