BANGOR, Maine — All assets owned and managed by Vaughn Thibodeau & Sons, totaling nearly $11 million, were sold at auction late last month as the result of the company’s foreclosure.
Jacob Manheimer, an attorney representing Machias Savings Bank, which owned multiple defaulted loans of Vaughn Thibodeau & Sons, said the property sales occurred over a two-day period June 24-25. In addition to 10 separate pieces of real estate, more than $4 million worth of machinery and equipment were liquidated.
Thomas Thornton Jr. purchased an office building and garage in Bangor for $750,000, as well as a quarry adjacent to that property for $270,000.
Lane Construction bought a concrete plant in Bangor for $510,000 and a quarry in Bucksport for $150,000.
Pike Industries of Westbrook purchased an asphalt plant in Hermon for $1.35 million and a quarry in Prospect for $1.6 million.
Vaughn Thibodeau Jr. bought a concrete and asphalt plant in Prospect for $825,000 and a quarry in Stockton Springs for $105,000.
Sargent Corp. purchased a concrete plant in Hancock for $825,000, and P.C. Jordan bought the final piece of land, a quarry in Mariaville, for $325,000.
Earlier this year, Machias Savings Bank took possession of the company’s property as collateral for multiple defaulted loans, according to Manheimer. In May, the city of Bangor authorized a takeover agreement for three contracts with Vaughn Thibodeau & Sons after the company told the city it was financially unable to per-form or complete three open projects. An insurance company representing the contracting company has ensured that the projects will be completed.
Vaughn Thibodeau & Sons was sold in October 2007 to David and Lynn Lakeman, who retained the name of the longtime area contractor and concrete business. Vaughn Thibodeau & Sons performed site and asphalt work for numerous projects, including Hollywood Slots at Bangor and Cianbro’s Eastern Manufacturing Facility in Brewer.
In 2009, Vaughn Thibodeau & Sons was among the top 100 for-profit companies in Maine with 160 employees and annual revenues topping $40 million, according to published reports.
David Lakeman had 30 years of experience working for another contractor, H.E. Sargent Corp., before taking over Vaughn Thibodeau & Sons. The Lakemans’ son, David Lakeman Jr., was vice president of operations for the company as recently as last year when he faced charges of embezzling more than $500,000 from a for-mer employer in Florida, according to court documents from that state.
In April 2009, a warrant was issued for Lakeman Jr. 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.
David Austin, an attorney for Vaughn Thibodeau & Sons, declined to comment last month on the pending foreclosures or sales.