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Post by Ferryman on Feb 27, 2006 15:40:54 GMT -8
So what's the verdict? Or is it too early to tell yet?
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Post by NMcKay on Feb 27, 2006 16:21:02 GMT -8
at this time i have no new information. i should find out after 5:00
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Doug
Voyager
Lurking within...the car deck.
Posts: 2,213
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Post by Doug on Feb 27, 2006 19:15:07 GMT -8
Let me post this before he does; Nick shall find out by noon tomorrow.
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Post by Dane on Feb 27, 2006 19:19:48 GMT -8
I didnt see anything on CH....
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Doug
Voyager
Lurking within...the car deck.
Posts: 2,213
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Post by Doug on Feb 27, 2006 19:21:55 GMT -8
Exactly...
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Post by NMcKay on Feb 27, 2006 20:01:21 GMT -8
thats a good thing. i haven't heard anything new. but nothing is a good sign
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Post by Dane on Feb 27, 2006 21:47:44 GMT -8
thats a good thing. i haven't heard anything new. but nothing is a good sign I thought your dad was right up there in HL? Or was he one of those laid off?
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Post by NMcKay on Feb 27, 2006 21:59:02 GMT -8
the whole company was laid off. only the shareholders were left.
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Doug
Voyager
Lurking within...the car deck.
Posts: 2,213
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Post by Doug on Feb 27, 2006 22:13:07 GMT -8
Too bad your dad wouldn't be part of the union.
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Post by Dane on Feb 27, 2006 22:29:16 GMT -8
Oh okay, well I wish him luck in having a job to go back too.
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Post by NMcKay on Feb 28, 2006 7:29:07 GMT -8
Washington Marine Group eyes up HarbourLynx Leanna Jantzi, Daily News Published: Tuesday, February 28, 2006
Marine industry giant Washington Marine Group is expressing interest in Nanaimo's financially strapped HarbourLynx fast-ferry service.
Nanaimo Harbour Link Corp. is in bankruptcy protection and is looking for new investors to keep it afloat.
Washington Marine Group is waiting for an information package on the company to arrive, said Steve Frasher, chief executive officer of Seaspan, a member company of WMG.
"We have an interest in looking at the business," Frasher said Monday. "We're not in the passenger business yet, we're all freight, but it is something that we would like to do.
"We think it would be a good part of our portfolio and so we will look at that and give it some evaluation."
WMG has also floated the idea of establishing a service between Nanaimo and Vancouver using the infamous FastCat ferries purchased from the B.C. government.
"It's an interesting market niche, there's no question about it," Frasher said, adding often times in the marine transportation business, one boat isn't enough, and that was HarbourLynx's weakness.
"That's something you have to be very wary of, too," he said. "Those are the kinds of things we'll look at when we look at the business."
Frasher couldn't say when WMG will decide whether or not it will get involved with HarbourLynx.
"I know they're motivated to do something rather quickly and we are prepared to evaluate it."
Meanwhile, the fast ferry's company is still in the process of finding investors, and shareholder John Cavers is hopeful . The company filed for bankruptcy protection on Feb. 17 and had 10 days to file a cashflow projection with a bankruptcy trustee. That has been done, Cavers said in a phone interview from Surrey.
"We've gone into a form of bankruptcy which allows us a considerable period of time to reorganize our affairs," he said. "That means we need to find associates, friendly financial partners to work with to rebuild the company and we're working vigorously in that area presently."
The company now has another 20 days to come up with a new business plan. But that time could be extended "if you're doing something worthwhile, and the trustee agrees," Cavers said.
"We have a number of what I'd call positive leads with people and or organizations that could lead us out of the current situation," he said.
LJantzi@nanaimodailynews.com © The Daily News (Nanaimo) 2006
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Post by Dane on Feb 28, 2006 16:06:05 GMT -8
I seriously think WMG may be putting forward a serious puch to challenge BCFS for Route 2 service over the next 5-6 years. We'll see how all the puzzle pieces come together. In the coming 31 days they're supposed to release their plans (or lack there of) for a "fast" (conventional speed) ferry service.
If they can claim their service is more efficient than BCFS, even if they lost a million dollars a day, they can submit to recieve provincial subsidies. It would be interesting with Route 2, isn't it considered part of the TransCanada Highway, or is it just my GPS that thinks that?
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Post by NMcKay on Feb 28, 2006 17:04:11 GMT -8
Province has enough to help HarbourLynx
To the Editor, As the provincial government has money to spend on twinning the Port Mann Bridge plus infrastructure for the 2010 Winter Olympic Games in Vancouver, it would be a nice gesture if they funded the HarbourLynx ferry to help them through bankruptcy. This, in turn, would help the “forgotten” residents of Vancouver Island, who also, last time I checked, are part of British Columbia. P. Melligan, Nanaimo
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Post by Dane on Mar 1, 2006 17:47:08 GMT -8
This discount may be awarded to the person, but is only collectable by BCFS. HL and a water taxi company out of Vancouver have both applied for this open subsidy and been rejected.
And WMG is looking at a parrellel route, N.Van-Nanaimo would be effectivly the same as Route 2 in most people's eyes.
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Post by NMcKay on Mar 2, 2006 7:31:57 GMT -8
if its only collectable by BCFC then i beleave it should be scrapped. if they arn't going to play fare, dont play at all
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Post by Dane on Mar 2, 2006 16:03:10 GMT -8
While I think BCFS should be public, Ive made my peace with the fact that it's not, so you're right the playing field should be afire.
It's total BC and completely unjustifiable to excluse HL from subsidies you give to BCFS simply because you don't have a pre-existing mechanism to do it.
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Post by Dane on Mar 6, 2006 23:40:52 GMT -8
I'm guessing no-news-is-bad news and HL is dead?
