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January 31, 2018

Housing companies linked to Michael Liberty file for Chapter 11

Three low-income and senior housing companies with ties to developer Michael Liberty, who was sentenced last August to four months in jail for illegal political contributions, have filed for Chapter 11 reorganization under the federal bankruptcy law.

The Bangor Daily News identified the three companies as:

  • Pine State Housing Series LLC, a limited partnership, owner of 435 units of housing at 17 sites across Maine, reported it has between $10 million and $50 million in assets and liabilities and less than $43,000 in unsecured debt. Its largest unsecured debt, the newspaper reported, is to Stanford Management.
  • Montfort Housing LP, which owns 140 apartments at the base of Munjoy Hill in Portland, and owes nearly $2.5 million to creditors that include Stanford Management, Maine State Housing Authority, the Portland Water District and Michael Liberty. Its assets are worth $6.7 million, the newspaper reported.
  • Birch Ridge LP, which owns The Birches senior housing in Old Orchard Beach and reported more than $6.6 million in assets and $135,00 in debt.

BDN reported that court documents identify Liberty, 57, as a "general partner" in all three companies.

The chief federal bankruptcy judge in Maine in early January put the three companies' cases on hold, directing them to meet with creditors in a settlement conference before the court makes its decision on the Chapter 11 request.

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