troubles shadow floyd riley 2

Fertech co-founder and Chairman G. Allen Mebane, also with a 32 percent stake. Heis chairman of Unifi Inc. of Greensboro, N.C., a yarn supplier.

Jerry D. Kennett, a cardiologist from Columbia, Mo., with a 17 percent stake.

Fertech owns and operates mobile treatment systems that are trucked on-site to cleanup environmental problems such as oil spills and contaminated soil. Based inMoberly, the company also has offices in Houston, San Antonio and Fort Worth,Texas; Los Angeles; Lafayette, La.; and Anchorage, Alaska.

For the nine months ended July 31, Fertech said it earned $428,442 on revenue of$3.7 million. During that time, Riley earned $250,000 for his services as anindependent contractor, the company said.

Fertech said this week that it had defaulted on its primary bank loan, was seeking tocure that default and was looking for more financing from other shareholders after itsfirst efforts with one undisclosed shareholder failed. If it can't find additionalfinancing, the company said it will "cease operation" and be forced to liquidate.

T. Wayne Wren has replaced Riley as Fertech's chief executive. Wren had previouslyquit as the company's chief financial officer. He declined to provide more informationon the company's financial troubles.

"I'm looking to cure the default," he said. "I'm hoping it will be done very quickly andwe can move toward profitability."

Meanwhile, shareholder and director Kennett, the Columbia cardiologist, said hebelieved that the company's disclosures were premature. He said he held out hopethat money will be found, but he declined to say whether he was willing to be itssource.