News Feature

Stonington
Originally published in Island Ad-Vantages, September 13, 2012
Several interested parties tour Lobster Web property
Auction set for September 26

Lobster Web property in Oceanville

Interested parties check out the Lobster Web property in Oceanville during an auction preview and walk-through. The property is being auctioned by TD North, the bank holding the assets of Live Lobster, the company which had run Lobster Web and two other industry properties in the state. The auction is scheduled for Wednesday, September 26, at 3 p.m. on site.

Photo by Jessica Brophy Order prints of selected PBP photos.

by Jessica Brophy

The Lobster Web property in Oceanville has sat vacant since late March, when parent company Live Lobster had its assets frozen by its bank, TD North.

Now the bank is forcing the auction of those assets, which includes the Live Lobster property as well as a processing facility in Prospect Harbor and a Phippsburg buying station.

The Oceanville property, along with the F/V Black Jack, a 45’ 1984 Young Brothers fishing boat, will be auctioned off on Wednesday, September 26. The property will be auctioned at 3 p.m. and the boat separately at 4 p.m.

On Tuesday, September 11, a walk-through of the property was held by Tranzon LLC, the company handling the auction. More than 15 people came to the preview, asking questions and checking out the facilities.

Nearly all in attendance were involved in the lobster industry, though Tranzon representative Michael Carey did confirm there had been interest from “a broad variety of people” with interests in-industry and otherwise.

A few of the people who walked through the property included John Norton of Cozy Harbor Seafood, Tom Adams of Maine Coast Shellfish, Spiros Tourkakis of East Coast Seafood, Dana Rice of Rice Fisheries and Polly Reynolds of Green Head Lobster.

In the holding tank area, which had stale water in it, former employee Peter Boyd explained the tank was an “open system” (meaning fresh ocean water was circulated constantly) that could hold 1,600 crates double stacked. Boyd also said at its peak Lobster Web bought from 73 boats and moved more than two million pounds of lobster each year.

Carla Booth of Coastal Enterprises Incorporated was on hand to discuss potential financing opportunities. CEI is a nonprofit whose loans are targeted toward creating and maintaining jobs.

Those interested in bidding must register and arrive at the auction with a certified check for $50,000 as a deposit. The highest bidder would need to sign a purchase agreement within 24 hours, and increase the deposit to 10 percent of the purchase price within five business days.

According to the town’s tax assessment, the property’s tax valuation is $963,100, including the buildings.

For more information about the property or the boat, visit tranzon.com and search for Stonington.