Losses are still being tallied in the collapse of the Pierce Nebraska grain elevator. Nebraska Public Service Commission Legal Counsel Nichole Mulcahy says losses are close to $ 10 million.
Mulcahy says there will be some reimbursal given to farmers effected by the bankruptcy including two bonds worth around $ 880,000 and money from sale of the grain at the elevator that the Commission took control of following the elevator’s failure.
Mulcahy says there may have to be a legislative fix looked at next session for establishing some type of indemnity fund in order to protect farmers who sell their grain. She says that would be up to lawmakers.
The Pierce elevator closed earlier this year when its credit was cancelled by the Citizen’s State Bank of Laurel.