A receiver has been appointed by a Washington court overseeing multiple lawsuits against Christensen Shipyards. Miles Stover of Turnaround Inc confirmed to SB that he had taken over Christensen and would be forming a business plan. “I am actively working on a plan that gets Christensen operational again, and making one of the best vessels on the water,” he said in an email.
Judge Gregory Gonzales of the Clark County Superior Court appointed Stover in a March 20 ruling. Stover now has 30 days to provide all parties with a stake in Christensen with a proposed 90-day budget to relaunch its operations. The order also gives Stover the authority to sell or liquidate any portion of the business.
Christensen has been the target of five lawsuits, including most recently by Henry Luken, who owns a 50% stake in the company, and Christensen Financing LLC. The lawsuit asked for a receiver to be appointed to oversee the troubled superyacht builder. The shipyard shut its doors in early February.
Luken asked the court to appoint a receiver because he and Christensen president, Joe Foggia, were battling over the direction of the company. Luken and Christensen Financing LLC also own two partially finished boats in the shipyard.
Foggia said in earlier court documents that Westport Yachts was interested in purchasing the company. That would lead to the rehiring of employees, completion of the yachts, and paying off creditors.
Gonzales ruled, however, that appointing a receiver was the most reasonable way forward under the circumstances. He ordered that all parties cooperate with the receiver in the formulation of a business plan.