Thu, Nov 26 2009
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Cooperative officials say they will drop suit if ex-CEO pays up The suit was filed March 10 in Barton County Circuit Court. A petition filed by Ronald Mitchell, a Joplin attorney representing the co-op, lists five counts against Fanning. Among them are charges that Fanning is in default of the arbitration agreement.
The suit seeks repayment of more than $299,400, plus interest and attorney fees. The suit also requests a lien be put on the Fanning’s home until the debt is repaid. A forensic audit conducted last year found that Fanning invoiced the co-op for that amount after he made several improvements to his million-dollar home in Lamar. Records from the Barton County recorder’s office indicate that Fanning’s home already has a $538,400 mortgage and a $175,609 home equity credit line against it. Records also indicate that Fanning has a lien of $305,000 on about 185 acres he owns in rural Barton County, where he operates Dogwood Hill Farm horse ranch. Last year’s audit The audit also showed that from 2000 through Jan. 31, 2007, Jim Fanning earned nearly $2.8 million, including bonuses, pension and a severance package. As part of the pension agreement, Fanning’s pension is tax-free because the board agreed to pay roughly $324,000 in income taxes related to the pension. He resigned in January 2007, before the initial audit was conducted. 
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