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COSHOCTON GRAIN LICENSE SUSPENDED

 COLUMBUS, Ohio, Nov. 15 /PRNewswire/ -- Effective 8 a.m., today, the Ohio Department of Agriculture (ODA) suspended the Coshocton Grain Company's conditional agricultural commodity handler's license.
 "In order to protect Ohio farmers, it became necessary to suspend the conditional license. This action was taken following an audit of company assets which showed the company does not meet the financial requirements for licensing," said ODA Director Fred Dailey. "As each day goes by, additional monies are needed for company expenses such as payroll, attorney fees and other expenses which deplete company assets," continued Dailey.
 As of 8 a.m., today, the third party receiver, Charles Bratton closed the facility for delivery of grain.
 ODA will petition the court to move expediently to assist in liquidating the company so that farmers can receive money owed to them as quickly as possible. ODA will request the Ohio Agricultural Commodity Commission approve any payments necessary from the Grain Indemnity Fund should the operation prove to be insolvent.
 The state of Ohio established a grain indemnity fund that helps protect farmers if a licensed grain handling facility should become insolvent. Ohio's grain farmers were assessed one-half cent per bushel of all grain delivered to licensed grain facilities from July 1, 1983- Dec. 31, 1985. The grain indemnity fund provides protection to depositors should an insolvency occur.
 -0- 11/15/93
 /CONTACT: Kim Norris, ODA communication director, 614-752-4505/


CO: Ohio Department of Agriculture ST: Ohio IN: AGR SU:

BM-KL -- CL012 -- 4311 11/15/93 10:22 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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