Sunday, February 4, 2018

Future of Keiser Homes Property Unknown

By Leslie H. Dixon, Advertiser Democrat - February 2, 2018 OXFORD, Maine — The future of the former Keiser Homes property on Route 121 remains unknown, but town officials say property taxes are up to date.
No activity has been seen in almost two years at the former Keiser Homes property at 56 Mechanic Falls Road, which is owned by New Hampshire real estate company R.J. Findlay & Co. (Leslie H. Dixon, Advertiser Democrat)

The buildings have been vacant since the modular home builder, operating under Excel Homes of Maine, unexpectedly shut its doors at 56 Mechanic Falls Road in May 2016, putting more than 120 employees out of work.

According to Town Clerk Beth Olsen, the taxes for property owner R.J. Finlay & Co. of Nashua, New Hampshire, remain up to date. Finlay leased the property to Keiser Homes.

Town records indicate the building is assessed at $2.42 million and the 24 acres at $200,600. Total taxes to the town this fiscal year are $38,493.

The closure in 2016 was part of a companywide shutdown by Innovative Building Systems of Delaware, which operated Keiser Homes under Excel Homes of Maine.

Innovative Building Systems filed a voluntary petition for relief in U.S. Bankruptcy Court in Delaware under Chapter 7 on May 11, 2016.

A clerk at the bankruptcy court said no new filings have appeared for the case in at least a year.

Stephen Vlachos of Caswell Vlachos Group in Portland marketed the property for the Finlay company in 2013, but has not been asked to do so since the plant closed, he said.

Recent calls to R.J. Finlay & Co. and attorney Donald Detweiler of Pepper Hamilton in Delaware, representing Excel Homes of Maine, were not returned this week.

Excel Homes of Maine is one of 12 affiliated subsidiaries of Innovative Business Systems, which owns directly or indirectly 100 percent of the 12 debtors.

According to Innovative Business Systems court filings, Excel Homes of Maine LLC officials believe that after any administrative expenses are paid, no funds will be available for distribution to unsecured creditors, many of whom are in Maine.

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