Mon, Nov 23 2009
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O’Sullivan says deal for plant terminated During that time, SEA and O’Sullivan made several amendments to their purchase agreement. The purchase price that SEA would pay went from $4 million to $4.825 million. SEA also had to make a new lease agreement with the Burlington railroad company because a small part of the land is owned by the railroad. O’Sullivan’s annual lease with Burlington was $800 a year at the time the company closed.
O’Sullivan and SEA previously agreed that SEA could “hold back” $100,000 from O’Sullivan until the company turned over the building clean and in good shape. That amount was later reduced to $25,000. Because of several judgment liens filed against O’Sullivan after SEA signed the purchase agreement, the building had to go through a nonjudicial foreclosure sale Jan. 30, 2008. SEA agreed to bid the purchase agreement amount on the property Jan. 30 and close on the property the next day. But the day before the foreclosure sale, SEA allegedly said the property needed repairs estimated at more than $1 million, and would not close unless O’Sullivan made the last- minute repairs. SEA alleged that O’Sullivan had breached its contract by not maintaining the property. SEA had previously agreed the property was “satisfactory” as of Dec. 21 in the second amendment to the purchase agreement. O’Sullivan is alleging that calling for repairs the day before the closing wasn’t the first time SEA tried to get out of the deal. The filing alleges SEA turned in the lease with Burlington to O’Sullivan too late for the Jan. 31 closing date, and then tried to use that as an excuse to terminate the purchase agreement. The lawsuit also alleges SEA knowingly bid incorrectly on the property, forcing the sale to be postponed to Feb. 26. But before that final closing date, SEA allegedly tried to terminate the purchase agreement and demanded the return of its deposit Feb. 15. In response, O’Sullivan terminated the agreement March 11.
Former employer O’Sullivan Industries is a wood-furniture manufacturer. It was Barton County’s largest employer when the company closed its Lamar plant. The July closing resulted in the loss of more than 700 jobs. 
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