Live Lobster Co. plant up for auction
The Gouldsboro plant of the shuttered Live Lobster Co. will be up for auction in late September, following financial troubles that resulted in a $3.4 million lawsuit by the company's creditor, TD Bank.
The Ellsworth American reported Tuesday that the bank will hold an auction for the property on Sept. 26 at the plant located in the village of Prospect Harbor. In all, the plant includes a pier, five buildings totaling around 100,000 square feet and 1,480 feet of shorefront land.
According to the Bangor Daily News, the company began bouncing checks to employees around November 2011 and the bank froze the company's checking accounts on March 23 of this year. TD Bank filed its lawsuit against the company shortly after, alleging that the Chelsea, Mass.-based Live Lobster Co. had stopped making loan payments and violated agreements with the bank.
The American reported that the company had put up all of its business in Maine and Massachusetts for a $4 million revolving line of credit.
Live Lobster Co. used the processing plant, which formerly housed the Stinson sardine cannery, for less than a year, following company president Antonio Bussone's purchase of the plant from Bumble Bee in the spring of 2011.
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