The Peter Pan fire sale

Rodger May, half owner of the collapsed processor Peter Pan Seafood, has won an auction for an assortment of the company's remaining assets, edging out a competing bid from Silver Bay Seafoods.

A notice filed in King County Superior Court in Seattle, where Peter Pan is being liquidated through receivership proceedings, indicates May bid $37,324,000 to Silver Bay's $37,067,320.

Results of the bid are subject to court approval.

May's bid consists of a $25,324,000 cash component and a $12 million credit bid, court papers show.

Here's a table designating the purchase price for individual assets.

Some of the prices seem shockingly low for properties once regarded as crown jewels in Alaska's seafood industry. For example, the price for the huge King Cove processing plant is $200,000 cash ($1 for the real property and fixtures, and $199,999 for the equipment and machinery).

The Dillingham processing plant has a purchase price of $11 million, but only $3 million of that in cash.

The most expensive sale item appears to be equipment and machinery in the Port Moller processing plant, priced at $8.75 million cash. This makes sense, as the Port Moller plant was rebuilt in 2018 following a fire.

Will these Peter Pan assets function again as they once did? That remains to be seen.