BINGHAM — A shuttered sawmill that once employed about 75 people has been foreclosed, sold, dismantled and will be shipped in pieces to Siberia.

During the last two months, crews have dismantled the former Morgan Lumber Co. building, with the buyer taking both the structure and the equipment.

All that is left of the former blue, 28,000-square-foot sawmill are several steel roof girders lying in mud and snow.

The mill on Wing Street, which produced framing lumber for construction projects, had been closed since May 20, 2006, when business declined with the fall of the housing market.

Tom Morgan, who said he owned the mill for more than 10 years, currently runs a lumber yard at the former mill site, on parcels totaling about 40 acres.

Morgan owned all the shares in the company and filed for Chapter 7 bankruptcy on June 11. A bank holding company in Canada with a lien on the property then foreclosed on it.

The holding company recently sold the mill to a Russian company, according to Morgan’s attorney, J. William Batten, who did not know the name of the buyer.

Inquiries at the holding company, Gestion Michel Bernard Inc., located in Beauceville, Quebec, were redirected to a logging company in Madison called PR Fortin and Sons Land and Timber.

Two phone calls to the logging company on Friday were not returned. Its connection to Morgan Lumber Co. was not immediately clear.

Morgan declined to name the Russian company the mill was sold to, and he said he did not know the precise closing date. He also declined to give a selling price.

Batten estimated Morgan owed the bank a total of $850,000 for the mill, according to paperwork filed in U.S. Bankruptcy Court in Bangor. He also estimated the mill is currently worth about $500,000, meaning the bank would lose $350,000 when it sold.

Though Morgan generated no income from the mill as he searched for someone to purchase it, he still faced certain fixed costs, such as taxes, insurance and electricity, Batten said: “He got caught up in the economy, and that’s what happens a lot today.”

After exempt property is excluded and administrative expenses are paid, Morgan estimated there would be insufficient funds available to pay between 100 and 199 creditors, documents indicate. His total assets — including real and personal property — amounted to $1,502,249. His total debts reached $1,940,577.

Chapter 7 bankruptcy is designed for those who do not have the ability to pay their existing debts. Morgan’s debts were cleared Sept. 15, according to court paperwork.

Erin Rhoda — 474-9534

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