Just taking the company
John D. Crosier notes that the city of Nashua is abusing the Hell out of eminent domain:
FOR MORE than two years, the city of Nashua and Pennichuck Corp. have been at odds over the city’s professed intention to acquire the company by eminent domain.
Yes, the city just wants to take over operations of a private company. So far, the company has spent $2M defending itself and its investors are getting shaky. John D. Crosier nails it:
The city is not only attempting to take the company’s water works inside the boundaries of Nashua, but also is laying claim to Pennichuck subsidiaries that provide water service outside of Nashua through systems that are entirely unconnected to the one serving the city. The power of eminent domain is not being used for any overriding public benefit, but to block a legitimate business decision made by Pennichuck’s board of directors to merge with another company. City leaders have essentially admitted as much.
Such abuses are an egregious violation of property rights and an indicator of state as nanny going way too far.
