Pennichuck possibly close to settling eminent domain dispute with Nashua, N.H.

By Lisa Kerner

Charlotte, N.C., Feb. 13 - Pennichuck Corp. said investment banking firm Boenning & Scattergood, Inc. will advise the company regarding a possible settlement in the company's ongoing eminent domain dispute with the City of Nashua, N.H.

Nashua could acquire some or all of the assets of Pennichuck or its subsidiaries or the shares of Pennichuck stock in a settlement, a Pennichuck news release said.

In November, the City of Nashua said it was exploring ways to acquire Pennichuck Water Works, Inc. by means other than eminent domain.

A definitive settlement agreement between Pennichuck and Nashua would require the approval of two-thirds of Nashua's board of aldermen and possibly approval by the New Hampshire Public Utilities Commission and Pennichuck shareholders, according to Pennichuck president and chief executive Duane C. Montopoli.

Pennichuck is a potable water company located in Merrimack, N.H.

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