Following reports that the Christensen Shipyard was working on a multipart ownership deal last December and proceeded by the news that the yard had closed its gates in February last month, the latest damaging news reports circulating the Vancouver based shipyard states that they are now facing a total of five lawsuits. This includes one from 50% owner of the yard, Henry Luken.
On March 9th Luken and Christensen Financing LLC filed a lawsuit to the Clark County Superior Court judge to appoint a receiver to assume control of the shipyard and to manage its assets. This would mean that partially completed projects, including two purchased by Luken and Christensen Financing, come to fruition. This is just one of the five suits filed against the company over the past month, including Stellar Industrial Supply, who argues that the situation at Christensen has been handled with incompetence.
President of Christensen, Joe Foggia, is apparently trying to create a suitable deal to sell the company to one of their competitiors, fellow American shipyard Westport Yachts. In such a deal, Westport would complete the unfinished vessels and rehire the previously laid off employees – something in which Luken and Christensen Financing insist is imperative if projects are to be successfully completed.
Though unclear at the moment, it seems apparent that this may the end of Christensen Shipyard as we know it.
By Gemma Fottles
Source :Â http://www.superyachttimes.com/editorial/62/article/id/13989
