On June 7, 1995, approximately 2000 central daylight time, a Grumman G-164B, N211JM, was substantially damaged during a forced landing near Springlake, Texas. The airline transport rated pilot was not injured. The airplane was being operated by Sanderson Grain Inc., under Title 14 CFR Part 137. Visual meteorological conditions prevailed for the aerial application flight for which no flight plan was filed. According to the pilot, the engine lost power when he added power to execute a go around when overflying the runway at his home based airport. The pilot stated that the "engine failed then a big stream of fire followed coming out of the exhaust pipe." The pilot added that he pulled the engine emergency fuel shutoff, and the fire was extinguished. In the enclosed pilot/operator report, the pilot states that he elected to continue straight ahead and attempt a forced landing in a corn field beyond the county road at the departure end of the runway. The pilot added that the tailwheel impacted a drainage ditch between the road and the corn field, and the airplane nosed over coming to rest in the inverted position. The airplane sustained structural damage to a wing spar and the tail wheel attaching point. Post examination of the engine by the owners representative revealed that the loss of engine power, and subsequent fire, was attributed to the uncontained failure of the third stage turbine wheel assembly.