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Nearly $2M in Claims Cut in Nebraska Grain Elevator Failure

CASH_MONEYLINCOLN, Neb. (AP) — The state’s Public Service Commission says people who stored grain at a failed grain elevator will get paid in full.

But people who contracted to sell grain to the closed elevator or paid to purchase undelivered grain will get less than a dime on the dollar, or nothing at all.

Almost $2 million in claims were denied in the commission’s final order. The commission closed Pierce Elevator Inc. in March, after a bank discontinued financing the operation.

More than 200 farmers filed claims worth nearly $10 million against the company.

One of the last sizable grain elevator bankruptcies in Nebraska happened in 2008 when Alvo Grain and Feed filed for bankruptcy protection.

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