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How a Risky State Investment in Seafood Cost Alaskans Millions and Left a Fishing Town in Crisis

Leaders of the Alaska Permanent Fund, which pays residents dividends and finances public services, wanted to invest in Alaska firms. There were warning signs ahead of the bet on Peter Pan Seafood, which is expected to cost Alaskans over $29 million.
The article from ProPublica discusses the financial and political entanglements of Peter Pan Seafood, a major Alaska seafood company, with the community of King Cove, Alaska. Peter Pan Seafood, which has been a significant employer in King Cove, faced financial difficulties leading to its sale to a group of investors including the Agdaagux Tribal Council, local fishermen, and a private equity firm, McKinley Capital Management. This sale was part of a broader strategy to keep the company local and operational, amidst concerns over its financial stability and the potential impact on the local economy. The investment was also influenced by political figures like Senator Lisa Murkowski, who has been a proponent of the company's success due to its importance to her constituents. However, the deal has raised questions about the sustainability of the business model, the influence of politics in business decisions, and the future of the seafood industry in Alaska, especially as it navigates issues like climate change, overfishing, and market competition.

Read the Full ProPublica Article at:
[ https://www.propublica.org/article/alaska-seafood-company-investment-king-cove ]