North Dakota co-op elevator members to vote on liquidation

HAZEN, N.D. (AP) — Members of the Falkirk Farmers Elevator are to vote Monday on whether to sell off assets to pay off millions of dollars of debt.

The Bismarck Tribune reports that the Washburn-based cooperative elevator with facilities in Falkirk and Hazen is trying to cover $6 million in bank loans and operating debt and also owes $3.4 million to farmers who prepaid for seed and fertilizer they never received.

Art Perdue was hired as interim elevator manager after the board let manager Ron Hefta go. Perdue says the balance sheet in April showed a "totally insolvent" elevator.

The board had scheduled a liquidation sale for June 30, but a judge stopped it pending the members' right to vote on the matter.

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