Thursday, December 30, 2021, 6:14 pm News Flash Archive

The federal bankruptcy judge in the Express Grain case today approved payment of $355,846.33 to CR3, a restructuring firm brought in to manage Express Grain while it tries to survive as a going company.

The court order may be seen here: Court Approval to pay CR3

Express Grain had previously submitted bills totaling $465,751.58 to the court for approval, but there was confusion regarding the time periods covered by the multiple invoices. See The Taxpayers Channel's first reporting on this matter here: Express Grain asks to pay management costs of $465,751.58 to outside restructuring firm

The court trustee had objected to payment of the professional rates to the various CR3 employees for their full time traveling to and fro between Denver and Greenwood. Ultimately, the court allowed them to be paid for half the time spent traveling.

The time period covered by this payment is 34 days from October 11 through November 13. CR3 continues to provide these "turn-around" management services and the total bill since November 13 continues to rise.

To read the CR3 invoices and itemization of costs that the court approved today, see here:

CR3 invoice October 30, 2021

CR3 invoice November 13, 2021

Another matter holding up court approval of the payment was the failure of Express Grain to segregate the receipts from the sale of pre-petition corn. The money is to be held to help pay the creditors once the priorities and amounts owed are determined.

The Court ordered Express Grain to transfer an additional $3,362,672.57 to the corn receipts account, which cannot be spent without further order from the court.

John Pittman Hey
The Taxpayers Channel

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