Monday, November 9, 2009

Lawyers haggle over fate of Adak Fisheries

Deckboss did indeed make it down to the courthouse in Anchorage today for a hearing on the Adak Fisheries bankruptcy.

A bunch of lawyers were gathered there, but spent very little time in the courtroom. Instead, they huddled privately most of the day before asking the judge to postpone matters until 11 a.m. Tuesday.

We've got a tricky situation here involving the debtor processor, its landlord, an East Coast bank looking to recoup several million dollars in loans, and two companies vying to buy the assets of Adak Fisheries.

Lawyers say the key is finding some resolution quickly so a new owner can reopen the plant on distant Adak Island in time for the main cod season in January.

One of the prospective buyers, Trident Seafoods Corp., showed me it's pretty serious about its $2 million cash offer, as the company has sent its ace staff attorney, Joe Plesha, to the court proceedings.

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