A hearing will be held in state district court in Fargo next month on a settlement the North Dakota Public Service Commission reached with a Mentor, Minnesota – based seed company.
Anderson Seed had been declared insolvent in February 2012. The company dealt in sunflower seeds. It had a processing plant in Redfield, South Dakota – which it shut down without paying farmers for their seed. North and South Dakota farmers claimed they were owed $5 million in unpaid seed deliveries.
Under the terms of the settlement, North Dakota farmers who had approved cash claims will receive 43 percent of what they’re owned – or $647,000 of the $2.2 millionin claims. Farmers who had valid credit sale claims will get 80 percent of what they’re owned, through a state indemnity fund.
Commissioner Randy Christmann credits the PSC staff with working out the deal.
"While these things never have completely happy endings, PSC staff and the Commission did the bext job possible to clean up a mess," said Christmann. "We're moving forward with it."
The hearing in District Court will be held January 6th. Creditors can file any objections to the settlement with the Court.