Tuesday, November 10, 2009

The latest on Adak Fisheries

Again this morning, Deckboss trudged through new snow to the bankruptcy court in Anchorge to check out continued proceedings in the case of Adak Fisheries.

So far today, the result has been the same as yesterday: No action on a sale of the faraway fish plant.

If anything, a sale sounds less likely than it did a couple of days ago.

"We are losing momentum, judge," Cabot Christianson, the lawyer for Adak Fisheries, told Bankruptcy Judge Donald MacDonald. "We are losing momentum on the deal."

Presumably, the deal to which Christianson refers is the offer from a Norwegian concern for $488,000 in cash plus assumption of $6.7 million in bank debt on the plant.

Aleut Enterprise, landlord for Adak Fisheries on Adak Island, doesn't like the offer because Kjetil Solberg, which whom Aleut has jousted over the years, might somehow be involved with the buyer.

A competing offer of $2 million in cash is on the table from Seattle-based Trident Seafoods Corp.

The bank that holds the debt on the Adak plant, we assume, doesn't care for the Trident offer.

The numerous lawyers involved in the knotty case are expected to convene again at 2 p.m. at the courthouse.

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