Hopefully they will pay the fishermen what we are owed. It's been a bad year to be from King Cove. Rodger May and other owners should be held accountable. First, they don't pay from last year's fishing and close with no notice. It's crazy. The state or government should be involved to investigate this.
For over 100 years, Peter Pan Seafoods weathered and adjusted to the stresses of supply and demand and carried on as a going concern. How can it be that in only three years' time it imploded? Something doesn't add up.
2020: "The Japanese seafood goliath Maruha Nichiro offloaded the flailing Peter Pan Seafoods last year — for a loss of nearly $28 million — to a joint venture between Rodger May of Northwest Fish; the Na'-Nuk Investment Fund, managed by McKinley Capital; and RRG Capital Management."
The new owners had to go through the elevated prices of 2022, and couldn't make it work.
The new owners really had zero Alaska operations experience. Maybe May had some sales experience, but that is no substitute for understanding how the fisheries work and how processing plants are run.
Hopefully they will pay the fishermen what we are owed. It's been a bad year to be from King Cove. Rodger May and other owners should be held accountable. First, they don't pay from last year's fishing and close with no notice. It's crazy. The state or government should be involved to investigate this.
ReplyDeleteHere's the order appointing a general receiver:
ReplyDeletehttps://www.scribd.com/document/727854833/Order-appointing-general-receiver
For over 100 years, Peter Pan Seafoods weathered and adjusted to the stresses of supply and demand and carried on as a going concern. How can it be that in only three years' time it imploded? Something doesn't add up.
ReplyDeleteRodger May and other owners should be held accountable.
ReplyDelete2020: "The Japanese seafood goliath Maruha Nichiro offloaded the flailing Peter Pan Seafoods last year — for a loss of nearly $28 million — to a joint venture between Rodger May of Northwest Fish; the Na'-Nuk Investment Fund, managed by McKinley Capital; and RRG Capital Management."
ReplyDeleteThe new owners had to go through the elevated prices of 2022, and couldn't make it work.
The new owners really had zero Alaska operations experience. Maybe May had some sales experience, but that is no substitute for understanding how the fisheries work and how processing plants are run.
ReplyDelete