Several Nebraska farmers were left holding the bag as close to $ 2 million dollars were not paid by the failed Pierce Elevator. The Nebraska Public Service Commission denied those claims. Grain Division head John Fecht says those denied didn’t meet the timing requirement under the law for payment.
Fecht says the rules are different for warehouse and dealer transactions.
Fecht says he thinks the PSC needs to come together and work with the Chairman of the Nebraska Senate Ag Committee to try and come up with some possible solutions for the legislature to consider that would better protect farmers from these types of situations.
Those who stored grain at the Pierce Elevator will get paid in full while those who contracted to sell grain to the closed elevator or paid to buy undelivered grain will get less than a dime on the dollar or nothing at all.