Peter Pan creditors, investors feud over sale of Alaska seafood company assets to May

to sell the assets of a struggling Alaska seafood company to Rodger May — one of the original investors in the company before it entered a bankruptcy-like process called receivership.

The financial firm that’s overseeing Peter Pan Seafood’s receivership proposed last week to sell the company’s three processing plants and an array of other assets to May, an entrepreneur and fish trader who narrowly outbid another processing company, Silver Bay Seafoods, in an auction. A hearing on the proposal is set for Thursday in a Seattle courtroom, where a judge will consider the wide-ranging objections filed in court last week by opponents of the sale.

Those opponents include the investors who originally partnered with May to buy Peter Pan from a Japanese seafood conglomerate in 2020., calling him an “insider whose inequitable conduct has both depressed the market for, and eroded the value of, Peter Pan’s assets.”They also argue that May shouldn’t be allowed to apply $12 million in credit to his bid based on money he loaned Peter Pan.

Ketcham has teamed up with Silver Bay and wants to use his loan as credit to buy one of Peter Pan’s three plants, in the remote Alaska Peninsula area called Port Moller.

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Original Peter Pan Seafood investor wins auction for troubled company’s assetsRodger 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.
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