The court-appointed receiver for Peter Pan Seafood Co. has filed his initial report outlining efforts to sell off the company's assets, including millions of dollars in canned and frozen fish inventory.
The report also summarizes several lawsuits pending against Peter Pan.
The receiver also discloses he has collected $5 million in insurance proceeds related to two fires that occurred before the receivership.
Peter Pan President Rodger May, who says he owns 50 percent of the company, complains the receiver has too much power to rush the sale of assets. This favors senior creditor Wells Fargo Bank, but could screw junior creditors such as May himself and commercial fishermen, says a motion filed today in King County Superior Court.
Wells and other banks are in a senior position. Peter Pan management agreed to this. Rodger May is certainly a senior member of management. What is he crying about?
"The Receiver is also communicating with prospective third-party purchasers regarding inventory and other assets and is evaluating and considering all offers."
"You never know who's swimming naked until the tide goes out."
Peter Pan President Rodger May, who says he owns 50 percent of the company, complains the receiver has too much power to rush the sale of assets. This favors senior creditor Wells Fargo Bank, but could screw junior creditors such as May himself and commercial fishermen, says a motion filed today in King County Superior Court.
ReplyDeletehttps://s3.documentcloud.org/documents/24735922/rodger-may-motion.pdf
At this point, we should collectively not trust anything Mr. May says or does. Fifty percent of a pile of garbage is still a lot of garbage.
ReplyDeleteWells and other banks are in a senior position. Peter Pan management agreed to this. Rodger May is certainly a senior member of management. What is he crying about?
ReplyDeleteThe important part. VII.
ReplyDelete"The Receiver is also communicating with prospective third-party purchasers regarding inventory and other assets and is evaluating and considering all offers."
"You never know who's swimming naked until the tide goes out."
Warren Buffett