Trident Seafoods, APICDA settle lawsuit over False Pass joint venture
The Aleutian Pribilof Island Community Development Association (APICDA) has reached an out-of-court settlement with Trident Seafoods in a dispute over a joint venture agreement.
APICDA sued Trident in August 2020 for allegedly refusing to follow through on an agreement to buy a 25 percent stake in a joint venture to procure a seafood processing facility that processes salmon and whitefish in False Pass, Alaska.
Although an independent firm estimated the cost of the facility at USD 39 million (EUR 32.8 million), and APICDA estimated its portion to be worth USD 5.7 million (EUR 4.8 million) after liabilities, Trident disputed that valuation, citing changes in market conditions.
In a 4 October press release, Seattle, Washington-based Trident confirmed an agreement had been reached with APICDA, but said it would not disclose its terms.
“APICDA JV and Trident are pleased to report they have resolved their primary differences and are looking forward to working with each other to strengthen their longstanding relationship and find new ways to work together,” Trident said.
Trident owns seafood-processing facilities in ten coastal communities in Alaska, and operates three large whitefish catcher-processors and a fleet of fishing and support vessels. APICDA Joint Ventures is the primary holding company for the for-profit operations of the non-profit APICDA, one of six Western Alaska Community Development Quota corporations established in 1992. The group controls a portion of Bering Sea and Aleutian Islands quotas for groundfish, halibut, and crab and exists to support the rural Alaska villages of Akutan, Atka, False Pass, Nelson Lagoon, Nikolski, and St. George.
“Trident Seafoods has long valued our partnership with APICDA,” Trident CEO Joe Bundrant said. “For decades, our organizations have enjoyed a successful, collegial collaboration. Particularly mindful of the challenges the pandemic has brought over the past year and a half, we cherish our relationships more than ever. We have many areas of common interest and appreciate the opportunity to continue working with APICDA on efforts that support our business, fishermen, and local communities.”
APICDA CEO Luke Fanning said he was happy his organization could find a solution to the issue.
“We are pleased to have reached a fair resolution of this matter for APICDA and our communities, and we look forward to rebuilding our relationship with Trident as we focus on our mutual goals for the future,” Fanning said. “We have a sincere appreciation for the efforts that Trident has taken to protect the physical health and economic well-being of the coastal communities in Alaska throughout this difficult time.”
Photo courtesy of APICDA