Ship Repair Facility

Global is no longer in operations. CEO Rob Creech and his partners purchased the facility in June of 2004 from Timur Mohamed, owner of Palmer Johnson, for $14 million. By April of 2007, they had amassed a net loss of $20.4 million and by November of 2007, owed their primary creditor $38 million. In July, 2007, they closed the doors. In October, their creditor foreclosed on the property and on January 2nd, 2008, it was sold at auction on the courthouse steps for $18.5 million to Fortress Investment Group, who hopes to sell it on the open market.

The shipyard has an interesting history, beginning in 1909.

• 1909 – Forest City Foundry constructs a yacht on the property that is used as an auxiliary vessel in Puget Sound during WWI.
• 1912 – Purchased by Walter Lee Mingledorff for ship repair. Later, 20 minesweepers and 3 submarine rescue boats were built there.
• 1968 – Aegis purchases the property to convert bulk carriers into container ships and Victory ships into missile carriers.
• 1984 – Slayer Marine takes over performing ship repair for the USCG and commercial vessels.
• 1987 – Intermarine takes over and completely modernizes facility to build mine hunters using composite materials.
• 1988 – 1999 – Eight Osprey mine hunters are built.
• 1999 – Bernie Ebbers, CEO of Worldcom acquires Intermarine assets.
• 2003 – Palmer Johnson acquires the property as part of the Worldcom bankruptcy proceedings.
• 2004 – Global Ship Systems purchases the property from PJ
• 2007 – Global shuts its doors
• 2008 – Assets acquired in auction by Fortress Investment for resale