GALLATIN — More than 100 northwest Missouri farmers who lost money to a Gallatin grain elevator will receive about 12 cents on the dollar under a state Department of Agriculture proposal to pay out the bonded portion of the elevator's debt.
Several farmers attended a meeting Thursday night to hear the state's plans to disburse $407,000 — the amount of bond posted by the elevator under state law — out of $3.5 million they are owed by the Daviess County company.
Gallatin Grain Co. closed in February, and owner Daniel Froman is facing 22 counts of grain theft.
An Agriculture Department spokesman says the farmers, who either stored grain in the elevator that's not there anymore or sold grain and never got paid for it, will receive additional reimbursements from Froman.