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Post by NMcKay on Mar 7, 2006 6:57:58 GMT -8
Nope. they have a plan in place to try and save it.
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Post by queenofalberni1976 on Mar 7, 2006 11:30:34 GMT -8
The Nanaimo News Bulletin is telling a differnt story, that Harbourlynx's future looks very gloomy. IT does not look good at all.
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Post by Dane on Mar 7, 2006 15:29:02 GMT -8
Then when do they start sailing?
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Post by NMcKay on Mar 7, 2006 20:44:13 GMT -8
HarbourLynx financial rescue fading fast
By Darrell BellaartThe News Bulletin Mar 07 2006
Hope is fading fast for the Nanaimo-Vancouver passenger ferry to be plucked from the jaws of bankruptcy. Bill McKay, the former HarbourLynx operations manager who is helping the bankruptcy trustee try to restructure Harbour Link Corp., concedes the picture looks less than positive for the failed passenger service. "As it stands right now, they're looking for a significant investor to come in and inject significant capital, and from what I can see, the only way someone would want to come in is if they had a significant tax loss they could carry forward," McKay said. 'The challenge coming in is in fact you're buying into a company where you're only going to get a small portion of ownership and I just don't know who would want to do that." The ferry hasn't sailed since a Feb. 2 engine failure. In mid-February the company filed for bankruptcy protection to allow time to restructure. Harbour Link owes about $5 million. The company is also disputing some $500,000 in sales tax paid to the provincial government and is embroiled in a dispute with the federal government over the Nanaimo Harbour Commission's port fee collected on behalf of every in- and out-bound passenger. McKay played down rumours Washington Marine Group, owner of Seaspan, is interested in buying the service. "I think Washington Marine wants to stay on the outside and see how the story unfolds," McKay said. "The thing about Washington, they will not go ahead with any project that's in any way marginal. That's why they're being cautious with the PacifiCats." Washington Marine built the ill-fated aluminum-hulled ferries for B.C. Ferries, then bought them back from the province for $19 million. Now the company is considering running its own ferry service between the Island and the mainland. Meanwhile, McKay said he knows of two British companies that are also considering starting ferry services. One is Entee Global Services, which operates a transportation reservation service from London, England. But he doubts they would buy Harbour Link. Harbour Link faces a number of challenges, including steep costs and an inability to get more than 200 passengers on its 300-seat vessel on most sailings. Ideally, the service needs a second ship to protect it against failures, and it should be smaller, to cut fuel costs while carrying smaller loads. Another ship would cost around $7 million. Another sore point is what Harbour Link. considers the provincial government's unfair practice of paying for seniors and health-care patients to travel free aboard B.C. Ferries, but not private operators. Then there is the steep cost of leasing berthing space in Nanaimo and Vancouver harbours - not to mention the $1-a-head tax the Nanaimo Harbour Commission charges on behalf of every passenger the HarbourLynx ship carries. The harbour commission told them it's to recover the $800,000 cost of building a dock for the ferry, but McKay said it's steep, considering how much the harbour commission spends on non revenue-generating harbour improvements. "My question, if you expect $412,000 a year in (port fee) revenue for that wharf, why are you spending several hundred thousand on a walkway you get zero revenue on?" McKay said the harbour commission considers the HarbourLynx failure a "gift from heaven," since the commission is now asking the federal government not to proceed hearing Harbour Link's application to review the head tax. But investors and laid-off employees aren't ready to say die just yet. "Everyone who worked at Harbour Link, we have crews that top to bottom, the vast majority of them believe in the project so that we're all standing by to see if something positive will come out. We all want to get back to work."
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Post by NMcKay on Mar 7, 2006 20:44:41 GMT -8
anyone have 5$ million? or know someone willing to part with that much? or how about some help with an email campaign?
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Post by NMcKay on Mar 7, 2006 21:36:09 GMT -8
HarbourLynx dumps McKay The Daily News (Nanaimo) Tuesday, March 7, 2006 Page: A4 Section: News Byline: Leanna Jantzi Source: Daily News
The public face of HarbourLynx has been let go by the owners of the foot-ferry service.
Former operations manager Bill McKay is no longer associated with, or speaks for, HarbourLynx, said Nanaimo Harbour Link Corp. director John Cavers.
"In view of the fact that we ran out of money, all of the employees have been laid off, including Bill. So he's laid off and no longer represents the company," Cavers said during a phone interview on Monday.
McKay had continued to represent HarbourLynx after the company filed for bankruptcy protection in February.
"I don't know that in fact we had come to the conclusion as to who should speak for the company. He filled a void, which was very helpful, and on reflection we've decided that a director should speak for the company," Cavers said. "You really need . . one of the key decision makers to be involved in the discussions with whomever you're dealing with."
Cavers said he will now be the "sole communicator" for the company.
McKay said on Monday that he was disappointed by the company's decision.
"I've done nothing except try and be vocal about any prospects of success for the project," he said. "That's what I've always fought for is success of the project.
McKay said the directors "may be experiencing some heat at this particular point," and that's why they made the decision to let him go.
Asked where that heat could be coming from, McKay responded, "I don't even want to hazard a guess."
He said that both Cavers and director Bob McNeill "are doing the very best they can to try and salvage this project."
HarbourLynx has until March 20 to submit a new business plan to a bankruptcy trustee.
Cavers said the company is working "diligently" with a number of interested parties to see if the "valuable" service can be restored.
LJantzi@nanaimodailynews.com
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Post by Scott on Mar 7, 2006 21:36:33 GMT -8
I wonder if BC Ferries would be interested?
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Post by NMcKay on Mar 7, 2006 21:42:29 GMT -8
no. they had a line on BCMWU but thats about it
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