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