The highest bidder at a public foreclosure auction for two of Eastport's historic downtown buildings, 73 and 75 Water Street, was Eastport business and property owner Ross Furman. About 50 people gathered at the building at 11 a.m. on July 14, filling the former bakery space, wearing masks and trying to maintain social distancing, but also wanting to comment to each other on the state of the buildings, the dreams each had for it and the hope that a local person would be the successful bidder. About five people participated in the bidding, with only two parties, Furman and a phone bidder representing more than one partner, holding the tension high from the $150,000 point onward.
     Keenan Auction Company held the auction on behalf of Camden National Bank and took two breaks during the bidding, one to consult with its client and one for the phone bidders' representative. It was an "absolute auction," stated auctioneer Stefan Keenan, meaning that the highest bidder wins and there is no reserve price to be met. Furman noted after the sale that he had been surprised that the bank had not set a reserve, a custom he has encountered before at foreclosure auctions. His winning bid garnered the two buildings for $295,000.
     Furman said that he had no immediate plans but wanted to get his Rossport crew over to assess what needs to be done to get them in good repair. Rossport by the Sea Lodging and Retreat and Rossport Farms are Furman's businesses located on a sprawling compound in Quoddy Village that he has been developing over the years. Two days later he had placed a "Bakery Wanted" sign in one of the windows.
     While Patricia and K. Morgan Lindau, the previous owners of the buildings, who are now embroiled in charges of alleged larceny and embezzlement and are in Chapter 7 bankruptcy proceedings, did many repairs and renovations over their 17 year ownership, there is still much to be done. Some of the onlookers during the auction remarked that they had inspected the buildings, and the roof, while recently installed, was leaking enough to warrant someone putting up plastic sheeting to divert leaks into tubs. "It's quite musty" upstairs because of the water damage, said one person, who also remarked that while they'd seen worse basements, the ones in the two buildings weren't great.

Proceeds used for debt, charge backs and fees
     Camden National Bank has likely met or come close to its outstanding debt load owed by the Lindaus on the two buildings. Of four loans using the two buildings as collateral totaling $612,452, the Lindaus owed the bank $199,400.
     When the bankruptcy court granted the Lindaus' request to convert from Chapter 11 to Chapter 7 bankruptcy earlier in July, the bank had petitioned for "stay relief," which would allow them to sell the buildings. The stay relief was granted one day before the auction on July 13.
     From the auction's proceeds, the auctioneer expenses and lender's collection costs, including legal fees and expenses, will be applied first. Proceeds will then be used to satisfy the loans and any overdrafts owed to third parties who were clients of the Lindaus' payroll company and notified the bank of unauthorized debits against their accounts. The bank is required by law to honor the "charge backs," or overdrafts. If after paying for all of the above, there are any proceeds remaining the bankruptcy court documents state that they will be held in escrow for forgiveness of the Lindaus' Paycheck Protection Program (PPP) loan, among other conditions that seem unlikely to be met given the amount the buildings' auction garnered.
     Camden National Bank still has an outstanding home equity loan of $176,000 that was secured by the Lindaus' Newburgh home, as well as a $24,721 PPP loan.