The sale of what was to be the site of a sugar refinery in Moberly has been approved by a federal bankruptcy judge.
The former Mamtek, International property has been bought by Columbia-based MFA Oil, a farmer-owned cooperative with more than 40-thousand members. It includes 33 acres of land and the uncompleted shell of what was to have been an artificial sweetener plant.
The former president and CEO of Mamtek is charged with multiple counts of fraud and theft for stealing money from the 39-million dollars in bond funds borrowed by the City of Moberly to back the plant. Cole remains on house arrest in his home in the State of California.
The investment banker that backed the bonds, Morgan Keegan, and 10 of its employees, have been sued by the state Securities Commissioner for $30-million in restitution, fines and penalties.
Monte Schisler, KWIX, contributed to this report