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Colin Jeffery

Colin Jeffery

Lawsuit seeks $30 million in failed Mamtek plant

Saturday, 30 November 2013 08:04 Published in Local News

COLUMBIA, Mo. (AP) — A new lawsuit is seeking $30 million from an investment banking firm and 10 employees because of a failed factory project in central Missouri.

Morgan Keegan, which has merged with Raymond James Financial Inc., was the underwriter in 2010 for a $39 million bond issue for a failed artificial sweetener factory for Mamtek US Incorporated in Moberly. Construction on the factory stopped in August 2011 when Mamtek failed to make a required bond payment.

The Columbia Daily Tribune reports new lawsuit was filed Wednesday in Boone County because $5.6 million worth of the bonds, in default since 2011, were sold there.

A Raymond James spokesman says the company denies wrongdoing, and the state reviewed the project before the city agreed to issue bonds before Morgan Keegan was hired.

Five stores in the Chesterfield Mall had their Black Friday sales interrupted by a water main break.

The break affected Express, New York & Company, CJ Banks, Lenscrafters and "I don't want to kiss a llama". A

mall spokesman says the break caused a power outage. The stores are closed until the outage is resolved. There is no timetable for when power will be restored.

Illinois pension deal could wrap up in one day

Friday, 29 November 2013 13:46 Published in Local News

CHICAGO (AP) - After wrestling with public pension reform for months, Illinois legislative leaders say lawmakers might only need a single day to pass their plan for dealing with the $100 billion crisis.

The 10-member conference committee on pension reform is set to meet in Springfield Tuesday. If six of the 10 members sign a report agreeing to terms of a deal, both chambers could bring legislation up for a vote the same day.

House Speaker Michael Madigan's spokesman, Steve Brown, says the legislation could be considered in both chambers simultaneously.

Legislative leaders announced this week they had reached agreement on a plan that would save $160 billion over 30 years.

Along with Gov. Pat Quinn, they have spent recent days calling members and asking them to support the plan.

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