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.

Adak's gamble

We told you in the spring how Icicle Seafoods Inc. was closing its seafood plant on the distant Aleutian island of Adak, and how the processing equipment would be put up for auction.

Well, the auction is over with the city of Adak and a local community development nonprofit jointly submitting the winning bid.

It's a more than $2 million bet that Adak, trying to remain a viable civilian town on what used to be naval base, can attract another processing company to make use of the equipment.

The alternative, City Manager Layton Lockett told Deckboss, was to let the equipment leave the island, perhaps dooming chances for restarting the processing plant.

The city itself has no intention of running the plant, Lockett said.

Folks on Adak are confident they can lure a new processor.

"To take this kind of gamble? Yeah, for sure," Lockett said. "Fishing is our future."

Here's a press release from the city with more details.

Adak processing gear to go on sale block

You'll recall how Icicle Seafoods Inc. in April said it was closing its processing operation on far-flung Adak Island.

Now a liquidator is planning to auction processing equipment from the plant.

Here's a notice of the sale, and here are the auction details.

Deckboss first heard about this from seafoodnews.com.