Rabo Agri finance sues Turner Grain
Rabo Agrifinance Inc. has sued Brinkley-based Turner Grain Merchandising and its officers for nearly $1 million to recoup money guaranteed in a line of credit established in January.
The filing in U.S. District Court for Eastern Arkansas on Wednesday is one of several lawsuits Turner Grain faces in claims of defaults on payments to grain producers and others.
Previously, farmers filed suit in Lee County and Lonoke County circuit courts against Turner Grain for failure to pay them for their crops.
The federal suit also names Jason Coleman and Dale Bartlett, principals in Turner Grain. Bartlett filed for personal bankruptcy protection on Sept. 5 under Chapter 12 of federal bankruptcy law.
State agriculture officials estimate that widespread losses to farmers could reach tens of millions of dollars. Rabo Agrifinance is based in St. Louis.
10 Arkansas cities beat growth average
Ten Arkansas cities showed economic growth in the second quarter that exceeded the state average, according to the Arkansas Tech Business Index released Thursday.
Fort Smith ranked the highest on the index with a value of 108.76 for the quarter.
With a base value of 100, the index ranks 17 municipalities in the state by measuring labor, housing market, construction and retail sales indexes. A rating above 100 means a city is doing better than the state average.
Cities above 100 included Conway at 103.24 and Hot Springs at 100.34.
"The strength of the Conway and Hot Springs economies is evident in these numbers and matches what our community leaders are seeing from their business customers," John Womack, chairman and chief executive officer of Arvest Bank of central Arkansas, said in a news release.
Womack said Little Rock and North Little Rock showed growth. Little Rock's index reading was 97.18 and North Little Rock's was 96.08. The index was created by Arkansas Tech's College of Business.
-- Jessica Seaman
State index rises 2.6 as 13 firms advance
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, gained 2.6 to 354.32 Thursday.
Thirteen stocks advanced and four declined.
Bear State Financial rose 3 percent on average volume
Deltic Timber was up 2.1 percent in light trading.
Bank of the Ozarks climbed 2 percent in light trading.
Dillard's Inc. shares rose 1.2 percent in below average volume and Windstream shares rose 1.5 percent in light trading.
No stock lost as much as 1 percent. P.A.M. Transportation Services had the biggest decline, falling 0.9 percent.
Total volume of the index was 16.4 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 09/12/2014