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Gallatin, MO (2009-06-04) The collapse of the Gallatin Grain Company results in payments of pennies on the dollar for those who lost money in the deal.
State officials have approved more than 3 and a half million dollars in claims from regional producers who lost money.
But State Ag officials, who took possession of the company, says it will give the eligible grain farmers about 12 cents on every dollar owed.
State officials say when they arrived at the elevator they found no grain and had to sort through more than a hundred claims saying they were owed money.
They also say appraisals of the elevator and the land show the business was overleveraged.
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