Clinton Engines Buy-Out Effort Fails

MAYBERRY, MELROY, HOFFINGER

Posted By: Ken Wright (email)
Date: 1/24/2011 at 14:59:04

Maquoketa Sentinel-Press, October 29, 1983

CLINTON ENGINES BUY-OUT EFFORT FAILS

The negotiations for the purchase and expansion of Maquoketa’s Clinton Engines Corp. by executives William Mayberry and John Melroy have broken down over differences on the price and terms of the company’s real estate, the Sentinel Press learned Friday October 28.

Martin Hoffinger, president and principal owner, issued a statement before concluding a three-day visit here that after extensive negotiations and evaluations of the options he had decided to maintain the status quo.

Mayberry and Melroy, the company’s vice-president and secretary-treasurer respectively, had put together a potential package which was contingent upon a $1 million federal block grant approval by the Jackson County Board of Supervisors, plus more than $500,000 of bank financing and their own equity.

Mayberry and Melroy had no comment for publication as of Friday, stating that they felt any report should first be given to the supervisors. Agreement already had been reached regarding the inventory, machinery, supplies and intangibles. The exact price for these items was not disclosed.