Mamtek leftovers go on sale at Moberly auction

(MOBERLY, Mo., AP) — 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.

An auction of the collapsed company’s unused equipment, land and other supplies starts at 10 a.m. Wednesday at the Best Western hotel in Moberly. Bidders can also make online purchases through California auctioneer Heritage Global Partner’s website.

Posted by on October 24, 2012. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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