OPINION: Help us keep Cook Inlet hatchery directors honest

A rare open election allowed new voices to the Board of Cook Inlet Aquaculture (CIAA). As new members, we look forward to honest, frank, public discussion about the solvency and insolvency of CIAA and its profound financial effect on all shareholders.

Our mission is to ensure Cook Inlet salmon permit holders become keenly aware of financials affecting them. CIAA uses our salmon permits to control not only 2% of our harvest value for little benefit, but also, for securing loans we are responsible for.

CIAA has solicited $20 million in loans. These loans, plus interest, place liens on each of our permits until repaid. Most disturbing is that only 1% of shareholders, and CIAA’s bloated, top-heavy empire, benefit from this self-serving boondoggle.

CIAAs exorbitant annual $5 million hatchery and headquarters expense is exclusively inaccessible to 99% of the permit-holding Area H gear types.

The Alaska Dept. of Fish and Game estimated that the excluded 99% of permit holders pay the vast majority (92%) of the annual 2% enhancement tax procured for CIAA coffers for no benefit. CIAA’s insolvency will haunt all permit holders each year until loans are repaid.

This blatantly disregards its mission statement to protect self-perpetuating salmon and its obligation to the permit holders. Instead, in 10 years, this extravagance spent $50 million of unrecoverable funds, perpetuating debt to self-perpetuate itself. Did you receive any of this $50 million?

This serious misappropriation needs reckoning. CIAA has placed us in serious financial waters.

The first step is for CIAA to truthfully and fearlessly admit decades of insolvency and lack of transparency to the permit holders. Board gambling greatly affects all of our permits.

Deceptive public relations campaigns use glossy annual reports to obscure financials that mislead and distract or omit the truth of actual benefit to the permit holders or the salmon resource.

The second step is to prevent digging deeper in debt. We propose open evaluation of the details of CIAA financials. Where are inefficiencies? Where are leaks? We should scrutinize questionable collateral and procure an easy-to-understand profit and loss on each separate activity, as was the norm in annual reports for all to see.

Without clear understanding, decisions by the CIAA board of directors will chronically dig the hole deeper while gambling with “just one more” loan.

Using the 30-year future promise is unacceptable. This rides the backs of 99% of shareholders haunted by 2% of their valuable harvest, now invested for insolvency far into the future.

To rectify this imbalanced inequitable business plan and better serve all Area H Cook Inlet permit holders, we will need your help to turn this ship. Please participate with your input and support for us. We will be listening. Thank you for voting us in.

Since 1968, Wes Humbyrd has fished crab, salmon and shrimp in Alaska waters, worked on the Alaska Dept. of Fish and Game’s research vessel M/V Pandalus, spent 26 years as a Homer high basketball referee and presently fishes Upper Cook Inlet and drives Homer athletes by school bus around the state.

Nancy Hillstrand has been in Alaska fisheries for 45 years, fished and tendered with her husband for crab, salmon and herring, and worked for the Alaska Dept. of Fish and Game as a fish culturist and stream rehabilitator. She has owned and operated a fish processing plant on the Homer Spit from 1991 to present.

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