Banks Closer to Forcing Pacific Andes Liquidation with Court Win in British Virgin Islands
Banks who are major creditors of Pacific Andes are one step closer to winning liquidation of the company, after a judge ruled in their favor in the British Virgin Islands (BVI). The BVI Commercial Court ordered the appointment of liquidators over Pacific Andes Enterprises Limited, Parkmond Group Limited, and PARD Trade Limited, three BVI incorporated companies that form a key part of the China Fishery Group. The applications were unsuccessfully contested on the principal ground that the appointment of liquidators would irretrievably damage the prospects of a wider, global restructuring of the Pacific Andes Group.
An investment group concluded that Northern Dynasty's Pebble mining deposit in Alaska is not commercially viable. "Mining it would require so much upfront investment that it would actually destroy value," said Kerrisdale Capital in its analysis of Northern Dynasty's assets. The analysis goes a step further and says Northern Dynasty attempted to hide the real value of the assets from the public. "Kerrisdale believes Northern Dynasty’s former partners concluded that the Pebble project had a negative present value – an assessment that Northern Dynasty has spent years trying to conceal from public," the firm said.
In other news, the Russian Fishery Co. plans to significantly expand pollock production volumes, yet its plan, backed by China, may run into opposition from state agencies. Russian Fishery's expansion plan includes a $50-$60 million proposal to expand its fishing fleet with the construction of six factory trawlers. Russian Fishery would rely on a loan from Chinese investors and overseas shipyards to build the boats. But this runs counter to a federal plan that awards catch quotas to operators that commit to using domestic resources to expand the Russian fishing industry.
Meanwhile, we run an Editorial published by the Daily Astorian in Oregon that slams state Governor Kate Brown's intention to squash an agreement that allows for the use of gillnets to commercially harvest some salmon on the Columbia River. "Yes, all Oregonians want recreational fishing to prosper. But by rejecting any compromise on behalf of hardworking commercial fishermen, Brown places herself solidly against jobs for struggling rural voters," the Astorian said.
Finally, Krystal is bringing back Shrimp Po’ Boy sandwiches for the Lenten season in partnership with King & Prince Seafood. The burger chain will feature the fried shrimp sandwiches on its menu in a $5 meal deal. The shrimp can also be ordered by the basket. "Krystal and Shrimp ring nicely together," said Mike Tigani, Director of Marketing for King & Prince Seafood. "We are humbled to be working with a company that prides themselves on the same Southern culture and great food we at King & Prince do."
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