Jackson County IA Archives News.....Clinton Engines Buy-Out Effort Fails October 29, 1983
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Ken Wright wright@prestontel.com January 24, 2011, 4:50 pm

Maquoketa Sentinel-Press October 29, 1983
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.


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