Auctioneers sell Mamtek property
Wed, 24 Oct 2012 21:24:47 GMT —
Auctioneers sold the property of a bankrupt sweetener company in Moberly on Wednesday morning.
The property of Mamtek U.S. Incorporated was on the auction block.
The auction ended the sale of equipment from the sucralose factory that Moberly city leaders borrowed $39 million to build.
The company collapsed after former Mamtek CEO Bruce Cole was charged with five felony counts of business fraud.
Cole is in the Randolph County Jail waiting for his trial.
The U.S. Bankruptcy Court ordered the Mamtek auction after no one could sell the company intact.
Auctioneers from Heritage Global Partners sold items to the highest bidder at Moberlyâ??s Best Western Hotel and online.
Heritage Global Partners Vice-President George Wandachowicz said, â??There is generic equipment that can be used for multiple industries that do processing and manufacturing. A lot of the pieces might go to various plants around the country that are doing like and similar processes or something entirely different.â??
Auctioneers said the total amount of sales from the Mamtek auction should be released within the next week.
Experts estimate the Mamtek property is worth more than $50 million.