State regulators decided Tuesday to seek receivership of a failed grain company and sell it to farmers, who then could make financial claims against a second company for millions of dollars the first company hasn't paid them, reports The Daily Republic.
The South Dakota Public Utilities Commission decided to take that complex route Tuesday. The three commissioners voted unanimously that their agency's lawyers should ask a state judge for permission to take over assets for H and I Grain of Hetland, SD.
The actual target is CHS Hedging, a Minnesota-based company with grain elevators in some South Dakota communities.
CHS Hedging has an active lawsuit against Duane and JoAnne Steffensen, owners of H and I Grain, for $1.9 million.
Read the full report here.
