In order to buy the company, Ox had to beat one other bidder, Human Capital Investments, which planned to operate the West Carthage mill under the name Long Falls Paperboard. Court documents describe a long day of back and forth Thursday, as the two companies vied for the paper mill.
Ox's initial bid - which ultimately was the winning bid - was for $9,949,000. About $4 million of that is cash and the balance is assuming debts owed by Carthage Specialty paper. Long Falls' bid: $8,894,000.
Long Falls upped its bid by a million dollars, and "after an extended delay of several hours, Long Falls was able to produce some evidence that a Canadian individual with whom it had been working, but with whom it admittedly did not have a formal or legally binding relationship, might be willing and able to secure the funding.
"However, the evidence provided did not establish a reasonable level of certainty the availability of funds and the binding nature of the relationship between Long Falls and its purported Canadian sponsor."
That's all according to a sworn statement by Daniel Zwelling, who was the broker for the sale.
Ultimately, the decision was that the Ox bid was the "highest or otherwise best bid."
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