September 2009 – State & Province News
An order signed by Judge Jerry Brown of the U.S. Bankruptcy Court for the Eastern District of Louisiana converts the case of Madisonville, La.-based Phoenix Associates Land Syndicate from Chapter 11 to Chapter 7 liquidation. According to the Daily Deal, one of the sand and gravel company’s creditors — International Tuft Applicators Inc. — is seeking relief from stay so it can continue with litigation in the U.S. District Court for the Eastern District of Louisiana. The company is owed $880,000. U.S. District Court Judge David Knowles remarked that the bankruptcy was filed in bad faith, since it occurred one day before the trial was set to begin. A hearing to consider the relief was scheduled, but it is not clear if the Chapter 7 conversion will affect the request. Phoenix listed assets of $6,300 and liabilities of $20.1 million in its petition.
GE Goding & Sons Inc., one of largest suppliers of sand, gravel, and concrete in the Lincoln Lakes region, abruptly shut its doors after its normal winter layoff. The Bangor Daily News reports that Sargent Corp. is negotiating to buy at least some of the assets of the 62-year-old business. Sargent has several gravel pits in the state and is said to be particularly interested in Goding’s gravel pit operations in Lincoln and some of its concrete plants.