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Express Grain Owner Dr. Michael Coleman files claims for unpaid grain delivery, $5.6 million loan

Saturday, March 26, 2022, 5:59 pm News Flash Archive

Dr. Michael Coleman, who owns 99% of the now bankrupt Express Grain business, has filed his own claim on March 23 for corn he delivered to EG and was never paid for.

According to his claim, "Michael Coleman Farms LLC" delivered corn to EG, but never received payment. His claim is valued at $14,870.97.

The claim form can be seen here: Michael Coleman Corn Payment Claim

According to the EG 557 Report, which lists grain scale tickets and summaries of unpaid grain deliveries, Dr. Coleman delivered his corn on September 13 and 14, 2021. The amount delivered, for which payment was never made, is 2529.29 bushels.

The 557 Report may be seen here: EG 557 Report

But Dr. Coleman filed another claim in the bankruptcy case on March 23 for $5,551,587.20. The description of the claim reads: "Money loaned and contingent claim as guarantor for any assurance in support of any secured creditor of Debtor."

This claim may be seen here: Dr. Michael Coleman claim for $5.6 million loan to EG

Strangely, the amount of money that EG has claimed was loaned by Dr. Coleman has varied below and above the $5.6 million claim he has now filed. In earlier filings made by EG, Dr. Coleman is said to be owed around $208,000 in money he loaned EG.

But the December 31, 2021 Balance Sheet, prepared by the CR3 management, lists $8,331,456.20 as a "Member Loan" from Dr. Coleman. (Coleman is a "member" of the EG LLC structure.)

To see the Balance Sheet, check page 3 here: EG Balance Sheet as of December 31, 2021

No more recent Balance Sheets have been filed in the Bankruptcy case, even though they are required on a monthly basis.

 


To read all our coverage of the Express Grain bankruptcy case, see here: Index of Express Grain articles

 

John Pittman Hey
The Taxpayers Channel

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