Original Peter Pan Seafood investor Roger May wins auction for troubled company’s assets
By Nathaniel Herz┃Northern Journal
Rodger May, an entrepreneur and fish trader, narrowly beat out another industry player, Silver Bay Seafoods, with his $37.3 million bid. The sale must still be approved by a Seattle court.
One of the original investors in a troubled Alaska seafood company has narrowly outbid competitor Silver Bay Seafoods in an auction for the firm’s assets — including a major processing plant in the Alaska Peninsula village of King Cove.
Rodger May, an entrepreneur and fish trader, bid $37.3 million for the assets of Peter Pan Seafood, including two other processing plants — one in the Bristol Bay hub town of Dillingham and another in a remote part of the Alaska Peninsula called Port Moller.
May’s bid was $257,000 higher than the bid offered by Silver Bay Seafoods, a major Alaska seafood company that’s expanded rapidly in recent years.
The sale of Peter Pan, which operates primarily in Alaska with a business headquarters in Washington, isn’t final. A confirmation hearing in Peter Pan’s receivership case — a bankruptcy-like proceeding overseen by a Seattle court — is scheduled for Oct. 3.
May’s seafood trading company is one of three original investors who bought Peter Pan from a Japanese conglomerate in 2020. The other two investors are private funds, one run by Anchorage-based McKinley Capital Management and another led by Los Angeles-based RRG Capital Management.
May’s winning bid was summarized in a 115-page document filed in the case by the Los Angeles-based financial managers, the Stapleton Group, charged with managing Peter Pan’s assets through the receivership. It says May will pay $25.3 million of the purchase price in cash, with the rest to come from a credit to account for $12 million that May previously lent the company.
The document — a brief formal notice to the court with along with a detailed purchase and sale agreement — leaves an array of unanswered questions. Those include whether and when fishermen owed money by Peter Pan could be paid off with proceeds from the sale.
The document also does not say whether any of the proceeds will go toward paying McKinley Capital Management, whose investment in Peter Pan was partially financed by the Alaska Permanent Fund Corp. — the agency that manages the state’s $79 billion oil wealth endowment.
The sale documents also do not commit May to reopening the aging King Cove plant, which has been shuttered for months and is valued at just $200,000 by the sale agreement.
May also may face challenges in recruiting fishermen to sell their catch to Peter Pan’s plants.
He’s been criticized in recent weeks by former Peter Pan fishermen, some of whom have said they went unpaid by the company and filed liens against it.
Dozens of fishermen wrote an open letter last month saying that trust with May and his business “has been permanently broken” and that they “will not deliver fish or be in a business relationship” with him again.
May did not immediately respond to a request for comment, and neither did an official from the Stapleton Group.
Nathaniel Herz welcomes tips at natherz@gmail.com or (907) 793-0312. This article was originally published in Northern Journal, a newsletter from Herz. Subscribe at this link.
MP3+PDF: AEBSD Regular Meeting – Tuesday, September 24th at 6:30 PM
Aleutians East Borough School District
Regular Meeting of the School Board
Tuesday, September 24th, 2024, at 6:30 PM
Meeting will be held via Zoom
KSDP will air the meeting live & archive the audio here:
https://www.apradio.org/news/wp-content/uploads/2024/09/2024-0-09-24-AEBSD.mp3
Agenda+Packet (PDF):
https://www.aebsd.org/page/board-packets
September 24 2024 Regular Meeting Agenda – updated Sept 20th
Mashup Monday
Exploring some R&B and Hip Hop songs freshly picked from my favorite artists. Hope you enjoy!
Artists Include: Bryson Tiller, Tory Lanez, Kendrick Lamar, Tyler, the Creator, SZA, Drake, Post Malone, PARTYNEXTDOOR, Frank Ocean, Brent Faiyaz.
Hour of Hope- John 1:1-5
We can believe for life.
Sand Point School Open House
Sand Point School Open House 9_12_24
Sand Point School Open House
Thursday, Sept. 12, from 5:00-6:00 PM
– Student work is displayed in the halls and classrooms Scavenger hunt fun!
– Austin Roof will be here to help with the Remind APP
– Dannielle Carlson will be available for FAFSA Questions & more
MP3+PDF: Sand Point City Council Meeting: Tuesday, September 10th, 2024 at 7PM
Sand Point City Council will hold a meeting on Tuesday, September 10th, 2024 at 7PM.
KSDP will air the meeting live & archive the audio here:
https://apradio.org/mp3/2024-09-10-CityCouncil.mp3
https://www.sandpointak.com/uploads/2/7/6/7/27677223/august_13_2024_city_council_packet-final.pdf
True Belief – Real Life
John 20:30-31
Tremonti Tuesday
Welcome to Tremonti Tuesday! In this pod we take a walk through the musical endeavors of Mark Tremonti. Hope you enjoy!
https://marktremonti.com/
MP3+PDF: Aleutians East Borough Assembly Meeting – Thurs, September 12th, 2024 at 2pm
The Aleutians East Borough Assembly is holding a regular meeting on Thursday, September 12th, 2024 at 2pm.
KSDP will air the meeting live & archive the audio here:
https://apradio.org/mp3/2024-09-12-aeb.mp3
September 12, 2024 Regular Assembly Meeting AGENDA:
https://www.aleutianseast.org/wp-content/uploads/2024/09/september-12-2024-ASSEMBLY_MTG_AGENDA.pdf
2024 NOTICE OF ELECTION – City of Sand Point on TUESDAY, OCTOBER 1, 2024
2024 NOTICE OF ELECTION-City of Sand Point
2024 City of Sand Point Sample Ballot
NOTICE OF ELECTION
THE CITY OF SAND POINT 2024 GENERAL ELECTION WILL BE HELD
TUESDAY, OCTOBER 1, 2024
8:00 AM TO 8:00 PM
Municipal Building, Room 11
(City Council Chambers)
For the purpose of electing the following:
CITY COUNCIL SEAT E………………Three (3) Year Term
CITY COUNCIL SEAT F………………Three (3) Year Term
▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪
APPLICATION INSTRUCTIONS FOR ABSENTEE VOTING:
Absentee Voting In-Person at the City Clerk’s Office will be open in September 16, 2024 through
September 30, 2024 at 12:00 pm.
Written Absentee Voting By-Mail Ballot Requests will be accepted on September 11, 2024
through September 27, 2024. All By-Mail Ballots must be received by October 4, 2024.
To obtain an application for absentee voting or if you have any other questions, contact the City
Clerk using the information below.
City Clerk
P.O. Box 249
Sand Point, AK 99661
E-mail: cityclerk@sandpointak.org Phone: (907)383-2696 Fax: (907)383-2698
