J.M. Martinac sold at foreclosure auction

JULY 21, 2014—The Tacoma, WA, shipyard of J.M. Martinac Shipbuilding Corporation was sold at a foreclosure auction July 18.

The auction came after last ditch efforts to rescue the yard failed. It had won no new contracts since its last newbuilding, the 184 ft fishing vessel Northern Leader, left the yard a year ago. That vessel was built for Alaska Leader Fisheries.

During the course of construction, Alaskan Leader loaned Martinac $5,479,000. It moved forward with the foreclosure action when the shipbuilder failed to make overdue payments on the loan. The shipbuilder also owed Pierce County some $13,429 in property taxes for the last three years.

With no other bidder appearing at the auction, Alaska Leader appears to have bought the shipyard itself, through a proxy company.

The sole bid came from Washington Landmark Holdings LLC, which paid, $6,001,992.64, the exact amount including fees and penalties owed to Alaska Leader Fisheries.

Washington Landmark Holdings LLC has the same address (8874 Bender Road, Suite 201 Lynden, WA 98264) as Alaska Leader Fisheries LLC. Its officers include Robin Samuelsen, Chairman of Alaskan Leader Fisheries.