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Iowa Premium Beef sues over financial deal

May 5, 2012
By John Speer - Editor , Toledo Chronicle, Tama News-Herald

Iowa Premium Beef, the company which has announced plans to open the closed Tama Pack, filed suit in early April over an apparent financial deal which fell through.

Global Life Capital, LLC, and Rod Spray, Daniel L. Brune and James Niles are named in online federal court records as defendants in the breach of contract action.

The suit was field on April 4 in U.S. District Court in Cedar Rapids by Iowa Premium Beef, LLC and TBI Capital, LLC.

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The beef packing plant on Tama's east side closed in 2004.

It was acquired from Liberty Bank on 2009 and efforts continue to make the plant operational again.

It was not immediately clear what effect the lawsuit would have on efforts to reopen the packing plant.

Roy Wiggs, who heads Iowa Premium Beef, announced on Jan. 11 a June opening for the plant was being aimed for.

Providing custom cuts of beef "in a business plan unique to the U.S." is to be the plant's focus, Wiggs told a gathering at the Toledo Healthy Lifestyles Center.

He said, when in full operation, between 300-350 meatpackers would be employed here.

 
 

 

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