Christensen Shipyards receivership nears end

first_imgChristensen Shipyards, the luxury yacht builder in Vancouver, is set to close its receivership after two years.A Clark County Superior Court judge finalized the settlement Friday, allowing the disbursal of $6.1 million to more than 600 claimants who went unpaid as the company struggled.The receiver, Miles Stover, called the decision a success, considering the number of companies and people involved.“If you have any experience in this world, this was a very successful case,” he said. Stover expects to officially end the receivership in the next two months.Christensen Shipyards Ltd. struggled in the aftermath of the recession. The company was nearly bankrupted in early 2015 when several companies filed lawsuits claiming they were owed for supplies and services.Most of the claims will pay out 72 cents on the dollar, said Albert Kennedy, of the Portland law firm Tonkon Torp. He added the monthslong wait was due largely to the sheer number of claims that needed to be negotiated.Four large companies received their settlements, which amounted to a combined $2 million, last June, Kennedy said. Some 120 employees were awarded $400,000 total for unpaid benefits including vacation pay and sick pay; as well as taxes paid to government agencies.last_img