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Trustee: Turner Grain transferred $100M to related firms

Turner Grain Merchandising Inc. of Brinkley transferred nearly $100 million to its related companies a year before it filed for bankruptcy protection, according to lawsuits recently filed by its Chapter 7 trustee, M. Randy Rice of Little Rock.

Since October, Rice has filed more than 40 suits against Turner Commodities Inc., Ivory Rice LLC, Agribusiness Properties LLC and Brinkley Truck Brokerage LLC, in an attempt to recover $96.8 million, according to the complaints filed in U.S. Bankruptcy Court in Helena. Allegedly, farmers and other entities, including the U.S. government, received improper payments from Turner Grain within 90 days of its bankruptcy filing in October 2014.

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