TD Bank’s very bad year in the Maritime seafood business

November 27, 2023 Canada

A bankruptcy and insolvency court in Halifax granted Chester Basin Seafoods more time to restructure late last week in order to save its business exporting silver hake, a relative of cod. The order approved a loan from the company founder to get two of its fishing boats out of a Meteghan shipyard where they are undergoing repairs. Secured creditor Toronto-Dominion Bank reluctantly went along with reprieve. It was TD’s decision earlier this month to call in $5.5 million in loans that triggered the creditor protection proceedings. In Halifax on Friday, TD lawyer Gavin MacDonald asked bankruptcy and insolvency registrar Raffi Balmanoukian “where did all [Chester Basin’s] money go.” “There is next to nothing in working capital and two busted vessels.” >>click to read<< 08:20

bankruptcy and insolvency court, called in $5.5 million in loans, Chester Basin Seafoods, Nova Scotia, Secured creditor Toronto-Dominion Bank, TD Bank, TD lawyer Gavin MacDonald

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The New England groundfish debacle (Part III): who or what is at fault? Nils E. Stolpe/FishNet

It took me a while to decide how to most accurately describe the situation that has been visited upon the New England fishing communities that are and since colonial times have been dependent on the groundfish fisheries.

NILS STOLPE: The New England groundfish debacle (Part IV): Is cutting back harvest really the answer?

While it’s a fact that’s hardly ever acknowledged, the assumption in fisheries management is that if the population of a stock of fish isn’t at some arbitrary level, it’s because of too much fishing. Hence the term “overfished.” Hence the mandated knee jerk reaction of the fisheries managers to not enough fish; cut back on fishing. What of other factors? They don’t count. It’s all about fishing, because fishing is all that the managers can control; it’s their Maslow’s Hammer. When it comes to the oceans it seems as if it’s about all that the industry connected mega-foundations that support the anti-fishing ENGOs with hundreds of millions of dollars a year in “donations” are interested in controlling. Read the article here

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