The Real Back Out.

 

I think the battle, if there ever was one, to keep the last remaining paper mill open in Coos County has now been fought and lost.

Defeat.

Rather than get involved in finger pointing and name calling I’ll be asking a series of questions in this blog about this situation and then let the discussion fall where it may. A quote from yesterday’s Union Leader newspaper:

Frost said she was informed of the situation earlier today by Department of Resources and Economic Development Commissioner George Bald, whose office has been working for months to facilitate the sale of the mill. He was not immediately available for comment this afternoon.”

Not available for comment. I think this is standard for the course and the same person who is ultimately responsible for the loss of jobs and economic development in this area of New Hampshire. And of course there will probably be no comment. I had considered positing the whole article which talks about failed iniatives to find other buyers and operators for the historic mill. Who exactly is this M&M consulting from New Jersey? The same type of question for this Council RB Capital; I don’t even know where the later is from.

Perhaps Commissioner George Bald knows but he isn’t commenting.

Previously I made an argument against the Manchester based Merchant Banc  purchasing this mill using what I believe is cardstock leverage but I had no idea that deals like the above would be following the Merchant Banc proposal.  I think the only real way to have kept this mill open and running would have been to gather local investors, suppliers and employees of the mill to come up with the down payment for the purchase of the property, the state providing the loan guarantee; and then (hard part) there would have to be a strategic production agreement with one of the viable paper mills in nearby Maine.

Did Commissioner Bald attempt to do anything like this?

This is what frustrates me about NH State Government. It’s my sense that a state agency like DRED would rather deal with unknown venture capital firms from New Jersey than deal with established NH business people or even individuals from the area of the state where the historic paper mills are located.

Another 240 people lose their jobs.