Bangor construction firm on the auction block
The assets of a longtime contractor and concrete business in the greater Bangor area are scheduled to be sold off later this month as part of foreclosure proceedings.
Land and buildings previously owned by Vaughn Thibodeau & Sons will be auctioned off June 24 and 25, according to the Bangor Daily News. The company defaulted on multiple loans for the properties from Bangor to Stockton Springs, leading Machias Savings Bank to seize them, Jacob Manheimer, a Portland attorney for the bank, told the paper. The city of Bangor last week authorized a takeover agreement for three contracts with Vaughn Thibodeau & Sons after the company told the city it is financially unable to perform or complete three open projects, according to the paper. The assets include a concrete and asphalt plant on U.S. Route 1A in Prospect, an asphalt plant on Odlin Road in Hermon and the Vaughn Thibodeau & Sons office building and garage in Ammo Park in Bangor.
The Lakeman family purchased the business from Vaughn Thibodeau in October 2007, and last year David Lakeman Jr., former vice president of operations, was charged with embezzling more than $500,000 from a former employer in Florida. He later accepted a plea deal to charges of scheming to defraud, grand theft and dealing in stolen property in Florida and will serve a year in prison, as well as pay back $230,000 in restitution, according to the newspaper.
Go to the article from the Bangor Daily News >>
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