Town, Cate Street Capital reach deal over back taxes
The town of Millinocket and Cate Street Capital have reached a resolution over the $2.24 million owed to the town by a subsidiary of the Portsmouth, New Hampshire, private equity firm.
Cate Street said Monday that representatives of the firm met with town officials over the past week and came up with a strategy that fully compensates the town for taxes owed.
The town placed a lien in May against a subsidiary of the firm, GNP West, seeking payment of a tax bill on equipment in the defunct paper mill, which the company wants to sell at auction. The auction is scheduled for June 19, according to Koster Industries, the New York-based company managing the auction.
Cate Street spokeswoman Alexandra Ritchie said the negotiated resolution will allow for the scheduled auction of Paper Machine No. 11 and associated equipment to proceed.
IMF predicts U.S. economy on brink of acceleration
The U.S. economy is poised to accelerate after a dismal start to the year even though the job market won’t return to full employment until 2017.
That was the forecast offered Monday in a report by the International Monetary Fund. The IMF noted that steady job gains and other recent data suggest that the economy is rebounding. Employers have added 200,000-plus jobs for four straight months, and the unemployment rate has fallen to 6.3 percent.
Investors send U.S. stocks higher on acquisition news
Investors nudged U.S. stocks into positive territory Monday, thanks in part to another round of corporate couplings.
Three proposed acquisitions, including medical device maker Medtronic’s $42.9 billion bid for rival Covidien, helped the market eke out a slight gain for the second trading day in a row.
The Dow Jones Industrial average inched up 5.27 points to 16,781.01 points. The Standard & Poor’s 500 index edged up a 1.62 to 1,937.78. The Nasdaq composite rose 10.45 points, or 0.2 percent, to 4,321.11.