After months of promises and deadline extensions, the sale of the former Guilford Mills factory to Intelligent Fish is dead.
Frustrated with inaction on the part of Intelligent Fish representatives, and after hearing that one of the potential investors was in prison, Schoharie County Supervisors Thursday agreed to cease negotiations.
There is still interest in the vacant Cobleskill plant and negotiations will begin with other potential buyers.
Despite agreeing to extend the time table for the sale in June, supervisors still saw no progress from Intelligent Fish representatives at a special meeting Thursday.
The potential deal stagnated long enough, county officials said.
"We've tired," said county attorney Michael West. "Everyone is tired and just wants to be done with them...
"The county feels the deal is dead and done. Everyone has jumped through hoops for them and there's nothing coming back."
Though supervisors agreed to give Intelligent Fish more time after the original drop-dead date of June 1, company representatives still did not contact him until about two hours before Thursday's meeting, Mr. West said.
At about 3:30pm Thursday, there was a voice mail that the company had a new investor, Mr. West said, and that the group would wire the additional $25,000 for a down payment.
Supervisors felt the measure was too little, too late.
"This county has bent over backwards on this issue," said Dennis Richards of Middleburgh.
"These people are no longer viable. We have to look at other options."
He recommended, "with a heavy heart," that the county cease negotiations with Intelligent Fish.
Cobleskill Supervisor Tom Murray said that the only time company officials called the town was to ask to lower water and sewer rates.
The county, said Dan Singletary of Jefferson, entered into a good faith agreement with "these people and they simply have not lived up to their part of the bargain."
It was time to move on, other county officials said.
"It was time to change focus," said Alicia Terry, the head of the county planning department.
"We had to go in a new direction."
Mr. West was more forceful.
"We're just tired of it. It was ridiculous. They gave all kinds of excuses."
A main investor in the project supposedly had millions of dollars "burning a hole in his pocket," Mr. West said, but was in Europe and could not be contacted.
Realtor Jack Kelley said conditions have changed greatly since first contact was made with Intelligent Fish officials about a year ago.
They had a good idea, they seemed like reputable people and had information in financing, Mr. Kelley said Thursday.
Since then, the story has changed dramatically.
Representatives, who had planned to open a fish processing plant and employ 75, have not returned calls or given necessary information or applications, he said.
"They had plenty of time to make this deal."
In addition, the first financier of the project is "currently sitting in jail," Mr. Kelley said.
"The FBI caught up with him."
There was little other information about the man.
Ms. Terry said Monday that the man was jailed between December and February.
Ms. Terry said she heard the man allegedly created a "Ponzi scheme," similar to Bernie Madoff.
Company representatives did give the county $50,000 last fall as a down payment on a $2.5 million purchase price.
County officials have taken "the position that it's ours," Mr. West said Monday.
"Company representatives did not complete what they said they would do under the contract," he said.
"We never heard a word."
After agreeing to cut off talks with Intelligent Fish, supervisors agreed to go into executive session to discuss possible litigation.