Friday, November 13, 2015

Vermont Machine Tool building fails to sell at auction

The home of the defunct Vermont Machine Tool Co. failed to sell Thursday at an auction called by Mascoma Savings Bank, the chief lender for the company which closed its doors in April, leaving behind layers of debt.

http://www.rutlandherald.com/article/20151113/NEWS02/151119805

19 comments :

  1. How does Flint feel about how this turned out? He got his money for the building and will probably be given back to him to sell it again. IMO it's time for Springfield to give "Springfield Regional Development Corp." the boot!

    ReplyDelete
    Replies
    1. How is that SRDC fault? They did their job by selling the unused space and creating jobs. Do you understand that SRDC does not run the businesses that they help?

      Delete
    2. Aethelred the Unready11/16/15, 12:12 PM

      That's an unfair comment. Vermont Machine Tool bailout was a Forguites and John Follett deal.

      Delete
  2. chuck gregory11/13/15, 10:50 AM

    So, who are the parties affected by the failure to sell? Is Mascoma Bank the only one?

    ReplyDelete
    Replies
    1. Earth to Chuckles...You and the other taxpayers of Springfield are on the hook to make up the loss of property tax revenue. But I'm sure you're glad that the evil banking industry has taken a hit on this one, even though you'd never give them any credit for having assumed the initial loan risk to launch or keep VMC afloat.

      As for the Town of Springfield's outstanding loan to VMC...DUPED AGAIN! When will the town ever learn???

      Delete
    2. Philip Caron11/13/15, 5:01 PM

      I like the irony of an anonymous poster making fun of someone's name.

      Delete
    3. chuck gregory11/16/15, 11:51 AM

      1:26: Well, so you don't know, either! That makes two of us.

      Delete
  3. Where's the Vermont Governor in this picture? After all his bragging about the health of Vermont's economy, I figured surely that he would stop by for a photo-op in yet another of Springfield's vacant industrial buildings. Shumey was probably taking a long weekend in the Caribbean where life for the liberal 1 percent hypocrites like him is very, very good!

    ReplyDelete
    Replies
    1. That's exactly right! Scumlin is no doubt cooling his heels at his Dominica island resort home with the 31 year old bimbo he left his wife for. (Well actually she kicked him out and got a handsome divorce settlement.) Yet, he has the unmitigated gall to lecture us working schmucks how much better off we are under his administration.

      Scumlin is a typical, hypocritical liberal and has never hid it. What is more reprehensible is that how pathetically stupid Springfield's electorate is having overwhelmingly sent him to Montpelier, twice! Now having thoroughly decimated our economy so badly, commercial property is all but worthless.

      http://vtdigger.org/2015/09/17/gov-peter-shumlin-to-marry-longtime-girlfriend/

      http://dominicanewsonline.com/news/homepage/news/international-news/vermont-governor-no-longer-a-stranger-in-dominica/

      Delete
    2. chuck gregory11/18/15, 4:13 PM

      There's no reason why Springfield can't develop a strategy against this sort of board game capitalism. It is not a question so much of Vermont not being business friendly as business not being Vermont friendly. Where shall we start?

      Delete
  4. Like anyone, I too often get frustrated at the state of our old industrial complex' - but one can't always put Bob Flint in the crosshairs. I doubt very highly that Flint has some dark agenda to keep them empty - he's always proven himself to be one of the biggest cheerleaders Springfield has. His enthusiasm is habitually denigrated by the chronic whiners that incessantly post on here with their negativity, snarky, lame, overused and vitriolic comments.

    ReplyDelete
    Replies
    1. No one questions Flint's enthusiasm for the job. However, his performance has been abysmal. SRDC has proven to be only a reality management company and useless at attracting new business and encouraging the few successful manufacturing business to remain here. Springfield desperately needs an agency that is accountable to the Selectboard and spearheaded by a proven professional.

      Find it consistent with liberal intolerance to demand silencing of differing opinion. Even when that opinion is substantiated by fact. Remain thankful to the blog moderator to allow this forum to present such opinion not available elsewhere.

      Delete
    2. Aethelred the Unready11/16/15, 12:14 PM

      I agree John Follett and Bob Forguites are the ones that belong in the cross-hairs on this one.

      Delete
    3. You all sound like this is a scandal involving SRDC. VT Machine Tool Co was a valiant effort to keep and build jobs. I am sorry it failed. I hope the Bryant trademark stay's locally and still has a future in Springfield. Lots of work was left on the table at VMTC and still needs to be done!

      Delete
    4. No one implied a scandal involving SRDC, other than their pocketing of hundreds of thousands of dollars in grant monies with no accountability!

      The accusation is, SRDC is useless in retaining and attracting business. Proof being, VMT creditors sold the rights to Bryant Grinder to Fives who promptly relocated assets to a business friendly state.

      http://www.fivesgroup.com/news-press/news/fives-acquires-bryant-grinders-idod-technology-intellectual-property-and-service-activities.html

      Delete
    5. FYI, "Bryant" was sold to the Fives Group (very big company) in Maryland. Local, yes, planet wise.

      Delete
    6. Philip Caron11/17/15, 10:21 AM

      The Bryant business has been sold by the bank to a Maryland company.

      Delete
    7. The Bryant name is gone to Maryland. All of 'the names' are gone. The town needs to raze a couple buildings and move on.

      Delete
  5. chuck gregory11/17/15, 10:38 AM

    My apologies to 11/13/15 of 1:26! He/she actually does know more than I do.

    The underlying problem with the non-sale of Vt Rebuild is our disastrous property tax hikes made necessary by Wall Street vacuuming out our industrial base. I think the property taxes on the former Flanders estate went up from $75 to $14,000 at that time.

    So, 1:26 is right about us taxpayers left shouldering the load.

    What we could use in this town is a strategy to counter such destruction of our capital base in the future. There was a proposed insertion in the economic chapter of the Town Plan (the Planning Commission is working on it at this time)to address the six factors that have bled Springfield. You might ask the commissioners what those six factors are and what happened to the proposal.

    ReplyDelete


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