May 2, 2012 — SEAFOOD.COM NEWS by John Sackton — A buyback ballot has approved by a good margin the Southeast Seiners buyback scheme, in which the industry will take out a loan to purchase 64 permits identified in the buyback reduction plan.
Ballots were mailed to 379 permit holders, and NMFS received 269 votes, of which 215 votes were affirmative. This is sufficient to approve the buyback, which needed a minimum of 190 votes.
With the vote, NMFS says the relinquished contracts are now in full force and effect.
NMFS is now preparing to tender and disburse reduction payments to the selected bidders. NMFS will be publishing a notice in the Federal Register later this week listing the names of the permit holders and the permit numbers being relinquished. We will then be mailing reduction payment tender instructions to each of the 64 permit holders along with a copy of the notice.
NMFS will begin disbursing payments to the selected bidders in June upon completion of the 30 day period for any parties with secured interests in the relinquished permits to take any necessary action.
NMFS plans to begin fee collection on salmon landings immediately thereafter, likely around July 1, 2012.
The Southeast Seiners association has worked for years for a successful buyback. Last year an earlier effort was voided on a technicality.