Customers stake claim to grain stored in former Pierce, NE eleva - KTIV News 4 Sioux City IA: News, Weather and Sports

Customers stake claim to grain stored in former Pierce, NE elevator

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Customers of a former northeast Nebraska grain elevator finally got a chance to state their claim to the Nebraska Public Service Commission.

A public hearing regarding Pierce Elevator's Grain Warehouse contracts took place Tuesday afternoon at the Pierce County Fairgrounds.

Officials reported 231 claims for payment were issued with the dollar amounts of the all claims totaling nearly $10-million.

The Commission's Director of Grain says the farmers, who own bushels of grain held by Pierce Elevator, are the ones who will recover the best. "They are in a position where they are going to recover if not all, a substantial portion of their claim money back," John Fecht, NPSC Director of Grain said.

Fecht says farmers who sold grain directly to the elevator, which amounts to about $4.2-million in claims, will have their payments divided through a warehouse bond of just $300,000 "What's that an eight to ten cent recovery? You divide it out its eight to ten cents on the dollar or less."

Fecht says farmers who don't fit in either of those two categories may not get any money at all. The Public Service Commission will take all the testimony made, and will let farmers know of their claim status in late August or early September.

 

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