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A request for board action added to the Dec. 13 meeting agenda extended discussion on the sale of the company into Wednesday afternoon. Legal representatives for area construction companies currently holding mechanic liens on leases between Itasca County and Magnetation were on hand to offer look at these guys their perspective on arrangements with new ownership. According to Minneapolis attorney Aaron Dean who represents five of the contractors with claims against the leases for unpaid compensation on construction of Plant 4, a Memorandum of Understanding between the parties positions his clients in such a way that they would receive nearly half of what they are owed at the initial investment. On Tuesday, Dean introduced commissioners to Mike Luther, owner of FerroMagnetica, LLC, and a would-be major investor in the Magnetation purchase. I am here to plead for the future of this company, started Luther who explained that he has been interested in investing in Magnetation for about a year. Luther described himself as an accountant by training, who has made a profession of investing in distressed companies for the past 25 years. With iron ore prices currently improving, Luther said good news is in store for Magnetation. We have a lot of wind at our backs, he said. Luther called Plant 4 in Grand Rapids one of the lowest-cost concentrator producers in America, and a very, very good asset. If he had his way, Luther said he would have Plant 4 back online in January or February.

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