Keiser Homes property future still unknown

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STAGNANT — No activity has been seen at the former Keiser Homes property at 56 Mechanic Falls Rd., which is owned by N.H. real estate company R.J. Findlay & Co., in almost two years.

OXFORD — The future of the former Keiser Homes property on Mechanic Falls Rd. remains unknown, but town officials say property taxes continue to be paid.

The buildings were vacated almost two years after modular home builder Keiser Homes, operating under Excel Homes of Maine LLC, shut its manufacturing facility doors at 56 Mechanic Falls Rd. unexpectantly in early May of 2016 putting more than 120 employees out of work.

According Town Clerk Beth Olsen, the taxes for property owned by R.J. Findlay & Co. of Nashua, N.H. remain up-to-date.

Town records indicate the building is assessed at $2,418,000 and the 24-acre parcel of land at $200,600. Total taxes payable to the Town of Oxford for this fiscal year is $38,493.

The closure – part of a company-wide shutdown for parent company Innovative Building Systems, which declared bankruptcy – left the 24-acre property with its industrial buildings, office and yard space, vacant. The property has been maintained since its closure.

Although no one returned calls from R.J. Findlay & Co., Stephen Vlachos of the Caswell Vlachos Group, LLC in Portland, said Jan. 29 that he occasionally speaks with the company president. He has not been asked to market the property.

Vlachos was retained by R.J. Findlay & Co. in 2013 to market the property, eventually leading it to Innovative Building Solutions.

Vlachos said he believes the  property is still tied up in bankruptcy court proceedings.

Innovative Building Systems LLC, which operated Keiser Homes under Excel Homes of Maine LLC, 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.

A phone call to attorney Donald Detweiler of Pepper Hamilton LLP in Delaware representing Excel Homes of Maine LLC  went unanswered.

Excel Homes of Maine LLC is one of 12 affiliated subsidiaries of IBS which filed voluntary petitions for relief under Chapter 7. Innovative Building Systems of Delaware owns  directly or indirectly 100 percent of the 12 debtors

According to IBS 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.

ldixon@sunmediagroup.net