February 23, 2009
Jefferson City, Mo. - Attorney General Chris Koster has obtained an order from an Audrain County judge allowing Missouri Department of Agriculture to take over the grain operations of the insolvent T.J. Giesecker Farms and Trucking and T.J. Giesecker Trucking LLC. Both companies are owned by Cathy Giesecker, and the operations are in Martinsburg.
Missouri law allows the director of agriculture to petition the court to be appointed receiver of any insolvent grain dealer to protect the assets of farms and other businesses who have stored grain at the facility. The receivership allows the Department of Agriculture to freeze the operations of the dealers so that funds and assets can be dispersed to the rightful owners.
In his petition, Koster said Giesecker's company owes more than $2 million in debts, compared to assets of just under $1 million.
"A grain elevator is like a bank" Koster said. "Customers entrust their grain to these companies with the understanding and legal guarantee that their assets will be protected. My office stands ready at all times to assist the Department of Agriculture to make sure Missouri farmers can count on their deposits being held securely and with the full backing of state government when necessary."