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Castleberry Fairs

Groveton mill purchase falls through


August 08, 2012
GROVETON — By last Wednesday word reached Groveton that the latest attempt to sell the mill fell though.

Tuesday, July 31, David Boshart, one of the partners of Groveton River Development LLC, notified Jerry Epstein of Perry Videx of Hainesport, N.J., one of the co-owners of Groveton Acquisition LLC that deal to purchase the mill would not happen.

Epstein, in turn, had notified the board of selectmen later that day.

Groveton Acquisition LLC owns the property that includes most of the shuttered mill buildings, wastewater treatment plant, and dam properties, including over 100 acres on both sides of Route 3 formerly owned by Wausau Papers of New Hampshire and Groveton Paper Board,.

The previous day, Epstein had reported that it looked as though the deal, outlined in a purchase and sale agreement signed more than a month previously, would become final by week's end on Aug. 3.

Epstein said he believed that the buyer had, in effect, gotten "cold feet" but was blaming a technicality that had pushed the closing past the July 30 date to which the original P & S had been extended.

Epstein explained that DRED Commissioner George Bald had satisfactorily solved what he referred to as a bureaucratic problem.

Although naturally not happy about this unexpected turn of events, Epstein explained in a Tuesday afternoon telephone interview that he did not consider that he was back at ground zero in finding a viable potential buyer because he still has two or three people in his database who were very interested in the possibility of purchasing the mill before the P and S had been signed.

When Boshart was asked on Thursday why he had withdrawn from the planned mill purchase, he replied in an e-mail exchange: "We had to request our deposit back under Section 10 of our purchase contract due to lack of seller to provide clear title." He also noted that later that day he was heading out for a two-week vacation.

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