FPI must be purchased by the Province

If Fisheries Minister Tom Rideout was in anyway accurate in reflecting ongoing talks with FPI and their "committee" analysing options for the sale of the company's assets - a new level of arrogance has entered our fisheries industry.

That is very hard to do considering the pompous actions of many of our processors in the past. Not too long ago FPI and the Barry Group proceeded on with a sale of the Harbour Breton plant - had already started renovation work on the plant - before government sanctioned the sale. The government clearly embarrassed negotiated a position where the contract was dated reflecting the actual time government gave the two parties its "permission".

We know one of the parties in the current tangle is FPI and if one of the other is the Barry Group - it would be normal that they proceed on despite legislation or the protests and threats of the Minister.

In either case - the break-up of this company is sinister enough with respect to the new board and whatever objectives they claimed to have had - and the objectives they actually reached. There are far too many secret negotiations going on here - in what ultimately could lead to a new level of monopolization in an industry that is already controlled too much by the corporate sector.

We also have to deal with the lucrative marketing arm and offshore assets as well as the quotas currently held by FPI.

For all these reasons - it would be prudent for the NL government to buy out the shares of the company at a negotiated value that more clearly reflects an average of share value over the past 3 years. After that is done an open and transparent process can begin including the determination of what ultimately we want our fishery to look like - including federal legislation - the dispensing of FPI assets - a new federal-provincial plan on management - and meaningful public discourse with stakeholders and the people of the province.

When the corporate fishery was in trouble before - the Crown stepped in and slowly privatized the newly formed company (FPI) - with appropriate legislation to protect the taxpayers investment. It is time to repeat the process.

Currently the only thing we are driving is a process of escalated share value for some of the same people who have torn the company and rural Newfoundland and Labrador apart.