Christensen Yachts appears to be on its way to liquidation as a judge in Clark County Washington has appointed a receiver to take over the shipyard’s operations following a suit filed by Henry Luken of Christensen Financing and 50% owner of the shipyard. The court appointed Miles Stover as the receiver. Stove has until April 19 to provide all parties involved with a stake in the business and also has a 90-day budget to relaunch construction operations.
Joe Foggia, Christensen Yachts president, also filed with Clark Counter Superior Court, opposing appointment of a received and negotiations with Westport shipyards to buy Christensen buildings and the property it leases.
In a March 20 ruling, Clark County Judge Gregory Gonzales gave Stover the authority to market, sell, operate, protect, deliver and liquidate the property, the business of Christensen and/or any portion of its property or business. He also has complete authority to pay all of Christensen’s operating expenses as well as the opportunity to borrow money, with the debt assigned to Christensen Shipyards. Stover is founder and president of Turnaround Inc., a firm in Washington State specializing in crisis and bankruptcy management.
The judge’s order is the latest move in addressing Christensen’s legal and financial troubles, which first appeared in December when the company announced it was working on a multipart ownership restructuring. Gonzales ruled in favor of Luken and Christensen Financing, indicting appointment of a receiver is “reasonably necessary under the circumstances to preserve and protect Christensen’s assets and the value of the business.”
Under the ruling, Christensen Yachts and its shareholders, owners, managers, trustees and attorneys must cooperate with Stover in carrying out the receiver’s responsibilities. The order also prohibits the company, its officers and representatives from interfering with Stover’s management of Christensen’s assets and operations. The court also has jurisdiction over any disputes that may occur during the process.
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