The Purified Renewable Energy ethanol plant in Buffalo Lake, Minn., which reopened in 2012 after being idled for more than two years, has again stopped operations. Its top executives have been ousted amid conflicting claims of wrongdoing as the company filed for Chapter 11 bankruptcy protection. West Ventures, which had arranged the deal to revive the plant and claims is owed $18 million, gained seats on the ethanol plant's board, which then fired two top executives who had sued West Ventures for allegedly using intimidation in its takeover bid. In bankruptcy court, the board alleged that the fired executives misused funds and committed other violations.

Related Summaries