How a Risky State Investment in Seafood Cost Alaskans Millions and Left a Fishing Town in Crisis
The Alaska Permanent Fund’s $29 million investment in Peter Pan Seafood, aimed at bolstering local enterprises, has culminated in a complete financial loss. Despite evident warning signs, the fund’s leadership and its management firm, McKinley Capital Management, proceeded with the investment. This misstep not only depleted state resources but also led to the closure of Peter Pan’s primary processing plant in King Cove, Alaska, devastating the local economy and leaving numerous creditors unpaid. This case underscores the critical importance of thorough due diligence and the inherent risks of allocating public funds into private ventures without adequate expertise. …
