Mamtek

MO Statehouse
1:58 pm
Thu April 4, 2013

Kander Announces Legal Action Over Mamtek Failure

Missouri Secretary of State Jason Kander.
(Mo. Sec. Of State website)

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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Mamtek investigation
4:28 pm
Wed October 3, 2012

Former Mamtek CEO To Be Extradited To Missouri

Bruce Cole.
(Orange County, California, Sheriff's Dept.)

Former Mamtek CEO Bruce Cole has ended his fight to be extradited to Missouri, where he faces charges related to the collapse of a project to build an artificial sweetener plant in the town of Moberly.

After refusing last week to be extradited, Cole reversed course at a hearing today in Orange County, California, and waived extradition.  He is charged with diverting $700,000 in bond money to cover personal expenses.  That included around $250,000, which was directed towards a failed attempt to prevent foreclosure on his home in Beverly Hills.

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Mamtek investigation
5:23 pm
Thu September 27, 2012

Former Mamtek CEO Fighting Extradition To Missouri

Former Mamtek CEO Bruce Cole.
(Orange County, California, Sheriff's Dept.)

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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Mamtek
11:30 am
Tue September 25, 2012

New Audit Faults Screening Used For Mamtek Incentives

Mo. Auditor Tom Schweich (R).
(Marshall Griffin/St. Louis Public Radio)

A state audit released today says that the Missouri Department of Economic Development (DED) could have done a better job of screening applicants for tax credits for the failed Mamtek project in Moberly.


Two years ago the small northeast Missouri town issued $39 million in bonds to get the company to build an artificial sweetener plant.  Mamtek later missed a bond payment and construction halted, and Moberly’s bond rating was downgraded as a result.  State Auditor Tom Schweich (R) said the due diligence procedures used by the DED were woefully inadequate.

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Morning Round-up
9:21 am
Tue September 18, 2012

Morning headlines: Tuesday, September 18, 2012

(via Flickr/Indofunk Satish)

Proposed amendment to appear on November ballot

A Missouri appeals court panel has upheld the ballot summary for a proposed constitutional amendment that would change the process for selecting appellate judges.

In its ruling Monday, a three-judge panel of the Western District Court of Appeals certified the summary that voters will see on the November ballot.

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Mamtek
2:09 pm
Fri July 27, 2012

Assets from Mamtek Mo. sweetener plant to be auctioned

A map of Missouri highlighting Moberly, Mo. within Randolph County.
(via Wikimedia Commons)

UMB Bank says assets from a failed artificial sweetener facility in Moberly will be auctioned this fall.

The bank is the bondholder trustee for the central Missouri project that was to be operated by Mamtek U.S. Inc.

Moberly issued $39 million in bonds to finance construction of the plant, and the state offered about $17 million in incentives. Work stopped last fall on the partially built factory after Mamtek missed a bond payment to Moberly. No state incentives were paid.

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Tax credit/Mamtek legislation
4:07 pm
Thu May 17, 2012

Tax credit/Mamtek bill likely dead

Mo. House Speaker Steven Tilley (R, Perryville)
(Marshall Griffin/St. Louis Public Radio)

The Speaker of the Missouri House has thrown cold water on a scaled-back tax credit reform measure passed Wednesday by the Senate.

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Tax credit/Mamtek legislation
3:14 pm
Wed May 16, 2012

Mo. Senate adds tax credit agreement to Mamtek bill, sends them to House

The Missouri Senate has passed a tax credit measure after hammering out an agreement between GOP leaders and fiscal conservatives who’ve been trying to reign in tax breaks for years.

The agreement would cap historic preservation tax credits at $75 million per year, give a one-year extension to food pantry and other charitable tax breaks, and create incentives to draw amateur sporting events to Missouri.  State Senator Eric Schmitt (R, Glendale) urged the chamber to pass it before time runs out on the regular session.

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Morning round-up
9:31 am
Tue February 28, 2012

Morning headlines: Tuesday, February 28, 2012

UPI/Bill Greenblatt

Mo. lawmakers seek requirements for officials involved in economic development projects

A House panel heard testimony Monday on eight measures aimed at increasing scrutiny of businesses that ask for government money. The legislation would require local governments to get insurance for municipal bonds for economic development projects and to hold public hearings before issuing bonds.

State and local officials would also have to share information they have about companies seeking development incentives.

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Morning News Round-up
9:35 am
Tue December 20, 2011

Morning headlines: Tuesday, December 20, 2011

A view of Forest Park in St. Louis.
(via Flickr/pasa47)

Good morning! Here are some of today's starting headlines:

Slay authorizes $64 million in bonds for St. Louis parks

Funding for St. Louis City parks will no longer be siphoned into other capital improvement projects, following a bill signing by Mayor Francis Slay Monday night.

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