Tower Hotel sale in limbo; Sellers fail to provide Transport

By Kurt Campbell

President of the buying company out of Canada – Panther Recycling Corporation – Mike Mosgrove told iNews today [Thursday, December 11], that that the first agreement between himself and the sellers have failed and a new proposal has been put forward.

Mosgrove said the purchase of sale is now outdated after the seller failed to allow an inspection by a Canadian team of the Main Street, Georgetown location along with some 200 acres of land [Emerald Tower] at Linden/Soesdyke.

But what seems to be the real contention is the failure of the sellers to provide an inventory list of all assets and a certified copy of the Transport.

Mosgrove clarified that the sale was still being pursued; explaining that a second proposal was made which will see him buying the shares.

“Since they couldn’t provide these things we went back with a proposal… we still want to buy it but we have no confidence in handing over the money without having a mortgage position or the Transport so we are now buying shares because if we do that we will own mortgage and Transport,” he explained.

According to Mosgrove, doing this provides security while pointing out that steps will be taken collectively, once this is done, to satisfy unpaid bills along with unpaid suppliers and employees.

The sellers have not responded to Mosgrove’s proposal but he has assured that once they agree he will move swiftly to have the hotel reopened.

When Mosgrove, who has been very active on the local scene in recent years trying to set up a recycling plant, first announced that he was buying the facility along with the accompanying land in October last, he said it was an “adventure” for him personally.

“If it doesn’t work, it’s my fault, and I don’t play for making things work,” Mosgrove said; adding that “we want to make it the landmark it once was.”

It was announced that rebranding will need to be done but there is interest in letting ‘Tower’ remain part of the name.

The Hotel’s management was forced to close its door to the public in May 2014 and staff were sent home without pay even as the electricity to the Main Street building was disconnected; a situation that signaled bankruptcy for the owners.