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Central Louisiana Grain Cooperative Update
April 4, 2008
On March 13, 2008, Agriculture and Forestry Commissioner Mike Strain, D.V.M., was appointed as receiver of Central Louisiana Grain Cooperative, Inc., by order of the 9th Judicial District Court for the Parish of Rapides.
Since his appointment, Strain and his staff have taken control of the assets of the co-op and gathered information concerning its debts, including current and future obligations, monies owed to grain producers on deliveries occurring before the appointment of the receiver and futures contracts to be delivered in the coming weeks and months.
Co-Bank has been identified as the major secured creditor of the co-op. Co-Bank has asserted a security interest in its favor over essentially all of the assets of the co-op, including all of its bank accounts, cash, contracts and receivables.
Strain is filing a motion in the receivership proceedings seeking an order of the court authorizing him to pay to grain producers a partial payment of monies due to them out of the funds now in control of the receiver. The court will soon announce a hearing date.
As a result of the pending receivership action and Co-Bank’s assertion of its security interest, until it is judicially determined what the rights of the receiver are with regard to contracts for deliveries in the next weeks and months, the receiver does not have the ability to take action with regard to these contracts.