When Burlington College closed, it left a trail of debt — not only to the bank that held its loans, but also to local contractors who had worked to make the new campus attractive to prospective students.

All of the college's property has been sold, and the proceeds were not nearly enough to cover the institution's debts. Burlington College owed nearly $1 million more than its assets, and it now seems likely that those contractors will never be paid.

Nigel Mucklow, the longtime owner of New England Floor Covering in Burlington, was hired to replace flooring in Burlington College's entrance area and classrooms in the summer of 2015.

"If it looks bad, looks dirty, looks out of date, you're not going to attract the clientele, the students," Mucklow said. "So you have to dress it up."

At the time, Burlington College was working on a concerted effort to improve its finances by attracting more students and their tuition dollars. The college took on $10 million in debt to buy a new lakefront campus in 2010 under former President Jane O'Meara Sanders. When fundraising fell short of expectations, Sanders' successors attempted to stabilize the college finances by selling 27.5 acres of its 32-acre campus to a developer.

More:Sold: Final piece of Burlington College

In 36 years in business, Mucklow has contracted for many schools, including institutions like Burlington College working to establish their financial footing. Mucklow said he knew he faced some risk by taking the job, but thought the remaining college assets would act as a financial safety net if the college failed.

"You think if it all goes down, maybe you'd get paid," Mucklow said, "but I wasn't aware of exactly what they owed."

When Burlington College shut down in May 2016, New England Floor Covering quickly filed a lien on the property for $13,295, plus interest.

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Federal authorities are now conducting an investigation into the college's finances, including whether the college misrepresented capital campaign donations to support its purchase of the new campus.

Court records and interviews show that Burlington College left at least $976,404 in debt and unpaid bills that are unlikely to be paid, including $728,944.01 owed to People's United Bank and contractor and vendor invoices totaling $33,459.87:

The college owed People's United Bank $3,828,944, including interest and the costs of the July foreclosure auction. The bank settled $3.1 million of the debt by buying the final piece of college property and development rights in a July foreclosure auction, leaving a court-approved deficiency judgment of $728,944, plus interest.

Neagley & Chase Construction Company in South Burlington holds a lien of $6,600 plus interest, attorney’s fees and penalties for cutting a large opening through a concrete wall at the Burlington College campus in summer 2015.

New England Floor Covering in Burlington is owed $13,295 plus interest, attorney's fees and penalties for work done in summer 2015.

MEI Electrical Contractors, based in Jay and Williston, holds a lien for $5,388 after replacing lighting in the Burlington College lobby in summer and fall 2015.

D.S. Specialties, Inc. in Mooers, New York, holds a lien for $6,811 plus interest, attorney’s fees and penalties for doors, frames and hardware provided under a summer 2015 contract.

The estate of former Burlington College faculty member Jason Conway held a $70,000 mortgage on the college property after settling a lawsuit over misuse of an endowment intended for student scholarships.

The owner of Vermont Tent Company says his records indicate Burlington College failed to pay $1,365 of a bill for graduation-related labor and rentals.

The Vermont Economic Development Authority granted Burlington College a $250,000 loan in July 2014. Executive Director Jo Bradley says a $144,000 debt remains, and VEDA does not expect to be paid.

The closure also prompted the state of Vermont to incur costs: The state Agency of Education spent about $52,000 last fiscal year to preserve and administer former Burlington College student records in the wake of the closure, said agency spokeswoman Haley Dover.

A Vermont Superior Court hearing in Burlington this month finalized the sale of Burlington College's final assets. People's United Bank was the highest and only bidder in a July foreclosure auction and took the property for $3.1 million. Judge Robert Mello signed off on the property sale on August 15.

Developer Eric Farrell is expected to purchase the former campus property from People's United Bank to use for his North Avenue housing development, Cambrian Rise.

Yves Bradley, former chairman of the Burlington College board of trustees, declined to comment on the college's debts.

"I'm done with Burlington College," Bradley said when reached by telephone Thursday.

Carol A. Moore, the president of the college at the time of the closure, did not respond to a voicemail message seeking comment.

The defunct college is being represented in court by attorney Robert Roesler, though he has no client to meet with. Roesler confirmed that lienholders on the former Burlington College property are unlikely to be paid.

"There are no funds from a defunct institution from which to pay anyone," Roesler said.

Mucklow, of New England Floor Covering, no longer expects to be paid, and he regrets taking the job. He says he prefers to make charitable donations by choice.

"I prefer to, if I'm going to donate, select my people I'm going to donate to," Mucklow said. Like many others connected to the defunct college, he said his primary emotion is not bitterness but sadness.

"I think all of us smaller lienholders will probably just have to suffer the consequences," said Mark Neagley of Neagley & Chase Construction.

"We had a good relationship over there, and sorry to see it come to the end that it did," Neagley added. "But from our perspective, we need to pick up and move on."

One of the college's final debts was for its final celebration for graduating students.

Burlington College hired Vermont Tent Company to set up a tent and to rent tables and chairs for the May 2016 graduation, said owner Mike Lubas.

The college paid some of the bill, but a $1,365.15 balance remains today, Lubas said.

Burlington College held its final graduation on Saturday, May 14, 2016 absent any hint that the end was near. Two days later, officials announced that People's United Bank had pulled their line of credit, the college was losing accreditation, and the small school was shutting down under the weight of debt.

Contact April McCullum at 802-660-1863 or amccullum@freepressmedia.com. Follow her on Twitter at @April_McCullum.

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