Murray Traub Acquiring Corp. Requests 50 Percent Tax Abatement and Back-Tax Relief

Following the abrupt closure of the legendary 76-year-old Plimpton Press a month ago, company owners and management have proposed a municipal tax agreement aimed at reopening the Lenox Street plant under a new, smaller bookbinding operation.

Representatives from the New York-based Murray Traub Acquiring Corp.—the current owner of the facility—presented town officials with two alternative proposals during a closed-door conference. Under both proposals, the company has asked Norwood for a 50 percent abatement on its 1973 taxes (reducing the assessed valuation from $1,722,900 to $861,450, and cutting the roughly $67,000 tax bill down to $33,500).

The two proposals differ in their handling of approximately $385,000 in accumulated back taxes owed for 1970, 1971, and 1972:

• Proposal One: Plimpton would pay the full back-tax debt with interest, spread out over a 10-year period.
• Proposal Two: Plimpton requested both the 1973 tax abatement and a 50 percent reduction on the retroactive back-tax debt.

If accepted, Alfred M. Flaxington—formerly Plimpton’s general manager and Traub’s treasurer—would form a new corporation, lease the Lenox Street property, and launch a scaled-down bookbinding operation. Flaxington estimated that the new venture would initially employ about 150 workers, drawing heavily from the former Plimpton workforce. He noted that the primary financial hurdle is securing $20,000 to $25,000 to recondition existing bookbinding machinery, which he intends to fund through employee stock sales or an insured loan.

Selectmen Debate Legal Hurdles and Industrial Alternatives

Board of Selectmen Chairman William F. Butters announced that the town has formed a special committee to investigate the legality of adjusting an existing municipal tax debt, particularly since Town Treasurer Raymond T. Halloran has already initiated foreclosure proceedings on the property and expressed legal and moral reservations against forgiving back taxes.

While former Plimpton employees—many of whom have remained unemployed since the plant folded—are eager to see the business reopen, Selectman Chairman Butters expressed skepticism. Butters noted that Murray Traub’s counsel argued the settlement could be recommended to a judge presiding over ongoing foreclosure court cases, and emphasized that Traub is personally worth $5 million, guaranteeing the ability to pay. However, Butters stated he would personally prefer exploring a federally funded industrial redevelopment plan for the property if the town takes ownership via tax title.

Assessor Chairman James J. Drummey noted that granting a 1973 tax abatement presents fewer hurdles since an application is already pending on his desk, but the overarching legal questions regarding back-tax reductions remain under review by the board’s newly appointed committee.

Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger