Bangor contractor in foreclosure; assets to be sold at auction

The former Bangor headquarters of the Vaughn Thibodeau & Sons contractors. BANGOR DAILY NEWS PHOTO BY GABOR DEGRE
BDN
The former Bangor headquarters of the Vaughn Thibodeau & Sons contractors. BANGOR DAILY NEWS PHOTO BY GABOR DEGRE
Posted June 01, 2010, at 1:45 p.m.

BANGOR, Maine — All assets owned by Vaughn Thibodeau & Sons, a longtime contractor and concrete business in Greater Bangor, are expected to be sold later this month as the result of foreclosure proceedings.

Jacob Manheimer, a Portland attorney for Machias Savings Bank — which owns multiple defaulted loans of Vaughn Thibodeau & Sons — said Tuesday that the bank recently took possession of the company’s property.

“All their property is collateral for loans by Machias Savings Bank that are in default,” he said.

The buildings and associated land, which range from Bangor to Stockton Springs, will be sold at auction on June 24 and 25. Bidders must submit a refundable deposit of $50,000 to ensure serious bids, and the bank has a right of final refusal, Manheimer said.

The list of assets includes a concrete and asphalt plant on U.S. Route 1A in Prospect, an asphalt plant on Odlin Road in Hermon, a concrete plant on Route 1A in Hancock, a quarry on Hawes Bridge Road in Prospect, and the Vaughn Thibodeau & Sons office building and garage in Ammo Park in Bangor.

At the company’s headquarters in Bangor, the buildings are abandoned. A sign out front says, “No Trespassing.” Another lists the name of a real estate agent. The phone number for the business just rings and rings. Attempts to reach David or Lynn Lakeman, the company’s owners, at their home were unsuccessful.

David Austin, an attorney for Vaughn Thibodeau & Sons, said Tuesday he had no comment on the pending foreclosures or sales.

Last week, the city of Bangor authorized a takeover agreement for three contracts with Vaughn Thibodeau & Sons. The company told the city that it is financially unable to perform or complete three open projects — improvements to a drainage canal on Godfrey Boulevard near Bangor International Airport, Phase 5 reconstruction of the terminal apron at the airport, and Phase 2 reconstruction of the airport’s cargo apron. Now an insurance company representing the contracting company will ensure that the projects are completed.

In October 2007, the Lakemans purchased Vaughn Thibodeau & Sons from Vaughn Thibodeau. David Lakeman had 30 years’ experience working for another contractor, H.E. Sargent Corp. Vaughn Thibodeau & Sons has performed site and asphalt work for numerous area projects, including Hollywood Slots at Bangor and Cianbro’s Eastern Manufacturing Facility in Brewer.

The Lakemans’ son, David Lakeman Jr., was vice president of operations for Vaughn Thibodeau & Sons as recently as last year when he faced charges of embezzling more than $500,000 from a former employer in Florida, according to court documents from that state.

In April 2009, a warrant was issued for Lakeman Jr., 40, of Holden on charges of scheming to defraud, grand theft and dealing in stolen property, all first-degree felonies in Florida punishable by up to 30 years in prison.

According to The Ledger, a newspaper in Lakeland, Fla., Lakeman Jr. accepted a plea deal on those charges last month. He will serve a year in prison and must pay back $230,000 in restitution, according to the newspaper.

Lakeman Jr. could not be reached for comment Tuesday.

SEE COMMENTS →

ADVERTISEMENT | Grow your business
ADVERTISEMENT | Grow your business

Similar Articles

More in Business