Tag Archives: Great Pacific Seafoods

Kotzebue fisheries group wins its case against former directors

A fisheries group in Kotzebue has won its case against some of its former directors and their for-profit corporation, Chum, LLC. The directors were charged with breaching their fiduciary duty, or trust to act in the best interest of those they represented. “This case is an example of what happens when directors of a nonprofit take money from the corporation and use it for their own benefit,” said Myron Angstman, a lawyer for Kotzebue Sound Fisheries Association, which was the plaintiff in the case, in a statement. The court issued a decision on July 10 against two of the defendants after years of legal back-and-forth. >click to read<18:47

Great Pacific Seafoods files for bankruptcy, shuts down operations in Alaska and elsewhere

G3R2X62CGreat Pacific Seafoods, a processor with three plants and hundreds of workers in Alaska, announced Sunday that it is filing for bankruptcy and shutting down operations. The company kept corporate headquarters in Seattle but plants in Kenai, Whittier and Anchorage that processed salmon from the Copper River, Prince William Sound and Cook Inlet, as well as cod from the Gulf of Alaska. It pulled out of an operation buying Arctic chum in Kotzebue last summer. The move comes days after Great Pacific’s Kenai plant suddenly closed. The company filed for bankruptcy in Washington State, the release said. “We believe we have no other choice given the financial performance we experienced last year,” the statement said. Read the rest here 20:48