As buyers get ready to bid on the foreclosed M Slavin & Sons space at the New Fulton Fish Market in New York, New York, a lawsuit against the company has been dismissed.
Fort Lauderdale, Florida, U.S.A.-based Netuno sued M. Slavin & Sons and company owners Mitchell Slavin, Herbert Slavin, and Barry Slavin in July, alleging that M. Slavin officials fraudulently transferred funds to its new company, Ocean Box, in an attempt to avoid paying funds owed to seafood suppliers.
Netuno said that M. Slavin owed the seafood supplier more than USD 20,000 (EUR 18,000), and asked for nearly USD 50,000 (EUR 45,000) in damages. However, the complaint was voluntarily dismissed with prejudice in mid-October, according to court records.
Meanwhile, several seafood suppliers, investors, and a grocery chain have expressed interest in bidding on the former M. Slavin space – the largest spot in the Fulton Fish Market – according to AuctionAdvisors. The auction will be held on 6 December at 10:00 a.m. Eastern Standard Time.
The Fulton Fish Market has a judgement against M. Slavin & Sons of approximately USD 375,000 (EUR 339,000) due to rent M. Slavin & Sons had not paid, AuctionAdvisors Managing Partner Joshua Olshin told SeafoodSource.
“It may credit bid up to that amount. But that is very unlikely and it will almost certainly sell for less,” Olshin said.
If bidding goes above USD 375,000, other M Slavin & Sons creditors will be the beneficiaries, Olshin said. M Slavin & Sons paid USD 2 million (EUR 1.8 million) for the space in 2007.
While declining to list potential bidders of the former M. Slavin & Sons space, AuctionAdvisors has seen “moderate” interest from potential buyers within the U.S. There is some interest from other suppliers in the market since M. Slavin & Sons had a larger location – 22,000 square feet – than all of the other suppliers, Olshin said.
“There have also been financial investors partnering with seafood suppliers who have expressed an interest. Distributors and a large supermarket chain have also expressed an interest [in bidding],” Olshin said.
Photo courtesy of AuctionAdvisors
