This filing in the Peter Pan Seafood receivership reveals a "collaboration among competitors" involving the storage, labeling and distribution of canned salmon.
This post is written in a way that creates an improper assertion.
"Company to be formed as a collaboration among competitors for the purpose of lowering their production costs and to facilitate their ongoing compliance with the Canned Salmon Control Plan"
The casing and labeling operation is of little value. Leased building, some old equipment, forklifts, etc. OBI doesn't want their operation impeded by an auction of PPI assets. But, I doubt anyone is interested and OBI should be able to work out something with the receiver.
This doesn't seem in any way supportive of Rodger May's efforts to claw back the millions he says he is owed. Unfortunately for May, he must have agreed to give Wells Fargo primacy, otherwise Wells would have never extended the loans to begin with. Best he and other creditors can hope for is that something is left over after Wells is satisfied.
This post is written in a way that creates an improper assertion.
ReplyDelete"Company to be formed as a collaboration among competitors for the purpose of lowering their production costs and to facilitate their ongoing compliance with the Canned Salmon Control Plan"
Two old tired companies gasping their last breaths in the industry. PPSF has no pulse. OBI is in palliative care.
ReplyDeleteThe casing and labeling operation is of little value. Leased building, some old equipment, forklifts, etc. OBI doesn't want their operation impeded by an auction of PPI assets. But, I doubt anyone is interested and OBI should be able to work out something with the receiver.
ReplyDeleteThis doesn't seem in any way supportive of Rodger May's efforts to claw back the millions he says he is owed. Unfortunately for May, he must have agreed to give Wells Fargo primacy, otherwise Wells would have never extended the loans to begin with. Best he and other creditors can hope for is that something is left over after Wells is satisfied.