John Ketcham v. Rodger May

This 12-page lawsuit, filed yesterday, involves a fight over a piece of Peter Pan Seafood — the remote Port Moller processing plant.

Another major announcement from Silver Bay

Silver Bay Seafoods says it will acquire processing plants at Dillingham and Port Moller, adding: "As part of this acquisition, Silver Bay has committed to participating in the working group formed by Rodger May to address the future of the former Peter Pan Seafoods facility in King Cove."

More in this press release.

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.

More Peter Pan news

Proceedings continue in the case of Peter Pan, the legacy seafood processor now in receivership.

The latest twist is an offer from Peter Pan's president, Rodger May, to acquire certain assets, including the Port Moller processing plant, for $15 million.

For more details about the proposal, plus some interesting remarks about Silver Bay Seafoods, see this 18-page motion filed in King County Superior Court.

Up from the ashes

Here's a photo essay on the rebuild of Peter Pan's Port Moller plant, which sustained major fire damage in August 2017.

Fire strikes Peter Pan's Port Moller plant

Cannery fires figure prominently through the history of Alaska's fishing industry, and now we have another example.

Seattle-based Peter Pan Seafoods today released this statement regarding a fire at one of its Alaska plants:

A fire broke out at the Peter Pan Seafoods Inc. Port Moller salmon processing facility around midnight Aug. 16. All crew and personnel are reported safe and uninjured. Damage from the fire is extensive enough to halt operations for the remainder of the 2017 season.