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Mamtek facility up for auction

2:27 PM, Oct 24, 2012   |    comments
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MOBERLY, Mo. (AP) - An auction of assets left from a failed artificial sweetener factory in Moberly is drawing curious onlookers but few big buyers.

The auction of Mamtek U.S. property drew more than 20 prospective bidders Wednesday morning to a Moberly hotel ballroom, joined by online participants.

Buyers sought deals on individual pieces of equipment owned by Mamtek, but no one submitted a bid for the company's real estate or its intellectual property.

The company's financing collapsed last year after it received $39 million of industrial development bonds from the city of Moberly. Mamtek also hoped to collect up to $17 million of state tax incentives to build the factory.

Former Mamtek CEO Bruce Cole faces fraud and stealing charges and remains in the Randolph County Jail awaiting trial.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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