The South Dakota Public Utilities Commission has suspended the licenses of a financially troubled grain elevator in Gregory.
The three-member commission voted unanimously Friday to immediately suspend the grain buyer and grain warehouse licenses of the Gregory Farmers Elevator. The licenses will be revoked permanently in 15 days unless the elevator requests a hearing, but the elevator's board chairman did not contest the suspension in Friday's hearing.
Jim Mehlhaff, director of the commission's Grain Warehouse Division, says the elevator got into trouble because of bad decisions by former elevator managers.
Mehlhaff says the elevator still has a net worth that will allow it to pay the farmers who sold grain to the elevator.
The elevator's board chairman, Sherman Vomacka says there's a chance another cooperative will buy the elevator.
Most Popular Today
- 1.Meetings & Events, Events Center
Chris Tomlin & Rend Collective Coming To PREMIER Center
Daktronics Releases Second Quarter Fiscal Results
The Power Of GoFundMe
- 4.Retail & Restaurants
Downtown Delicatessen Ready To Reopen
- 5.Your Money Matters
Best Black Friday Apps
Monday Morning Business Brief
Monday Afternoon Business Brief
Tuesday Morning Business Brief
Monday Evening Business Brief
Budgeting Help Available In SD This Holiday Season