The Illinois Department of Agriculture has revoked the license of a financially troubled Ford County grain dealer. The license belonging to SGI Agri-Marketing, L.L.C., a specialty grain dealer in Gibson City, was revoked on Wednesday following an administrative hearing to address the suspension of the facility's license after the Department discovered deficiencies in the company's financial statements. The company has been ordered to cease and desist doing further business.
The Illinois Department of Agriculture has assumed control of the company, including its grain assets, and will begin the process of compensating claimants per the Illinois Grain Code. Anyone who has sold grain to the company and has not paid in full should contact the Department's Bureau of Warehouses to file a claim.
The Department will hold an informational meeting to explain the liquidation and claims processes on Wednesday, November 16that 1pm at SGI Agri-Marketing L.L.C. at 231 N. Sangamon Ave, Gibson City. It is open to anyone with a financial interest in the company, including farmers who may be potential claimants.
In general, valid claims are compensated under the Grain Code as follows:
Grain that was delivered and priced within 21 days before the date of failure is covered at 100 percent;
Grain that was priced 22-160 days of the date of failure is covered at 85 percent;
Grain sold on a price later contract is protected at 85 percent of closeout value within 365 days of delivery.
Farmers or creditors who wish to file a claim should contact Department personnel on site at SGI (231 N. Sangamon Avenue, Gibson City) or by mail with the Department of Agriculture, Bureau of Warehouses, P.O. Box 19281, Springfield, IL. 62794-9281.
